1. Rewards and challenges of entrepreneurship

2. 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??

3. 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

4. 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.

5. 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

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

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

8. 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

9. 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.