2 Your Potential as an Entrepreneur Chapter 2

2 Your Potential as an Entrepreneur Chapter 2 Why. Potential Be an Entrepreneur? Your as an What Does It Take to Be an Entrepreneur? Section 2. 1 Section 2. 2 Glencoe Entrepreneurship: Building a Business

SECTION 2. 1 Why Be an Entrepreneur? The Main Idea When you consider going into business for yourself, an important first step is to analyze the advantages and disadvantages of entrepreneurship. Chapter 2 Your Potential as an Entrepreneur Glencoe Entrepreneurship: Building a Business

SECTION 2. 1 Why Be an Entrepreneur? Brainstorm : Rewards and Risks of Entrepreneurship … Rewards ü ü ü ü Chapter 2 Your Potential as an Entrepreneur Glencoe Entrepreneurship: Building a Business Risks X X X X

Rewards of Entrepreneurship being your own boss doing something you enjoy being creative setting your own schedule having job security making more money being recognized in the community 4

Risks of Entrepreneurship working long hours having an uncertain income being fully responsible risking one’s investment 5

SECTION 2. 1 Why Be an Entrepreneur? Risking One’s Investment • Because of intense competition, business capitalbe a difficult undertaking. ownership can the buildings, equipment, tools, competition • The biggestand risk being otherof goods neededin to business is the rivalrya among for produce product, businesses or the money possibility ofused losing one’s consumer to buydollars these items investment • One important factor of production for the amount of money a person entrepreneurs is acquiring capital. puts into his or her business as capital Chapter 2 Your Potential as an Entrepreneur Glencoe Entrepreneurship: Building a Business

SECTION 2. 2 What Does It Take to Be an Entrepreneur? The Main Idea Before going into business, you should determine the characteristics and skills needed to reach your goal of being successful. Chapter 2 Your Potential as an Entrepreneur Glencoe Entrepreneurship: Building a Business

SECTION 2. 2 What Does It Take to Be an Entrepreneur? Background Many entrepreneurs were influenced early in life by a role model a person with attitudes and achievements that others wish to emulate Chapter 2 Your Potential as an Entrepreneur Glencoe Entrepreneurship: Building a Business

SECTION 2. 2 What Does It Take to Be an Entrepreneur? Brainstorm: What are the characteristics of successful entrepreneurs… ü ü ü Chapter 2 Your Potential as an Entrepreneur Glencoe Entrepreneurship: Building a Business ü ü ü

Twelve Characteristics of Successful Entrepreneurs persistent self-demanding creative self-confident responsible risk-taking inquisitive restless goal-oriented action-oriented independent enthusiastic 10

SECTION 2. 2 What Does It Take to Be an Entrepreneur? Ten Foundation Skills Researchers have identified ten foundation skills needed to be a successful entrepreneur. foundation skills the skills used in all jobs and when setting up and running a business Chapter 2 Your Potential as an Entrepreneur Glencoe Entrepreneurship: Building a Business

SECTION 2. 2 What Does It Take to Be an Entrepreneur? Brainstorm: What skills do successful entrepreneurs possess … ü ü ü Chapter 2 Your Potential as an Entrepreneur Glencoe Entrepreneurship: Building a Business ü ü ü

Ten Foundation Skills communication organizing and planning math teamwork problem-solving social technical and computer adaptability decision-making basic business 13