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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
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EntrepreneursWednesday, October 9, 13
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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
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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
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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
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Reasons for FailureWednesday, October 9, 13
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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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Wednesday, 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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