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Do you have what it takes to be an entrepreneur?

Do you have what it takes to be an entrepreneur?. Small business entrepreneurship. Objective 2.01. Explain the factors and personality traits that contribute to the success of a small business entrepreneur. Entrepreneur defined:.

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Do you have what it takes to be an entrepreneur?

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  1. Do you have what it takes to be an entrepreneur? Small business entrepreneurship

  2. Objective 2.01 • Explain the factors and personality traits that contribute to the success of a small business entrepreneur

  3. Entrepreneur defined: • An individual who undertakes the creation, organization, and ownership of a business

  4. Other key terms: • Venture – a new business undertaking that involves risks • Entrepreneurship – the process of recognizing an opportunity, testing it in the market, and gathering resources necessary to go into business • Entrepreneurial – acting like an entrepreneur or having an entrepreneurial mind-set

  5. Other key terms: • Small business – a business that creates jobs for its owners, sometimes called “mom and pop” businesses Mission statement – a written description of the purpose of a company and the management’s philosopy (basic beliefs, concepts, and attitudes), usually 1-2 paragraphs

  6. Other key terms: • Opportunity – an idea that has commercial value Manager – an employee who coordinates people, processes, and other resources of a business in order for the business to achieve success and make a profit

  7. Other key terms: • Economics – the study of how people allocate (distribute, designate) scarce (limited) resources to fulfill their unlimited wants • Free Enterprise System – an economic system in which people have important rights: to make economic choices of what products to buy, to own private property, and to choose to start a business and compete with other businesses • Profit – money left over after all expenses of running a business have been deducted from the income

  8. Small business success factors • Planning • Management • Resources • Image • Competence of the entrepreneur • Product/service • Financing

  9. Entrepreneur QUALITIES • Observer of the marketplace – looks for what people want • Creative – has an idea that no one else has developed, looks for new ways to solve problems • Responsible – accountable for actions, does what is required

  10. Entrepreneur QUALITIES • Inquisitive – researches the idea thoroughly, seeks advice and assistance from experts • Risk taker – looks for challenging opportunities, examines costs and benefits • Goal-oriented – develops a plan and makes decisions to achieve that plan • Action-oriented – wise decision maker, acts based on decisions

  11. Entrepreneur Qualities • Good leader – brings together a team of people and resources • Self-demanding – sets high expectations and strives to achieve them • Persistent – works until the job is done, views failures as opportunities for growth and learning • Self-confident – believes in one’s self

  12. Entrepreneur skills • Business skills – basic understanding of how the economy works as well as financial, marketing, and management concepts • Communication skills – required to gather information needed to organize and run the business, includes writing, speaking, and listening • Human relations skills – getting along with others, enjoys meeting and talking to people

  13. Entrepreneur skills • Math skills – basic arithmetic skills are needed to keep records, make purchase decisions, calculate profit, and complete financial statements • Problem-solving and decision-making skills – used everyday by entrepreneurs • Technical Skills - basic computer use, including word processing, spreadsheets, databases, e-mail, and the Internet

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