Entrepreneurship Presentation by Anne Caroline Berg 3.C

Definition of entrepreneurship  Act and art of being an entrepreneur  New organizations or existing organizations  Starting new businesses  Seizing new opportunities

Advantages and disadvantages of being an entrepreneur  Advantages Earn a lot of money Determine their future be themselves Free agent Take the benefit for him or herself only  Disadvantages It takes time Hard work Alone with the responsibility Financial risks

Skills and characteristics 7 Secrets to Success Clarity Competence ConstraintsCreativity Concentration Courage Continuous action

Preparing and possible pitfalls  Research your business idea  Make a market research  The four perspectives  SWOT-analysis  Be prepared for pitfalls

Definition of franchising  Using another firm’s business model  Single brand name  Support including advertising and training  McDonald’s, Subway and 7-eleven

Pros and cons of franchising  Cheaper form of expanding  Require less initial capital  Significant amounts of training  Franchising store reduces the amount of control  Must pay a percentage of their revenues to the parent company