Transcript 1b Intro to Entrepreneurship

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Entrepreneurship
 What is an entrepreneur?
 A person who takes risks and starts a
venture to solve a problem or to take
advantage of an opportunity
 A person who provides an innovative
product or service to meet a consumer
want or need.
Enterprising People
 Enterprising Person
- Someone with entrepreneurial characteristics but
does not start a venture themselves or assume risk
- They save a business time and money
- They develop ideas that save businesses money
Intrapreneurship
 Intrapreneurship
- An intrepreneur is someone that
shows entrepreneurial spirit (and
characteristics) within a business
- Entrepreneurs are hard to attract
due to their independence so a
business turns to ‘intrapreneurs’
instead
Rewards of Entrepreneurship
 Be your own boss
 Financial freedom
 Set your own schedule
 Enjoyment of work
 Learn all aspects of a business
 Become a leader in the community
 Can be exciting
 Fun!
Drawbacks of Entrepreneurship
 Long hours
 Emotional energy
 Responsibility is on your
shoulders
 Stress
 Time away from family and
friends
 Risk of business failure
Why Do Businesses Fail?
 The number one reason
businesses fail is because of
poor planning
 Too much competition
 Poor location
 Improper marketing
 Inadequate funding
 Poor management.
Entrepreneurial Skills
Three skills which are
necessary for entrepreneurs
are:
 Research Skills
 Management Skills
 Relationship Skills
Research Skills
Where can entrepreneurs find
information?
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Books
Databases
The Internet
Consultants
Professionals
School
Management Skills
 Planning
 The development and execution of a business plan
 Organizing
 Time management and communication
 Directing
 Managing employees in the workplace
 Controlling
 Budgeting, and financial planning
Relationship Skills
Staff Relationships
 Motivate staff
 Empathize with employees
Supplier Relationships
 Communication is the key
Customer Relationships
 Each customer must feel important
 The customer is the boss