Rewards and challenges of entrepreneurship

What is an entrepreneur? Someone who recognizes a business opportunity and organizes, manages, and assumes the risk of starting a business. Entrepreneurs face many challenges, however those who succeed see many rewards. If you have ever thought about going into business for yourself, then you have thought becoming an entrepreneur. Can you think of any entrepreneur??

Twelve characteristics of Entrepreneurs A venture is a new business undertaking that involves risk. Persistent Risk-taking Self-confident Restless Goal-oriented Action-oriented Responsible Self-demanding Creative Independent Inquisitive Enthusiastic

Small Business SBA (Small Business Administration) protects the interests of small businesses. A small business is an independently owned business that usually has the owner as its manager. A small business serves a limited geographic area and employs fewer than 500 people.

Internet businesses Virtual/Dot-com company Make shopping for efficient for consumers Example of how an entrepreneurial venture can make a significant improvement to what already exists. Potential to attract a huge number of customers

Rewards of Entrepreneurship Being the boss Doing what you enjoy Having the opportunity to be creative Building an enterprise

Challenges of entrepreneurship Getting funds to start the business Being fully responsible for the business Long Hours Uncertain income

The Impact of small businesses More than 99% of US firms are small businesses Employ for than 50% of the US workforce Principle source of new jobs

Class work/Homework Q.1) What are the 12 characteristics of successful entrepreneurs? Which of these characteristics do you feel is most important and explain why? Q.2) What reward is the main reason most people become an entrepreneur? Q.3) Identify some of the challenges of entrepreneurship. Q.4) Think of an entrepreneur that you admire. Write a paragraph describing their business venture. Identify why it was successful. Choose 4 of the 12 characteristics of successful entrepreneurs that describe your chosen entrepreneur.