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Exploring Entrepreneurship: Opportunities and Risks in Business Ventures

Learn about the role of entrepreneurs in the economy, characteristics that drive them, types of entrepreneurs, and steps to starting a new venture. Discover the impact of entrepreneurship on innovation, job creation, and diversity.

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Exploring Entrepreneurship: Opportunities and Risks in Business Ventures

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  1. The Entrepreneur By Joel MacDonald

  2. What Is an Entrepreneur? • A risktaker in the private enterprise system, a person who seeks a profitable opportunity and takes the necessary risks to set up and operate a business. Bill gates Sam Walton Tony Fadell

  3. Three Types of Entrepreneurs • Classic Entrepreneur: A person who identifies a business opportunity and allocates available resources to tap that market. • Intrapreneurs: Entrepreneurially oriented people who seek to develop new products, ideas, and commercial centures within large organizations. • Change Agents: Managers who seek to revitalize established firms to keep them competitive in today’s marketplace.

  4. Characteristics of Entrepreneurs Desire • to be their own boss • to succeed finically • for Job Security • for improved quality of life • Vision • High Energy Level • Need to Achieve • Self-Confidence and Optimism Tolerance for Failure Creativity Internal Locus of Control Tolerance for Ambiguity

  5. Starting a New Venture • Select a Business Idea • Create a Business Plan • Find Financing • Follow the Business Plan

  6. Affect on the Economy • Create Major Inventions and Innovations • Create New Jobs • Provide Opportunities for Women and Minorities

  7. The End

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