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Understanding Entrepreneurship Basics

This document discusses entrepreneurship and the characteristics of entrepreneurs. It begins by defining entrepreneurship and identifying the objectives of exploring this topic, which are to define what it means to be an entrepreneur, compare the pros and cons, and identify successful entrepreneurs. It then lists characteristics like risk-taking, long hours, and potential for both business failure and financial insecurity as cons, and making your own rules, doing enjoyable work, and helping your community as pros. The document also identifies important skills and personal characteristics of successful entrepreneurs like courage, creativity, and business knowledge. Finally, it suggests ways to build business potential, like career exploration, education, and developing relationships.

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Aashir Rajput
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14 views12 pages

Understanding Entrepreneurship Basics

This document discusses entrepreneurship and the characteristics of entrepreneurs. It begins by defining entrepreneurship and identifying the objectives of exploring this topic, which are to define what it means to be an entrepreneur, compare the pros and cons, and identify successful entrepreneurs. It then lists characteristics like risk-taking, long hours, and potential for both business failure and financial insecurity as cons, and making your own rules, doing enjoyable work, and helping your community as pros. The document also identifies important skills and personal characteristics of successful entrepreneurs like courage, creativity, and business knowledge. Finally, it suggests ways to build business potential, like career exploration, education, and developing relationships.

Uploaded by

Aashir Rajput
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPT, PDF, TXT or read online on Scribd

Section 1.

1 What Is
Entrepreneurship?
Section 1.2 Characteristics of an
Entrepreneur
OBJECTIVES
 Define what it means to be an entrepreneur
 Compare the pros and cons of being an
entrepreneur
 Identify successful entrepreneurs and their
achievements

2
 When an entrepreneur starts a new business, risk is involved.
Risk is the chance of losing something.
 Because employees work for someone else and entrepreneurs
work for themselves, entrepreneurs risk more than
employees.
 Small firms employ about half of the U.S. private work
force, and they create around 64 percent of all new jobs.
 One way you can gain a sense of what business is like is by
investigating an internship, or apprenticship.

3
 Making Your Own Rules. When you own a business, you get
to be your own boss.
 Doing Work You Enjoy. Since the majority of most peoples’
lives is spent working, why not spend that time doing
something you enjoy?
 Creating Greater Wealth. There’s no limit to what an
entrepreneur can make.
 Helping Your Community. Being an entrepreneur lets you
make your community and world a better place.

4
 Potential Business Failure. Being fully responsible means
the success or failure of your business rests on you.
 Unexpected Obstacles. Problems can happen that you don’t
expect.
 Financial Insecurity. Many new businesses don’t make
much money in the beginning, so you may not always be
able to pay yourself.
 Long Hours and Hard Work. It’s not unusual for
entrepreneurs to work a lot of extra hours to make their
businesses successful. This is especially true during the
initial start-up process.

5
 Thomas Edison  Ingvar Kamprad
 P.T. Barnum  Stephen Wozniak and
 Wlliam Harley & Arthur Steve Jobs
Davidson  Russell Simmons
 Maggie Lena Walker  Dineh Mohajer

6
 Describe who becomes an entrepreneur
 List the key characteristics of an entrepreneur
 Explore ways to build your business potential
 Explain the value of learning about entrepreneurship

7
8
 An aptitude is a natural ability to do a particular type of
work or activity well.
 An attitude is a way of viewing or thinking about something
that affects how you feel about it. Entrepreneurs tend to be
people with positive attitudes.

9
Personal Characterisitics Skills
 Courage A skill is an ability that’s learned
 Creativity through training and practice.
 Curiosity  Business Skill
 Determination  Communication Skill
 Discipline
 Empathy
 Computer Skill
 Enthusiasm
 Decision-Making and Problem-
 Flexibility Solving Skills
 Honesty  Mathematical Skill
 Patience  Organizational Skill
 Responsibility  People Skills

10
 Business Knowledge. Reading magazine and newspaper articles, search
the Internet, and talk to business owners.
 Financial Skills. Strengthen your math skills.
 Career Exploration. Evaluate your strengths and weaknesses, explore
careers interest you.
 Community Awareness. Look for volunteering opportunities and find out
if any companies in your area provide internship programs.
 Education. Obtaining a good education benefits you personally and open
doors to more career opportunities.
 Relationships. Spend time with people who believe in you and inspire you.

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