Starting Your Own Business Advantages of Entrepreneurship Entrepreneur

Starting Your Own Business

Advantages of Entrepreneurship • Entrepreneur – person who organizes, manages, and assumes the risk of the business • Risk – a chance of a possible loss • Advantages – Being your own boss • Setting your own hours • Giving orders – Being able to create something new and different • Disadvantages – Possibility of failure – Financial responsibility (borrow money) – Working hard for long hours

What it takes to be Successful • Qualities – – Self-confidence Take risks, like challenges (Not safe, secure) Not afraid to make decisions Strong desire to achieve (don’t quit, not easily talked out of something – Lot of energy (work hard, not lazy) – Like to be recognized – Look for and see opportunities—looking for a better way or a better product

• Persistent – sticking with something in spite of difficulties (not giving up) • Needs to be something you like to do Types of Business Ownership Basic type of business – Sole proprietorship (owned by one person), oldest and most common Partnership – two or more people own and operate the business – pool their money, skills, knowledge, time—share profits and risk Corporation – owned by a number of people who buy shares of stock – these people are called stockholders Stock – share of ownership tht stockholders buy in the company