A Look At… Entrepreneurship

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What is an entrepreneur? According to Webster’s dictionary, an entrepreneur is a person who “organizes, manages, and assumes the risks of a business.” An entrepreneur is a builder—one who sees an opportunity, sizes up the value, and finds the resources to make the most of it. An entrepreneur is visionary when looking at ways to make his/her business grow. An entrepreneur is one who seeks new challenges and develops new ideas.

Sound management, marketing and financial techniques, certain skills can help you become a better business person. This success may be realized through profits or perhaps extra time for your personal life. Why should we talk about entrepreneurship?

Entrepreneurial traits are developed…not inherited. One goal should be to recognize the skills and habits of successful business entrepreneurs and strive to develop those skills. Why should we talk about entrepreneurship?

A major challenge of any business person is the transition from an individual with an idea to that of a manager. There are four stages of transition:

Stage 1  85% doing  15% managing Stage 2  66% doing  34% managing

Stage 3  34% doing  66% managing Stage 4  15% doing  85% managing

What Are the Risks of Entrepreneurship? 1. FAILURE: You must assume emotional and financial risks of failure. 2. TIME: It takes a tremendous amount of time. 3. FAMILY: Because of the time factor, many families suffer changes in life style. 4. MONEY: Entrepreneurs put a lot of their own money at risk.

What Are the Rewards of Entrepreneurship? 1. INDEPENDENCE: The freedom to act on our own. You are your own boss. 2. MONEY: The financial reward is not limited to normal work for normal pay. 3. FUN! Entrepreneurs describe what they do as being fun.

Survey Time! We will go over the terms before filling in the survey. Pens and pencils down on your desk.