Discussion Objective 1

1. Discussion Objective 1 (A)  clarify the terms entrepreneurship and entrepreneur;

2. Definitions for Objective 1 1)   Entrepreneurship is a process of identifying and starting a business venture, sourcing and organizing the required resources and taking both the risks and rewards associated with the venture.2)   Entrepreneurship is a process of identifying and starting a business venture, sourcing and organizing the required resources and taking both the risks and rewards associated with the venture.

3. The five most common characteristics of an entrepreneur;  You’11 read a million times what it takes to be a successful entrepreneur:  1)  intelligence - the ability to acquire and apply knowledge and skills.2) vision - the faculty or state of being able to see.3) drive - an innate, biologically determined urge to attain a goal or satisfy a need.4) perseverance - steadfastness in doing something despite difficulty or delay in achieving success5) work ethics - a belief in the moral benefit and importance of work and its inherent ability to strengthen character.

4. Are there any other common traits among successful entrepreneurs? #1 Entrepreneurs are Down to Earth Why are entrepreneurs so down to earth? Maybe it’s because most of them learned to live on practically nothing while they worked night and day to turn their first profit.

5. Are there any other common traits among successful entrepreneurs? #2 Entrepreneurs are Naïve Some people think that naivety is just another word for ignorance. Actually, it means a lack of experience, judgment, and worldliness. Naivety can lead us astray – into believing fairy tales are true and that we’ll be able to fly if we just jump off the roof and flap our arms – but it’s also a source of wonder and optimism.This is why naivety is so important for entrepreneurs. Wonder is required to come up with a brilliant new idea. Optimism is required to believe you’ll actually be able to bring it into reality.

6. Are there any other common traits among successful entrepreneurs? “Every true genius is bound to be naive.” Friedrich Schiller

7. Are there any other common traits among successful entrepreneurs? #3 Entrepreneurs are LuckyThe truth is that everyone who’s successful has gotten lucky at some point along the way. But while there’s such a thing as dumb luck, most of the time people make their own luck. By consistently putting themselves in the right situations, successful entrepreneurs make themselves luckier than the average person.

8. Are there any other common traits among successful entrepreneurs? “I feel that luck is preparation meeting opportunity.” Oprah Winfrey

9. Are there any other common traits among successful entrepreneurs? #4 Entrepreneurs are Masters of Nothing With a fully grown business, there are several employees and each one plays a different role. With a startup there are just as many roles to fill, but usually only one or two people to fill them.  But when you’re good at so many things, it’s very difficult to be great at any of them. To master a skill requires that you invest hours into its practice daily. For this reason, most entrepreneurs are “jacks of all trades, masters of none.”This isn’t necessarily a bad thing. As your business grows, you can begin to hire masters of their trade to fill certain roles. In the meantime, you’ll have an easier time getting off the ground if you a have a well-rounded skillset.

10. Are there any other common traits among successful entrepreneurs? “Never has there been a more exciting time for all of us to explore this next great frontier where the boundaries between work and higher purpose are merging into one, where doing good really is good for business.”Richard Branson, from ‘Screw Business as Usual’http://www.incomediary.com/6-traits-all-entrepreneurs-secretly-have-in-common

11. Small Business Define Small Business Small businesses are normally privately owned corporations, partnerships, or sole proprietorships.

12. Small Business Most Common Types of Small Business Limited Liability Company (LLC) is a hybrid business entity having certain characteristics of both a corporation and a partnership or sole proprietorship (depending on how many owners there are).Partnership a business organization in which two or more individuals manage and operate the business. Both owners are equally and personally liable for the debts from the business.Sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts.

13. Small Business Typical examples include: convenience stores, other small shops (such as abakery or delicatessen), hairdressers, tradesmen, lawyers, accountants, restaurants, guest houses, photographers, small-scale manufacturing, and online businesses, such as web design and programming, etc.

14. Small Business What is the actual number of employees that a small business can legally have?  In the United States the Small Business Administration establishes small business size standards on an industry-by-industry basis, but generally specifies a small business as having fewer than 250 employees for manufacturing businesses and less than $7 million in annual receipts for most non manufacturing businesses.http://en.wikipedia.org/wiki/Small_business 

15. Why would someone want to be an entrepeneur? All entrepreneurs go through three very general stages in the process of creating their ventures: a concept formation stage where ideas are generated, the innovation and opportinity are identified, and the business begins to take shape; a resource gathering stage where necessary resources are brought together to launch the new business; a stage where the organization is actually created. Read more: http://www.answers.com/topic/entrepreneurship-1#ixzz2uo47SlxL

16. Business Ethics Recognizing the significance of business ethics as a tool for achieving your desired outcome is only the beginning. A small business that instills a deep-seated theme of business ethics within its strategies and policies will be evident among customers. It's overall influence will lead to a profitable, successful company.

17. Business Ethics 7 Principles of Admirable Business Ethics 1. Be Trustful - assured reliance on the character, ability, strength, and truth of a business.2. Keep An Open Mind - the leader of an organization must be open to new ideas; Ask for opinions and feedback from both customers and team members.3. Meet Obligations - Reclaim any lost business by honoring all commitments and obligations.4. Have Clear Documents - Re-evaluate all print materials including small business advertising, brochures, and other business documents making sure they are clear, precise and professional.5. Become Community Involved -  Remain involved in community-related issues and activities, thereby demonstrating that your business is a responsible community contributor.6. Maintain Accounting Control - Gaining control of accounting and record keeping allows you to end any dubious activities promptly.7. Be Respectful - Treat others with the utmost of respect. Regardless of differences, positions, titles, ages, or other types of distinctions, always treat others with professional respect and courtesy.http://sbinformation.about.com/od/bestpractices/a/businessethics.htm

18. Franchise Depict franchising and research franchise opportunities online.Pictures in a colorful brochure or on a website may or may not depict what the franchisee actually does, day-to-day. Please don’t make assumptions about what being a franchisee of whatever franchise concept you’ve honed in on entails.  The current franchisees that are in the system you’re interested in really need this question asked of them. He

19. Franchise Depict franchising and research franchise opportunities online. A. You want need to get a feel of the market. In other words, are there massive amounts of competitors in the franchise sector you’re looking at. For example, I wrote about a still growing and very crowded franchise niche a while back. Find this out before you write a $35,000 check for the franchise fee.B.  You want to know how sharp the current franchisees that you’re reaching out to are. One way to do that is to dig in a bit with regards to their franchise research. Was their due diligence up to snuff?http://www.thefranchiseking.com/the-top-40-franchise-research-questions-heres-number-12