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Chapter 33 Entrepreneurial Concepts 1 Marketing Essentials Chapter 33 Entrepreneurial Concepts...
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Chapter 33 Entrepreneurial Concepts1 Marketing Essentials Chapter 33 Entrepreneurial Concepts Section 33.1 Entrepreneurship
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Transcript of Chapter 33 Entrepreneurial Concepts 1 Marketing Essentials Chapter 33 Entrepreneurial Concepts...
Chapter 33 Entrepreneurial Concepts 1
Marketing EssentialsMarketing Essentials
Chapter 33 Entrepreneurial Concepts
Section 33.1 Entrepreneurship
Chapter 33 Entrepreneurial Concepts 2
SECTION 33.1SECTION 33.1
What You'll LearnWhat You'll Learn
EntrepreneurshipEntrepreneurship
The meaning of entrepreneurship How to identify the risks involved in
entrepreneurship The advantages and disadvantages of
entrepreneurship How to identify the personal characteristics
and skills entrepreneurs need The scope of small business in the American
economy
Chapter 33 Entrepreneurial Concepts 3
SECTION 33.1SECTION 33.1 EntrepreneurshipEntrepreneurship
Why It's ImportantWhy It's Important
In this section, you will learn some important advantages and disadvantages of business ownership.
Chapter 33 Entrepreneurial Concepts 4
SECTION 33.1SECTION 33.1 EntrepreneurshipEntrepreneurship
Key TermsKey Terms
entrepreneurship
entrepreneurs
Chapter 33 Entrepreneurial Concepts 5
SECTION 33.1SECTION 33.1 EntrepreneurshipEntrepreneurship
Entrepreneurship is the process of starting and managing your own business.
Entrepreneurs are people who organize, manage, and take the risk of owning and operating a business.
What is Entrepreneurship?
Chapter 33 Entrepreneurial Concepts 6
SECTION 33.1SECTION 33.1 EntrepreneurshipEntrepreneurship
Entrepreneurship requires a major commitment of time, money, and effort with no guarantee of success.
Most entrepreneurs:
Are between the ages of 25 and 40
Have work experience, personal drive, financial resources, and a willingness to take business risks
The Risk of Entrepreneurship
Chapter 33 Entrepreneurial Concepts 7
SECTION 33.1SECTION 33.1 EntrepreneurshipEntrepreneurship
Advantages of Entrepreneurship
Some of the reasons people choose to start their own businesses are:
personal freedom
personal satisfaction
increased income
increased self-esteem
Chapter 33 Entrepreneurial Concepts 8
SECTION 33.1SECTION 33.1 EntrepreneurshipEntrepreneurship
Disadvantages of Entrepreneurship
Disadvantages of entrepreneurship include:
potential loss of income
long and irregular hours
necessity for strong self-discipline
potential loss of status and invested money
Chapter 33 Entrepreneurial Concepts 9
SECTION 33.1SECTION 33.1 EntrepreneurshipEntrepreneurship
The Importance of Entrepreneurship in Our Economy
Small businesses are those with less than 500 employees in manufacturing and less than 100 in retailing. Small businesses make up the majority of U.S. businesses, providing jobs for about 55 percent of the labor force, and accounting for 50 percent of the Gross Domestic Product.
Chapter 33 Entrepreneurial Concepts 10
33.1 ASSESSMENTASSESSMENT
Reviewing Key Terms and Concepts
1. What is entrepreneurship?
2. Why is starting a new business such a risk?
3. What are four advantages and three disadvantages of being an entrepreneur?
4. What are three characteristics of a successful entrepreneur?
5. What are three reasons small businesses are important to the economy?
Chapter 33 Entrepreneurial Concepts 11
33.1 ASSESSMENTASSESSMENT
Thinking Critically
Do you think money and material gain are the most important reasons for becoming an entrepreneur? Explain your answer. If your answer is no, what do you consider the most important reasons for becoming an entrepreneur?
Chapter 33 Entrepreneurial Concepts 12
Marketing EssentialsMarketing Essentials
End of Section 33.1
