Entrepreneurs

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Entrepreneurs

• Take out a pen and paper to take notes!!!

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Definitions

• Entrepreneurs- own, (may) operate, and take the
  risk of a business venture
• Entrepreneurship- The process of running ones
  own business.
• Employee- people who work for someone else

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6 Types of Entrepreneurial Business

• Manufacturing- produce the products they sell
• Wholesaling- seller to sellers

• Retailing- resell products to people
• Service- sell services

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6 Types of Entrepreneurial Businesses cont

• Agricultural- fresh produce other farm products
• Mining extracting- resources from ground to
  consume

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Small Business Employ fewer than 20 people!
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Characteristics of successful Entrepreneurs

• Independence
• Self-confident
• Determination perseverance
• Goal-orientated
• The need to achieve
• Set high standards
• Are able to act quickly

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Advantages of Entrepreneurship

• Own boss
• Businesses that interest them
• Creativity
• Money Money Money Monnnneeyyyyy

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Disadvantages of Entrepreneurship

• Risky
• Uncertain and irregular incomes
• Long hours
• All decisions on own

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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?
  Explain!