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Published byCarol Phillips Modified over 9 years ago
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ENTREPRENEURSHIP
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Objectives Define Entrepreneurship Describe the advantages of entrepreneurship Explain the risks of entrepreneurship List the characteristics and skills of entrepreneurs Understand the importance of small business in various economies
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Standard Marketing Advanced Strategies, Standard 2: Explain why entrepreneurship is important to the U.S. economy. Compare and contrast the role of the entrepreneur to that of a manager.
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What is Entrepreneurship? The process of starting & operating your own business People who create, launch, organize, and manage a new business and take the risk of the business are entrepreneurs Henry Ford introduced the mass production of vehicles by making them affordable to average people William Hewlett & David Packard started a small business in Packard’s garage They invented floppy disks & the first pocket calculator
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Advantages of Entrepreneurship Personal Freedom Personal Satisfaction Increased self- esteem Increased Income Set own work schedule Make own decisions Financial Rewards
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Risks of Entrepreneurship High level of stress Risk of failure Possible setbacks Potential loss of income Long and irregular hours Need to handle multiple tasks Need for self- discipline
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Characteristics of Successful Entrepreneurs Determination Self-motivation, self- discipline, & self- confidence Strong organizational skills Leadership ability Creativity Willingness to work hard Spirit of adventure Good social skills
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Marketing & Entrepreneurship Entrepreneurs should have marketing knowledge They will have an advantage over those who do not Why would entrepreneurs who have a good understanding of marketing have an advantage over those who do not?
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Trends in Entrepreneurship 80% of new jobs created annually come from business that are less than 5 years old 90% of all U.S. businesses have fewer than 20 employees Firms with fewer than 500 employees were responsible 50% of the GDP About 1 in 10 adults in the U.S. plan to start a new business As many as 25% of all U.S. workers are self- employed
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Trends in Entrepreneurship Availability of technology Increased global communication Rise of the Internet and e-commerce Increasingly diversified society & market
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Do you have what it takes? Turn to page 782 in your text book. Number 1-19 Read each question CAREFULLY and answer yes or no based on how you feel. Next, create a diagram with 3 circles Label each circle with these words: Physical, Emotional, Financial Take numbers 9-19 and place the number in the appropriate circle, if some of them overlap places, please place them in the appropriate overlapping circle(s)
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