Chapter 4 EntrepreneurshipSucceeding in the World of Work What is Entrepreneurship? 4.1 SECTION OPENER / CLOSER INSERT BOOK COVER ART Section 4.1 What

Chapter 4 • Entrepreneurship Succeeding in the World of Work

What is Entrepreneurship?What is Entrepreneurship?4.1

SECTION OPENER / CLOSERINSERT BOOK COVER ART

Section 4.1Section 4.1What is Entrepreneurship?What is Entrepreneurship?



WHAT YOU’LL LEARN

What is meant by the term What is meant by the term entrepreneur and what makes a entrepreneur and what makes a person a good candidate for person a good candidate for entrepreneurshipentrepreneurship

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WHAT YOU’LL LEARN

How to weigh the advantages How to weigh the advantages and disadvantages of and disadvantages of entrepreneurshipentrepreneurship



General knowledge about General knowledge about entrepreneurship and its pros entrepreneurship and its pros and cons will help you decide and cons will help you decide if this career option is suitable if this career option is suitable for you.for you.

WHY IT’S IMPORTANT



entrepreneur entrepreneur

KEY TERM



An An entrepreneurentrepreneur is someone who is someone who organizes and then runs a business.organizes and then runs a business.

The risks can be high, but the rewards The risks can be high, but the rewards can also be great.can also be great.

What is Entrepreneurship?What is Entrepreneurship?What is Entrepreneurship?What is Entrepreneurship?

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You’re in charge.You’re in charge.

There is great job satisfaction.There is great job satisfaction.

Entrepreneurship can lead to a good Entrepreneurship can lead to a good income.income.

Advantages of EntrepreneurshipAdvantages of EntrepreneurshipAdvantages of EntrepreneurshipAdvantages of Entrepreneurship



There is financial risk.There is financial risk.

Entrepreneurs often work long hours.Entrepreneurs often work long hours.

Competition can be stiff.Competition can be stiff.

There are no guarantees of success.There are no guarantees of success.

Disadvantages of EntrepreneurshipDisadvantages of EntrepreneurshipDisadvantages of EntrepreneurshipDisadvantages of Entrepreneurship



ETHICS in Action

Becoming the CompetitionBecoming the CompetitionYou have been the assistant manager of a You have been the assistant manager of a coffee shop for the past five years and have coffee shop for the past five years and have made friends with many of the customers. made friends with many of the customers. You recently inherited a large sum of money You recently inherited a large sum of money and are thinking about opening up a coffee and are thinking about opening up a coffee shop of your own. shop of your own.

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ETHICS in Action

Becoming the CompetitionBecoming the CompetitionThere is a perfect space available in a There is a perfect space available in a shopping center around the corner from your shopping center around the corner from your current place of work, and you think many of current place of work, and you think many of the customers that you have befriended the customers that you have befriended would follow you there. would follow you there.

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ETHICS in Action

Becoming the CompetitionBecoming the Competition

THINK ABOUT ITTHINK ABOUT ITIs it fair to open up a shop in direct Is it fair to open up a shop in direct competition with your current shop? Why or competition with your current shop? Why or why not? Are there any other solutions?why not? Are there any other solutions?



Successful entrepreneurs are highly Successful entrepreneurs are highly self-motivated.self-motivated.

They keep themselves motivated by They keep themselves motivated by setting short- and long-term goals.setting short- and long-term goals.

MotivationMotivationMotivationMotivation



Entrepreneurs make and follow a plan Entrepreneurs make and follow a plan for achieving their goals.for achieving their goals.

MotivationMotivationMotivationMotivation



Entrepreneurs recognize opportunities.Entrepreneurs recognize opportunities.

They see problems and find a way to They see problems and find a way to build success on them.build success on them.

Sight and ForesightSight and ForesightSight and ForesightSight and Foresight



Entrepreneurs constantly evaluate their Entrepreneurs constantly evaluate their businesses and their customers’ needs businesses and their customers’ needs in order to achieve success.in order to achieve success.

Sight and ForesightSight and ForesightSight and ForesightSight and Foresight



Entrepreneurs make business decisions Entrepreneurs make business decisions every day, and the decisions must be every day, and the decisions must be good ones.good ones.

Decision MakingDecision MakingDecision MakingDecision Making


What is Entrepreneurship?What is Entrepreneurship?4.1 Graphic OrganizerGraphic Organizer4.1


Traits of EntrepreneursTraits of EntrepreneursTraits of EntrepreneursTraits of Entrepreneurs

Have highenergy

Have highenergy

SuccessfulSuccessful EntrepreneursEntrepreneurs

SuccessfulSuccessful EntrepreneursEntrepreneurs

Want tocontroldestiny

Want tocontroldestiny

Desire toearn profitDesire to

earn profit

Areenthusiastic

Areenthusiastic Have self-

confidenceHave self-confidence

Recognizeopportunities

Recognizeopportunities

Desireachievement

Desireachievement

Aredetermined

Aredetermined

TakerisksTakerisks



Talk to entrepreneurs who have started Talk to entrepreneurs who have started their own businesses, especially if they their own businesses, especially if they work in your area of interest.work in your area of interest.

CAREER CHECKLISTCAREER CHECKLISTWhen Starting Your Own Business…When Starting Your Own Business…

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Take a good look at yourself. Do you Take a good look at yourself. Do you possess the personal qualities that an possess the personal qualities that an entrepreneur needs? If not, brainstorm entrepreneur needs? If not, brainstorm ways that you can start developing ways that you can start developing these important qualities.these important qualities.


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Perform further research about business Perform further research about business plans and create one for your business.plans and create one for your business.Be creative—sometimes the craziest Be creative—sometimes the craziest idea can be a booming success in the idea can be a booming success in the business world.business world.Investigate the unfulfilled business Investigate the unfulfilled business needs of your own community.needs of your own community.


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Brainstorm with friends and find a Brainstorm with friends and find a partner that you work well with.partner that you work well with.Be persistent! It may take some time for Be persistent! It may take some time for your plan to become a success.your plan to become a success.




Key Concept CheckpointKey Concept CheckpointComprehensionComprehension

1.1. Give an example of a successful Give an example of a successful business in your community. How business in your community. How might the traits of an entrepreneur might the traits of an entrepreneur have helped this business succeed?have helped this business succeed?

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SECTION 4.1 REVIEWSECTION 4.1 REVIEW




2.2. Are the advantages or the Are the advantages or the disadvantages of entrepreneurship disadvantages of entrepreneurship more important to you? Why?more important to you? Why?

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3.3. Why might entrepreneurship offer Why might entrepreneurship offer greater job satisfaction than working greater job satisfaction than working for someone else?for someone else?




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Chapter 4 EntrepreneurshipSucceeding in the World of Work What is Entrepreneurship? 4.1 SECTION OPENER / CLOSER INSERT BOOK COVER ART Section 4.1 What