WHAT IS AN ENTREPRENEUR?

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WHAT IS AN ENTREPRENEUR?  Seeks a profitable
opportunity and takes the necessary risks to set
up and operate a business  Strong desire to
make their business grow Overriding
responsibility to use the resources of the
organization to accomplish their goals
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CATEGORIES OF ENTREPRENEURS

• Classic
• Change Agent
• Intrapreneur
• Serial Entrepreneur

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REASONS TO CHOOSE ENTRE-PRENEURSHIP AS A CAREER
PATH Being Your Own Boss Financial
Success  Two-thirds of all millionaires are
self-employed. Job Security  Downsizing by
large companies has eliminated more jobs than
they created. Quality of Life Many define
quality of life by their ability to fulfill
social objectives.
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THE ENVIRONMENT FOR ENTREPRENEURS Globalization
 Market products abroad and hire international
talent Education  U.S. colleges and
universities offer entrepreneurship coursework,
help students launch businesses, and teach
entrepreneurship to young people.
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Information Technology  Helps entrepreneurs
work quickly and efficiently and market
themselves Demographic and Economic
Trends  Aging of U.S. population  Growth of
Hispanic population  Growth of two-income
families
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CHARACTERISTICS OF ENTREPRENEURS

• inquisitive
• passionate
• self-motivated
• honest
• courageous
• flexible
• intelligent
• reliable

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STARTING A NEW VENTURE Selecting a Business
Idea Finding something you love and
determining whether you can satisfy a need
Buying an Existing Business Employees in
place, good or service is known in the
marketplace Buying a Franchise Less risky
than starting a new firm, but requires careful
preparation Creating a Business Plan  Helps an
entrepreneur prepare resources and stay focused
on key objectives
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Finding Financing  Seed capital  Debt
financing  Equity financing  Venture
capitalists  Angel investors
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INTRAPRENEURSHIP Promoting innovation within
the structure of an existing organization
Skunkworks Pacing programs Helps firms retain
valuable employees