entrepreneurship. 1. being your own boss 2. doing something that you enjoy 3. opportunity to be...
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Ch. 2.1 & 2.2 Vocabulary & Notes
Entrepreneurship
1. Being your own boss2. Doing something that you enjoy3. Opportunity to be creative4. Having freedom to set your own schedule5. Having job security6. Potential for better personal income7. Community recognition
The Rewards of Entrepreneurship
1. Working long hours2. Uncertain income3. Having full responsibility4. Risking your own investment
The Risks of Entrepreneurship
The rivalry among businesses for consumers’ dollars
Competition
The amount of money that an entrepreneur puts into their business
◦ also called a Capital Investment
Investment
Money ◦ also buildings, equipment, tools and other goods
needed to produce a product that have value
Capital
What Does It Take To Be An Entrepreneur?
Chapter 2.2
47 % of entrepreneurs were under age 35 when they started their business, 16% were under age 25
40% of entrepreneurs have a high-school diploma or less
Worked when they were young or were entrepreneurs from a young age
Influenced by a role model – a person whose accomplishments and personality are looked up to and emulated
Background Info
12 Characteristics of Successful Entrepreneurs
1. Persistent
2. Creative
3. Responsible
4. Inquisitive
5. Goal-Oriented
6. Independent
7. Self-Demanding
8. Self-Confident
9. Risk-Taking
10. Restless
11. Action-Oriented
12. Enthusiastic
Skills that are used when setting up and running a business
Foundation Skills
10 Essential Skills of Entrepreneurs
1. Communication
2. Math
3. Problem-Solving
4. Technology &
Computer
5. Decision-Making
6. Organization &
Planning
7. Teamwork
8. Social
9. Adaptability
10. Basic Business
A set of characteristics or qualities that identifies a type of person
Profile
A person with a record of successes
1. Wants to be the best2. Sets sights on accomplishing the
extraordinary3. Writes down goals and pursues them with
confidence and commitment4. Views difficulties as opportunities to learn
and grow
Achiever
1. Reading2. Writing3. Watching4. Solving
Strengthen Your Entrepreneurial Characteristics
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