Transcript What is an Entrepreneur?

What is an
Entrepreneur?
Someone
who takes
risks
in starting
a business.
Entrepreneur
Jay-Z
• Venture- business undertaking involving risks
• Risks- possibility of damage, injury, or loss
• Can you be successful without taking risks?
Risks???
6 Types of Entrepreneurial
Business
• 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
Businesses
• Agricultural- generate
fresh produce & other
farm products
• Mining & extracting- take
resources like coal out of
the ground so they can be
consumed
Entrepreneurs
What is
Entrepreneurship?
Ability and
willingness
to develop,
organize
and manage
a business.
Goal: Profit
Challenge: Risk
Entrepreneur
Oprah Winfrey
Personal Traits
of Successful
Entrepreneurs
Entrepreneurs are…
• Competitive
• Creative
• Energetic
• Goal oriented
• Independent
• Inquisitive
• Persistent
• Reliable
• Self-confident
Entrepreneur
Mark Zuckerberg
Entrepreneurs can…
• Partner with others
• Secure resources
• Spot opportunity
• Learn from failure
• Self-motivate
• Problem solve
• Maintain integrity
• Deal with ambiguity
• Work hard
Entrepreneur
Ted Turner
• 1 in 10 Americans, Ages 18-64
involved in entrepreneur activities
• 625,000 new businesses/year
• Very risky
• Almost as many close each year
• Start with $10K or less
Entrepreneur
Economy
Opportunities
and Risks in
Starting a Business
Opportunities
• Independence
• Personal satisfaction
• Make a profit
• Adventure
• Income
• Control over your
own business
• Contribute to society
Entrepreneur
Truett Cathy
Risks
• Income
• Might lose investment
• Long hours, hard work
• Quality of life
• Stress
• Discouragement
• Responsibility
• Competitive pressure
• Expenses, lack of money
• Lack of experience
Entrepreneur
Donald Trump
Reasons for Failure
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”
•Effective planning
•Good management
Success
Failure in Perspective
The venture fails,
not the
entrepreneur.
Discussion
Questions
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?