Happy Tuesday!• Today we begin a new unit,

Entrepreneurship.

• Bellringer: In Quizlet, create a new card set for the new unit vocabulary.

• Unit Vocab Words are posted on class calendar.

• Please look up definitions at www.businessdictionary.com

Wednesday, October 9, 13

EntrepreneursWednesday, October 9, 13

What is anEntrepreneur?

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Someone who takes risks in starting a business.

EntrepreneurJay-Z

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What isEntrepreneurship?

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Ability andwillingnessto develop,organizeand managea business.

EntrepreneurOprah Winfrey

Goal: Profit

Challenge: Risk

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Personal Traitsof Successful

Entrepreneurs

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Entrepreneurs are…• Competitive

• Creative

• Energetic

•Goal oriented

• Independent

• Inquisitive

• Persistent

•Reliable

• Self-confidentEntrepreneur

Mark Zuckerberg

Wednesday, October 9, 13

Entrepreneurs can…• Partner with others

• Secure resources

• Spot opportunity

• Learn from failure

• Self-motivate

• Problem solve

•Maintain integrity

•Deal with ambiguity

•Work hardEntrepreneur

Ted Turner

Wednesday, October 9, 13

Entrepreneur Economy

• 1 in 10 Americans 18-64 involved in entrepreneur activities.

• 625,000 new businesses/year.

• Very risky.

• Almost as many close each year.

• Start with $10K or less.

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Opportunitiesand Risks in

Starting a Business

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Opportunities• Independence

• Personal satisfaction

•Make a profit

•Adventure

• Income

• Control over your own business

• Contribute to society Entrepreneur

Truett Cathy

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Risks• Income

• Might lose investment

• Long hours, hard work

• Quality of life

• Stress

• Discouragement

• Responsibility

• Competitive pressure

• Expenses, lack of money

• Lack of experienceEntrepreneurDonald Trump

Wednesday, October 9, 13

Reasons for FailureWednesday, October 9, 13

Failure: Top 10 Reasons•Management

mistakes

• Lack of experience

• Poor financial control

•Weak marketing efforts

• Lack of a strategic plan

•Uncontrolled growth

• Poor location

• Improper inventory control

• Incorrect pricing

• Inability to make the “entrepreneurial transition”

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Failure in PerspectiveWednesday, October 9, 13

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The venture fails,not the

entrepreneur.

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DiscussionQuestions

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Entrepreneurs can fail even if they are committed

and have the characteristics needed to be successful.

Why do you think this can happen?

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Why is it important for entrepreneurs

to choose a field that they will enjoy?

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Do you thinkthe advantages

of entrepreneurship outweigh the

disadvantages?

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