WHAT IS AN ENTREPRENEUR? Seeks a profitable opportunity and takes the necessary risks to set up and operate a business Strong desire to make their business grow Overriding responsibility to use the resources of the organization to accomplish their goals

CATEGORIES OF ENTREPRENEURS Classic Change Agent Intrapreneur Serial Entrepreneur

REASONS TO CHOOSE ENTRE- PRENEURSHIP AS A CAREER PATH Being Your Own Boss Financial Success Two-thirds of all millionaires are self-employed. Job Security Downsizing by large companies has eliminated more jobs than they created. Quality of Life Many define quality of life by their ability to fulfill social objectives.

THE ENVIRONMENT FOR ENTREPRENEURS Globalization Market products abroad and hire international talent Education U.S. colleges and universities offer entrepreneurship coursework, help students launch businesses, and teach entrepreneurship to young people.

Information Technology Helps entrepreneurs work quickly and efficiently and market themselves Demographic and Economic Trends Aging of U.S. population Growth of Hispanic population Growth of two-income families

CHARACTERISTICS OF ENTREPRENEURS inquisitive passionate self-motivated honest courageous flexible intelligent reliable

STARTING A NEW VENTURE Selecting a Business Idea Finding something you love and determining whether you can satisfy a need Buying an Existing Business Employees in place, good or service is known in the marketplace Buying a Franchise Less risky than starting a new firm, but requires careful preparation Creating a Business Plan Helps an entrepreneur prepare resources and stay focused on key objectives

Finding Financing Seed capital Debt financing Equity financing Venture capitalists Angel investors

INTRAPRENEURSHIP Promoting innovation within the structure of an existing organization Skunkworks Pacing programs Helps firms retain valuable employees