Characteristics of Successful Entrepreneurs Igor Roitburg
Objectives •
Define Entrepreneurship
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Describe the advantages of entrepreneurship
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Explain the risks of entrepreneurship
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List the characteristics and skills of entrepreneurs
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Understand the importance of small business in various economies
Standard
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Marketing Advanced Strategies, Standard 2: Explain why entrepreneurship is important to the U.S. economy. Compare and contrast the role of the entrepreneur to that of a manager.
What is Entrepreneurship? • The process of starting & operating your own business
• People who create, launch, organize, and manage a new
business and take the risk of the business are entrepreneurs
• Henry Ford introduced the mass production of vehicles by making them affordable to average people
• William Hewlett & David Packard started a small business in Packard’s garage
• They invented floppy disks & the first pocket calculator
Advantages of Entrepreneurship •Personal Freedom
•Personal Satisfaction
•Increased self-esteem
•Increased Income
•Set own work schedule
•Make own decisions
•Financial Rewards
Risks of Entrepreneurship •High level of stress
•Risk of failure
•Possible setbacks
•Potential loss of income
•Long and irregular hours
•Need to handle multiple tasks
•Need for self-discipline
Characteristics of Successful Entrepreneurs •Determination
•Self-motivation, self-discipline, & self-confidence
•Strong organizational skills
•Leadership ability
•Creativity
•Willingness to work hard
•Spirit of adventure
•Good social skills
Marketing & Entrepreneurship •Entrepreneurs should have marketing knowledge
• They will have an advantage over those who do not
•Why would entrepreneurs who have a good
understanding of marketing have an advantage over those who do not?
Trends in Entrepreneurship • 80% of new jobs created annually come from business that are less than 5 years old
• 90% of all U.S. businesses have fewer than 20 employees
• Firms with fewer than 500 employees were responsible 50% of the GDP
• About 1 in 10 adults in the U.S. plan to start a new business
• As many as 25% of all U.S. workers are self-employed
Trends in Entrepreneurship •
Availability of technology
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Increased global communication
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Rise of the Internet and e-commerce
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Increasingly diversified society & market
Do you have what it takes? • Turn to page 782 in your text book.
• Number 1-19
• Read each question CAREFULLY and answer yes or no based on how you feel.
• Next, create a diagram with 3 circles
• Label each circle with these words: Physical, Emotional, Financial
• Take numbers 9-19 and place the number in the appropriate circle, if some of them overlap places, please place them in the appropriate overlapping circle(s)