What Is Entrepreneurship?

1
What Is Entrepreneurship?

• Introduction to Business
• Chapter 12

2
Learning Objectives

• Explain what being an entrepreneur mean.
• Describe the characteristics of a small business.
• List advantages and disadvantages to a business.
• Explain how entrepreneurial firms influence the
  U.S. Economy
• Describe the process of making informed
  judgements.

3
Entrepreneurship Small Business

• Entrepreneur a person who recognizes a business
  opportunity and who organizes, manages, and
  assumes the risks of a business enterprise.
• Small Business an independently owned and
  managed business that serves a limited geographic
  area and is not dominant in its industry.

4
Impact of Small Business

• 2/3s of new jobs are created by small
  businesses.
• 60 of work force employed by small businesses.
• 40 of all sales are contributed to small
  businesses.
• Most young people learn job skills working for
  small businesses.

5
Characteristics of an Entrepreneur

• Desire for independence
• Self-Confidence
• Self-Motivation
• Self-Discipline
• Willingness to take risks
• Calculated risks
• Ability to recognize opportunity

6
Advantages of Entrepreneurship

• Satisfaction
• Full Use of Skills
• Profit

7
Disadvantages of Entrepreneurship

• Total Responsibility
• Long, Irregular Hours
• Financial Risks

8
Entrepreneurship in the U.S.

• Much of a nations economic growth is dependent
  on small businesses.
• Makes for a competitive marketplace.
• Higher standard of living.