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Chapter 1
SHOULD YOU BECOME AN ENTREPRENEUR?
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WHAT DOES AN ENTREPRENEUR DO?
OWN
OPERATE
TAKE ALL THE RISK
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WHY DO PEOPLE BECOME ENTREPRENEURS?
LEAVE CORPORATE
ENVIRONMENT
WORK FROM HOME
PURSE A PERSONAL DREAM
WORK FOR THEMSELVES
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FAMOUS ENTREPRENEURS
HENRY FORDBILL GATESJOHN D. ROCKEFELLEROPRAH WINFREYELI WHITNEYANDREW CARNEGIEWALT DISNEYMILTON HERSHEY
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TYPES OF ENTREPRENEURIAL BUSINESSES
MANUFACTURING BUSINESS
WHOLESALING BUSINESS
RETAILING BUSINESS
AGRICULTURAL BUSINESS
MINING AND EXTRACTING
BUSINESS
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CHARACTERISTICS OF SUCCESSFULENTREPRENEURS
1. SUCCESSFUL ENTREPRENEURS ARE INDEPENTENT- They want to make their own decisions and do something they enjoy.
2. SUCCESSFUL ENTREPRENEURS ARE SELF-CONFIDENT- Entrepreneurs make all the decisions. They must have the confidence to make choices alone and bounce back when a decision they made was poor.
3. SUCCESSFUL ENTREPRENEURS HAVE DETERMINATION AND PERSERVANCE- Entrepreneurs persist through hard times until goals are met.
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CHARACTERISTICS OF SUCCESSFULENTREPRENEURS
4. SUCCESSFUL ENTREPRENEURS ARE GOAL-ORIENTED- They know what they want, and they are able to focus on achieving it.
5. SUCCESSFUL ENTREPRENEURS HAVE A NEED TO ACHIEVE AND TO SET HIGH STANDARDS FOR THEMSELVES- They are constantly setting challenging new goals.
6. SUCCESSFUL ENTREPRENEURS ARE CREATIVE- They think of new ways to market their businesses and are always looking for new solutions to problems.
7. SUCCESSFUL ENTREPRENEURS ARE ABLE TO ACT QUICKLY- They are not afraid to make quick decisions when necessary, which helps them beat their competitors.
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ASSESS YOUR SUITABILITY
SELF-ASSESSMENT TEST
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ASSESS YOUR APTITUDE
APTITUDE- is the ability to learn a particular kind of job.
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JOB ATTRIBUTES CHECKLIST
1. I ENJOY WORKING WITH NUMBERS.2. I ENJOY WORKING OUTDOORS.3. I ENJOY WORKING WITH MY HANDS.4. I ENJOY SELLING.5. I LIKE WORKING WITH PEOPLE.6. I PREFER TO WORK ALONE.7. I LIKE SUPERVISING OTHER PEOPLE.8. I LIKE KNOWING EXACTLY WHAT IT
IS I AM SUPPOSED TO DO.
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ASSESS YOUR INTERESTS
HOBBIES AND INTERESTS&
PAST EXPERIENCES
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ADVANTAGES OF ENTREPRENEURSHIP
1. ENTREPRENEURS ARE THEIR OWN BOSSES- Nobody tells an entrepreneur what to do. Entrepreneurs control their own destinies.
2. ENTREPRENEURS CAN CHOOSE A BUSINESS THAT INTERESTS THEM- Entrepreneurs work in fields that interest them. Many combine hobbies and interests with business.
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ADVANTAGES OF ENTREPRENEURSHIP
3. ENTREPRENEURS CAN BE CREATIVE- Entrepreneurs are always implementing creative ideas they come up with themselves.
4. ENTREPRENUERS CAN MAKE LOTS OF MONEY- Entrepreneurship involves risk. This means that entrepreneurs can make a lot of money if their business succeeds.
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DISADVANTAGES OF ENTREPRENEURSHIP
1. ENTREPRENEURSHIP IS RISKY- All small businesses face the possibility of going out of business of losing money.
2. ENTREPRENEURS FACE UNCERTAIN AND IRREGULAR INCOMES- Entrepreneurs may make money one month and lose money the next.
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DISADVANTAGES OF ENTREPRENEURSHIP3. ENTREPRENEURS WORK
LONG HOURS- o Irregular hourso No paid days offo Even weekends and holidays
4. ENTREPRENEURS MUST MAKE ALL DECISIONS BY THEMSELVES- Unless they have partners, entrepreneurs must make all the decisions alone.
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COMPARING DIFFERENT OPPORTUNITIES
1. IS THERE A MARKET IN MY COMMUNITY FOR THIS KIND OF BUSINESS? WILL PEOPLE BUY MY PRODUCT OR SERVICE?
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COMPARING DIFFERENT OPPORTUNITIES
2. HOW MUCH MONEY WOULD IT TAKE TO START THIS BUSINESS? WILL I BE ABLE TO BORROW THAT MUCH MONEY?
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COMPARING DIFFERENT OPPORTUNITIES
3. HOW MANY HOURS A WEEK IS IT LIKELY TO TAKE TO RUN THIS BUSINESS? AM I WILLING TO COMMIT THAT MUCH TIME?
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COMPARING DIFFERENT OPPORTUNITIES
4. WHAT ARE THE PARTICULAR RISKS ASSOCIATED WITH THIS BUSINESS? WHAT IS THE RATE OF BUSINESS FAILURE?
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COMPARING DIFFERENT OPPORTUNITIES
5. DOES MY BACKGROUND PREPARE ME TO RUN THIS KIND OF BUSINESS? DO MOST PEOPLE WHO OWN THIS KIND OF BUSINESS HAVE MORE EXPERIENCE THAN I DO?
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COMPARING DIFFERENT OPPORTUNITIES
6. HOW MUCH MONEY COULD I MAKE RUNNING THIS BUSINESS?
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FINANCIAL GOALS
HOW MUCH MONEY WILL I EARNQUICKLY PAY OFF DEBTSSPECIFIC & REALISTIC
◦OBTAINABLE◦1 TO 5 YEARS (REPAID)
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NON-FINANCIAL GOALS
PERSONAL SATISFACTIONSERVE A COMMUNITY NEEDSOMETHING YOU LIKE OR ENJOYPERSOANL INDEPENDENCE