1. BEING AN ENTREPRENEUR

2. DEFINITION: An individual who recognizes opportunities and uses resources to implement innovative ideas for new thoughtfully planned ventures. A person who organizes, manages, and assumes the risks of a business enterprise, including taking a profit when successful and a loss if business fails. Free enterprise: conditions that allow an individual to create a business

3. CHARACTERISTICS: Well motivatedPersistent Self confidentResponsible Creative/inventiveIndependent thinker Critical thinkerPersuasive NegotiatorRisk taker

4. FACTORS THAT INFLUENCE SUCCESS: Estimate of finances involved, capital outlay, operating expenses, hidden costs, and living expenses. Competition of other businesses Advertising and marketing of business Accurate record keeping Maintaining supplies and materials Updating or improving methods of operation

5. CLASSIFICATION OF BUSINESS OPPORTUNITIES: Sole proprietorship: business owned by one individual General partnership: more than one individual shares the business responsibilities Limited partnership: business partners have limited financial responsibilities Corporation: a group of people creating a larger business entity

6. KEY TERMS Manufacturing: produces goods to be consumed Retailing: conveniently bring the produced good to the consumer Wholesaling: supply the produced goods to the retailer

7. PLAN OF ACTION: Develop a business plan: Includes: product or service to be sold Customers who will make the purchases Competition Kind of financing necessary and the method to obtain the financing Time commitment required to make it work What it takes to keep a business going

8. PLAN OF ACTION: Marketing strategies Targeting a customer base Advertising methods Meeting supply and demand with quality product Providing quality services Maintaining a plan of action throughout the business venture

9. Starting and operating a successful business requires a thorough underst.anding of the endeavor

10. MOST IMPORTANTLY Go confidently in the direction of your dreams.