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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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objective 2 01
Objective 2.01
  • Explain the factors and personality traits that contribute to the success of a small business entrepreneur
entrepreneur defined
Entrepreneur defined:
  • An individual who undertakes the creation, organization, and ownership of a business
other key terms
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
other key terms1
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

other key terms2
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

other key terms3
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
small business success factors
Small business success factors
  • Planning
  • Management
  • Resources
  • Image
  • Competence of the entrepreneur
  • Product/service
  • Financing
entrepreneur qualities
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
entrepreneur qualities1
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
entrepreneur qualities2
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
entrepreneur skills
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
entrepreneur skills1
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