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Becoming an Entrepreneur - PowerPoint PPT Presentation


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Becoming an Entrepreneur. Chapter 6-1. What is an Entrepreneur?. An entrepreneur is someone who takes a risk in starting a business to earn a profit. Entrepreneurship is the process of starting, organizing, managing, and assuming the responsibility for a business. What does it take?.

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Presentation Transcript
what is an entrepreneur
What is an Entrepreneur?
  • An entrepreneur is someone who takes a risk in starting a business to earn a profit.
  • Entrepreneurship is the process of starting, organizing, managing, and assuming the responsibility for a business.
what does it take
What does it take?
  • Not all people who own or manage a business are entrepreneurs. It takes unique skills and personal characteristics to develop a new idea for a product or service.
  • Entrepreneurs are:
    • Persistent
    • Creative
    • Inquisitive
    • Energetic
    • Goal-oriented
    • Independent
    • Reliable
    • Competitive
entrepreneurship and the economy
Entrepreneurship and the Economy
  • Nearly one in ten of all Americans 18 to 64 years old are involved in some type of entrepreneurship activity.
  • Over 500,000 new business are created annually.
  • Nearly as many small businesses close each year.
financing
Financing
  • Most of the money needed to start a new business comes from the entrepreneur and his or her family and friends.
  • Venture Capital is money provided by large investors to finance new products and new businesses.
  • Other sources of financing include loans from banks and other institutions and credit.
opportunities and risks
Opportunities and Risks
  • The opportunities for prospective entrepreneurs begin with the creation of new or improved products and services.
    • Innovation is an invention or creation that is brand new
    • Improvement is a designed change that increases the usefulness of a product, service, or process
reasons why new businesses fail
Reasons Why New Businesses Fail
  • Lack of adequate capital
  • Low sales
  • Higher than expected expenses
  • Competitive pressure
  • Owner unprepared
  • Operations requiring more time than expected