The Entrepreneur Chapter 4

Characteristics of Successful Entrepreneurs Individuals who start their own business or expand existing ones. Organize the factors of production for the purpose of producing goods and services. Willing to take risks with the expectation of making a profit. Successful entrepreneurs have these characteristics… Keating Centre - Charles V. Keating

1. Opportunism – recognize opportunities that exist in situations 1. Opportunism – recognize opportunities that exist in situations. “cup is half full rather than …..” 2. Risk Taking – take risks where their abilities can have a significant impact on the outcome and where profit can be made. Entrepreneurs don’t gamble, but they don’t look for safe investments either.

4. Objectivity – recognize the need for skilled help. 3. Hard Working – creative and energetic, when entrepreneurs are working they don’t notice the passage of time. They know the hard work involved in establishing a business. 4. Objectivity – recognize the need for skilled help. They will seek out skilled help rather than going it alone. Don’t hire friends or family but the best people to do the job.

5. Motivation – to work for themselves rather than anyone else, to be the boss!! The other motivation is making money. 6. Self-Confidence – believe that they can make a success of any business they try. Rely on themselves, not luck or friends, to be successful.

Why Business fail Personal characteristics of the entrepreneur. Lack of understanding of the market for their goods and services. Insufficient start-up capital. Poor judgment.

The Franchise A license or privilege granted by a corporation (the franchiser) to another corporation or individual (the franchisee) to sell or use a recognized brand name. Tim Hortons - Frequently Asked Questions

To purchase a franchise you must… Pay a fee Give a % of sales to the franchiser Maintain certain standards Follow certain methods of operating Purchase supplies from the franchiser

In return you get… Business advice Financial advice Training programs Use of a widely recognized name, image or product Free advertising A business with a proven record of success High motivation to succeed because of the amount of money invested. Good quality supplies and product.

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