1. ©2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. PREPARING FOR THE ENTREPRENEURIAL JOURNEY 2

2. ©2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Seven Myths 1. Entrepreneurs start businesses solely to make money 2. It takes a lot of money to start a business 3. It takes a great idea 4. The bigger the risk, the bigger the reward 5. A business plan is required for success 6. Entrepreneurship is for the young and reckless 7. Entrepreneurship cannot be taught

3. ©2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Paths to Entrepreneurship  The home-based entrepreneur  The serial or portfolio entrepreneur  The nonprofit entrepreneur  The corporate entrepreneur

4. ©2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Preparing to Become an Entrepreneur  Find a mentor  Build a professional network  Learn about entrepreneurs  Understand personality and business preferences  Improve or acquire critical skills  Study an industry

5. ©2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. New Venture Action Plan Complete the personality and preferences questionnaire. Complete the personality and preferences questionnaire. Find a mentor and begin building a network. Pick and industry and begin studying it. End of Chapter 2… PREPARING FOR THE ENTREPRENEURIAL JOURNEY