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What Is an Entrepreneur?

What Is an Entrepreneur?. “A risk-taker who has the skills and initiative to establish a business.” ( Wall Street Words by David L. Scott). Why Become an Entrepreneur?. Have a great idea Be your own boss Want financial independence Want creative freedom Help with college admissions

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What Is an Entrepreneur?

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  1. What Is an Entrepreneur? “A risk-taker who has the skills and initiative to establish a business.”(Wall Street Words by David L. Scott)

  2. Why Become an Entrepreneur? • Have a great idea • Be your own boss • Want financial independence • Want creative freedom • Help with college admissions • Others…

  3. Challenges of Being an Entrepreneur About 1 out of 3 businesses fail within 4 years.(Michelle Singletary, 2007, Washington Post)

  4. Do You Have What it Takes? • Are you a problem solver? • Do you have vision & goals? • Are you organized? • Are you a leader? • Are you willing to work hard? • Can you handle stress? • Are you comfortable with financial risk?

  5. Exploring Business Ideas The right business idea is something you are excited about and have a passion for.

  6. Factors to Consider • Your personal skills & experiences • Time you have to invest in a business • Support of family & friends • Money you have to work with • What products or service will you sell? • Will your idea fill a need?

  7. The Business Plan • Company name • Company description • Products & services • Marketing plan • Start-up expenses

  8. Start-up expenses • Purchase or rental of equipment • Supplies • Insurance • Transportation costs • Advertising & printing costs • License, permit & tax fees • Material or product costs • Labor costs

  9. Business Budget • A plan for spending and saving • Ensures your business does not run out of money

  10. Making My Own Job Activities • To Be or Not to Be…an Entrepreneur • Coming Up with a Business Idea • Creating a Business Plan

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