Entrepreneurship

Business Essentials Mr. Archambeau Patience Discipline Entrepreneurship By Ben Tucker & Lukas Scheugenpflug Risk Tolerance Meticulosity Balance

What is an Entrepreneur? • Definition • a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk. • Translation • Takes chances • Ambition • Has an idea

Entrepreneurship • Start up your own business • Employees vs. Yourself • Timing, location, product • Key attributes to be successful

Five Attributes of a Successful Entrepreneur • 1: Discipline • 2: Patience • 3: Meticulosity • 4: Risk Tolerance • 5: Balance

Discipline • The Entrepreneur is his own boss, and he has to force himself to do work • Things wont just happen, and as an Entrepreneur you have to act in order to be successful

Patience • Often things go wrong when you lead your own business, and as an Entrepreneur you have to stay calm • A Entrepreneur has to keep his cool in an emergency in order to solve the problem

Meticulosity • Meticulosity, can make a small business successful when it has competition and it’s attention to detail can keep costs down • Only one person can take responsibility for the details

Risk Tolerance • If something goes wrong, it’s the Entrepreneurs responsibility to come up with a solution • An Entrepreneur has to know how much risk he can afford • He has to have and open mind in order to solve them

Balance • You can extend every Entrepreneur attribute too far, for Meticulosity can become obsession or Patience can become unemotional response • Entrepreneurs have to be able to balance their characteristics, getting the most of them without going over the edge

Advantages of Owning a Business • Entrepreneurs call the shots; decide the working hours, hiring processes, management and administration • Entrepreneurs have a chance of progressively making more money through their own business than by working for someone else • Job Security, no one can fire you

Disadvantages of Owning a Business • A large financial risk involved in owning a business • Owning a business means exposure to direct legal problems, which you would not have to deal with as an employee • It’s your business and you are responsible

Why is Entrepreneurship important? • Contributes to economic growth • Individuals with ideas • Change, progression • Inventions • Risk-takers

Why is Entrepreneurship important? • 99.7% of all firms are small businesses • 50.2% of jobs in the U.S. are created by small businesses • $39,723 is made on average by businesses with only an owner • 51,000 of small businesses make over 1 million dollars in profit a year

Sole Proprietorship • Small business • Personally owned by one person • Can have employees

Advantages • Freedom • Easy taxes and accounting • No complicated legal requirements • Modest start-up costs

Disadvantages • No legal separation • Depending start-up costs • Difficult to get loans • Risky

Famous Sole Proprietorships • Walmart (Sam Walton) • Sears (Richard Warren Sears) • JC Penney (James Cash Penney) • McDonalds (Ray Croc)

Works Cited • http://answers.yahoo.com/question/index?qid=20090219110515AA7XIh9 • http://www.answers.com/topic/sole-proprietorship • http://marketing-junkie.com/seven-business-and-marketing-statistics-every-entrepreneur-should-know/ • http://www.businessweek.com/smallbiz/content/nov2009/sb20091112_157141.htm • http://usgovinfo.about.com/od/smallbusiness/a/sbadrives.htm • http://www.usatoday.com/money/smallbusiness/columnist/abrams/story/2011-11-25/small-business-quiz-rhonda-abrams/51393392/1 • http://dictionary.reference.com/browse/entrepreneur

Works Cited • http://www.lifehack.org/articles/management/5-key-characteristics-of-a-successful-entrepreneur.html# • http://www.marketingtreasurehunt.com/blog/bussiness-guide/2009/starting-your-business-advantages-and-disadvantages.html

Entrepreneurship