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Entrepreneurs

Entrepreneurs. Definitions. Entrepreneurs- people who own, operate, and take the risk of a business venture Entrepreneurship- The process of running a business of one’s own Employee- people who work for someone else. Manufacturing- actually produce the products they sell

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Entrepreneurs

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  1. Entrepreneurs

  2. Definitions • Entrepreneurs- people who own, operate, and take the risk of a business venture • Entrepreneurship- The process of running a business of one’s own • Employee- people who work for someone else

  3. Manufacturing- actually produce the products they sell Wholesaling- sell the products to people other than the final customer Retailing- selling products to people Service- sell services 6 Types of Entrepreneurial Business

  4. 6 Types of Entrepreneurial Businesses con’t • Agricultural- generate fresh produce & other farm products • Mining & extracting- take resources like coal out of the ground so they can be consumed

  5. Small Business Employ fewer than 20 people!

  6. Characteristics of successful Entrepreneurs • Independence • Self-confident • Determination & perseverance • Goal-orientated • The need to achieve & set high standards for themselves • Are able to act quickly

  7. Advantages of Entrepreneurship • They are their own boss • They can choose a business that interest them • They can be creative • They can make lots of money

  8. Disadvantages of Entrepreneurship • Entrepreneurship is risky • Entrepreneurs face uncertain an irregular incomes • Entrepreneurs work long hours • Entrepreneurs must make all decisions by themselves

  9. THINK CRITICALLY!! • Entrepreneurs can fail even if they are committed and have the characteristics needed to be successful. Why do you think this can happen? • Why is it important for entrepreneurs to choose a field that they will enjoy? • Do you think the advantages of entrepreneurship outweigh the disadvantages? Why or why not?

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