Entrepreneurship Being an Entrepreneur

Objectives Define entrepreneur Learn about three different paths to entrepreneurship Discover where to get business help Learn about home- and internet-based businesses

What is an Entrepreneur? A person who is willing to take a risk, usually a financial one, in the hunt for new business opportunities. The entrepreneur is commonly seen as a business leader and innovator. Ask students if they can name any famous entrepreneurs. Some examples include Oprah Winfrey, Carlos Slim Helú, Donald Trump, Henry Ford, Bill Gates, Tyra Banks, Mark Zuckerberg, Sean “Diddy” Combs, J.K. Rowling, Walt Disney, and Steve Jobs.

Characteristics of an Entrepreneur

Characteristics of an Entrepreneur Risk Taker Passion Motivation Discipline & Dedication Hard Working Honest Responsible Adaptability & Flexibility Networking capabilities Self Confident Innovative Creative Organized Opportunistic

Paths to Entrepreneurship Buy an existing business Begin your own business Buy a franchise Ask students to discuss if anyone they know has become an entrepreneur using one of these methods.

of the Three Paths to Entrepreneurship & of the Three Paths to Entrepreneurship

Buying an Existing Business Established business Clients Fully trained staff Immediate profits Existing advertising Pre-existing paperwork Flexible schedule Room for growth Cost of purchase Transfer fees Potential lawsuit Long hours Can ruin you financially Buying an Existing Business

Starting a New Business Freedom to try something new Flexible hours Create your own business image High startup costs Time-consuming Long hours Possibility of failure Stress Can ruin you financially Starting a New Business

Buying a Franchise Name & brand recognized Company will help you from purchasing the property through your 1st anniversary Long history of established successful franchises Training for you & employees Opportunity to be part of national marketing campaigns Lower risk of unforeseen costs or problems Pre-established supply lines & major purchasing power Pride of owning a business Share part of the profits with the company Long-term contract that is hard to get out of Expensive Lots of hours in the beginning Not a guarantee of success Can ruin you financially Buying a Franchise

Tips for Entrepreneurs Demonstrate a clear understanding of the customer’s wants and needs Start with a cool idea that is unique enough to stand out from the competition Do research to gauge the willingness of potential customers to buy

Places to Go for Help Internet Experienced entrepreneurs Chamber of Commerce Small Business Administration (SBA) College/University Community

Home-Based Business Operates out of an entrepreneur’s home Sometimes has office space in the home so the owner can meet with clients

Internet-Based Business Does not necessarily have a physical location Some can be home-based

Summary Defined entrepreneur Learned about three different paths to entrepreneurship Discovered where to get business help Learned about home- and internet-based businesses