Ch. 6Ch. 6

Entrepreneurship and Small Business Entrepreneurship and Small Business ManagementManagement

Becoming an EntrepreneurBecoming an Entrepreneur

Entrepreneur- Someone who takes a risk in Entrepreneur- Someone who takes a risk in starting a business to earn a profit.starting a business to earn a profit.

Entrepreneurship- The process of starting, Entrepreneurship- The process of starting, organizing, managing, and assuming the organizing, managing, and assuming the responsibility for a business.responsibility for a business.

Characteristics of successful Characteristics of successful entrepreneursentrepreneurs

Characteristics of successful Characteristics of successful entrepreneursentrepreneurs

Hard WorkerHard Worker Risk TakerRisk Taker Self-confidentSelf-confident PersistentPersistent EnergeticEnergetic Goal-orientedGoal-oriented IndependentIndependent CompetitiveCompetitive ReliableReliable

FinancingFinancing

Small business owners MUST have some way Small business owners MUST have some way to finance their business.to finance their business. Most entrepreneurs’ finances comes from friends Most entrepreneurs’ finances comes from friends

or family (More than 50%).or family (More than 50%).

Venture capital- Money provided by large Venture capital- Money provided by large investors to finance new products and new investors to finance new products and new businesses.businesses.

Bank LoansBank Loans

To invest or not to invest?To invest or not to invest?

What are some questions that you would ask What are some questions that you would ask someone if presented with an investing someone if presented with an investing opportunity?opportunity?

Opportunities and RisksOpportunities and Risks

New business opportunitiesNew business opportunities Innovation- An invention or creation that is brand Innovation- An invention or creation that is brand

new.new.

Improvement- A designed change that increases Improvement- A designed change that increases the usefulness of a product, service or process.the usefulness of a product, service or process.