1. Section 33.1 Entrepreneurship
Marketing Essentials
n Chapter 33 Entrepreneurial Concepts
Section Entrepreneurship

2. Entrepreneurship SECTION 33.1 The meaning of entrepreneurship
What You'll Learn
The meaning of entrepreneurship
How to identify the risks involved in entrepreneurship
The advantages and disadvantages of entrepreneurship
How to identify the personal characteristics and skills entrepreneurs need
The scope of small business in the American economy

3. Entrepreneurship SECTION 33.1
Why It's Important
In this section, you will learn some important advantages and disadvantages of business ownership.

4. SECTION 33.1
Entrepreneurship
Key Terms
entrepreneurship
entrepreneurs

5. Entrepreneurship SECTION 33.1 What is Entrepreneurship?
Entrepreneurship is the process of starting and managing your own business.
Entrepreneurs are people who organize, manage, and take the risk of owning and operating a business.

6. Entrepreneurship SECTION 33.1 The Risk of Entrepreneurship
Entrepreneurship requires a major commitment of time, money, and effort with no guarantee of success.
Most entrepreneurs:
Are between the ages of 25 and 40
Have work experience, personal drive, financial resources, and a willingness to take business risks

7. Entrepreneurship SECTION 33.1 Advantages of Entrepreneurship
Some of the reasons people choose to start their own businesses are:
personal freedom
personal satisfaction
increased income
increased self-esteem

8. Entrepreneurship SECTION 33.1 Disadvantages of Entrepreneurship
Disadvantages of entrepreneurship include:
potential loss of income
long and irregular hours
necessity for strong self-discipline
potential loss of status and invested money

9. Entrepreneurship SECTION 33.1
The Importance of Entrepreneurship in Our Economy
Small businesses are those with less than 500 employees in manufacturing and less than 100 in retailing. Small businesses make up the majority of U.S. businesses, providing jobs for about 55 percent of the labor force, and accounting for 50 percent of the Gross Domestic Product.

10. Reviewing Key Terms and Concepts
ASSESSMENT
33.1
Reviewing Key Terms and Concepts
1. What is entrepreneurship?
2. Why is starting a new business such a risk?
3. What are four advantages and three disadvantages of being an entrepreneur?
4. What are three characteristics of a successful entrepreneur?
5. What are three reasons small businesses are important to the economy?

11. ASSESSMENT Thinking Critically 33.1
Do you think money and material gain are the most important reasons for becoming an entrepreneur? Explain your answer. If your answer is no, what do you consider the most important reasons for becoming an entrepreneur?

12. Marketing Essentials
End of Section 33.1