1. Ch. 6 Entrepreneurship and Small Business Management

2. Becoming an Entrepreneur Entrepreneur- Someone who takes a risk in starting a business to earn a profit. Entrepreneur- Someone who takes a risk in starting a business to earn a profit. Entrepreneurship- The process of starting, organizing, managing, and assuming the responsibility for a business. Entrepreneurship- The process of starting, organizing, managing, and assuming the responsibility for a business.

3. Characteristics of successful entrepreneurs

4. Characteristics of successful entrepreneurs Hard Worker Hard Worker Risk Taker Risk Taker Self-confident Self-confident Persistent Persistent Energetic Energetic Goal-oriented Goal-oriented Independent Independent Competitive Competitive Reliable Reliable

5. Financing Small business owners MUST have some way to finance their business. Small business owners MUST have some way to finance their business. Most entrepreneurs’ finances comes from friends or family (More than 50%). Most entrepreneurs’ finances comes from friends or family (More than 50%). Venture capital- Money provided by large investors to finance new products and new businesses. Venture capital- Money provided by large investors to finance new products and new businesses. Bank Loans Bank Loans

6. To invest or not to invest? What are some questions that you would ask someone if presented with an investing opportunity? What are some questions that you would ask someone if presented with an investing opportunity?

7. Opportunities and Risks New business opportunities New business opportunities Innovation- An invention or creation that is brand new. Innovation- An invention or creation that is brand new. Improvement- A designed change that increases the usefulness of a product, service or process. Improvement- A designed change that increases the usefulness of a product, service or process.