What is Entrepreneurship? Section 4.1 What is Entrepreneurship?

WHAT YOU’LL LEARN What is meant by the term entrepreneur and what makes a person a good candidate for entrepreneurship continued

How to weigh the advantages and disadvantages of entrepreneurship WHAT YOU’LL LEARN How to weigh the advantages and disadvantages of entrepreneurship

if this career option is suitable for you. WHY IT’S IMPORTANT General knowledge about entrepreneurship and its pros and cons will help you decide if this career option is suitable for you.

KEY TERM entrepreneur

What is Entrepreneurship? An entrepreneur is someone who organizes and then runs a business. The risks can be high, but the rewards can also be great. continued

Advantages of Entrepreneurship You’re in charge. There is great job satisfaction. Entrepreneurship can lead to a good income.

Disadvantages of Entrepreneurship There is financial risk. Entrepreneurs often work long hours. Competition can be stiff. There are no guarantees of success.

ETHICS in Action Becoming the Competition You have been the assistant manager of a coffee shop for the past five years and have made friends with many of the customers. You recently inherited a large sum of money and are thinking about opening up a coffee shop of your own. continued

ETHICS in Action Becoming the Competition There is a perfect space available in a shopping center around the corner from your current place of work, and you think many of the customers that you have befriended would follow you there. continued

ETHICS in Action Becoming the Competition THINK ABOUT IT Is it fair to open up a shop in direct competition with your current shop? Why or why not? Are there any other solutions?

Motivation Successful entrepreneurs are highly self-motivated. They keep themselves motivated by setting short- and long-term goals.

Motivation Entrepreneurs make and follow a plan for achieving their goals.

Sight and Foresight Entrepreneurs recognize opportunities. They see problems and find a way to build success on them.

Sight and Foresight Entrepreneurs constantly evaluate their businesses and their customers’ needs in order to achieve success.

Decision Making Entrepreneurs make business decisions every day, and the decisions must be good ones.

Traits of Entrepreneurs Graphic Organizer 4.1 Traits of Entrepreneurs Have high energy Successful Entrepreneurs Want to control destiny Desire to earn profit Are enthusiastic Have self- confidence Recognize opportunities Desire achievement determined Take risks Chapter 4 • Entrepreneurship Succeeding in the World of Work

Talk to entrepreneurs who have started their own businesses, especially if they work in your area of interest. continued

CAREER CHECKLIST When Starting Your Own Business… Take a good look at yourself. Do you possess the personal qualities that an entrepreneur needs? If not, brainstorm ways that you can start developing these important qualities. continued

CAREER CHECKLIST When Starting Your Own Business… Perform further research about business plans and create one for your business. Be creative—sometimes the craziest idea can be a booming success in the business world. Investigate the unfulfilled business needs of your own community. continued

CAREER CHECKLIST When Starting Your Own Business… Brainstorm with friends and find a partner that you work well with. Be persistent! It may take some time for your plan to become a success.

Key Concept Checkpoint SECTION 4.1 REVIEW Key Concept Checkpoint Comprehension Give an example of a successful business in your community. How might the traits of an entrepreneur have helped this business succeed? continued

Key Concept Checkpoint SECTION 4.1 REVIEW Key Concept Checkpoint Comprehension Are the advantages or the disadvantages of entrepreneurship more important to you? Why? continued

Key Concept Checkpoint SECTION 4.1 REVIEW Key Concept Checkpoint Comprehension Why might entrepreneurship offer greater job satisfaction than working for someone else?

What is Entrepreneurship? End of Section 4.1 What is Entrepreneurship?