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What is an Entrepreneur?

What is an Entrepreneur?. Someone who takes risks in starting a business. Entrepreneur Jay-Z. Venture- business undertaking involving risks Risks- possibility of damage, injury, or loss Can you be successful without taking risks?. Risks???.

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What is an Entrepreneur?

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  1. What is anEntrepreneur?

  2. Someone who takes risksin starting a business. EntrepreneurJay-Z

  3. Venture- business undertaking involving risks • Risks- possibility of damage, injury, or loss • Can you be successful without taking risks? Risks???

  4. Manufacturing- actually produce the products they sell Wholesaling- sell the products to people other than the final customer Retailing- selling products to people Service- sell services 6 Types of Entrepreneurial Business

  5. 6 Types of Entrepreneurial Businesses • Agricultural- generate fresh produce & other farm products • Mining & extracting- take resources like coal out of the ground so they can be consumed

  6. Entrepreneurs

  7. What isEntrepreneurship?

  8. Goal: Profit Ability andwillingnessto develop,organizeand managea business. Challenge: Risk EntrepreneurOprah Winfrey

  9. Personal Traitsof SuccessfulEntrepreneurs

  10. Competitive • Creative • Energetic • Goal oriented • Independent • Inquisitive • Persistent • Reliable • Self-confident Entrepreneurs are… EntrepreneurMark Zuckerberg

  11. Partner with others • Secure resources • Spot opportunity • Learn from failure • Self-motivate • Problem solve • Maintain integrity • Deal with ambiguity • Work hard Entrepreneurs can… EntrepreneurTed Turner

  12. 1 in 10 Americans, Ages 18-64 involved in entrepreneur activities • 625,000 new businesses/year • Very risky • Almost as many close each year • Start with $10K or less Entrepreneur Economy

  13. Opportunitiesand Risks in Starting a Business

  14. Independence • Personal satisfaction • Make a profit • Adventure • Income • Control over your own business • Contribute to society Opportunities EntrepreneurTruett Cathy

  15. Income • Might lose investment • Long hours, hard work • Quality of life • Stress • Discouragement • Responsibility • Competitive pressure • Expenses, lack of money • Lack of experience Risks EntrepreneurDonald Trump

  16. Reasons for Failure

  17. Management mistakes** • Lack of experience • Poor financial control • Weak marketing efforts • Lack of a strategic plan • Uncontrolled growth • Poor location • Improper inventory control • Incorrect pricing • Inability to make the “entrepreneurial transition” Failure: Top 10 Reasons

  18. Effective planning • Good management Success

  19. Failure in Perspective

  20. The venture fails,not theentrepreneur.

  21. DiscussionQuestions

  22. Entrepreneurs can fail even if they are committed and have the characteristics needed to be successful. Why do you think this can happen?

  23. Why is it important for entrepreneursto choose a field that they will enjoy?

  24. Do you thinkthe advantages of entrepreneurship outweigh the disadvantages?

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