Ch. 2.1 & 2.2 Vocabulary & Notes

Entrepreneurship

1. Being your own boss2. Doing something that you enjoy3. Opportunity to be creative4. Having freedom to set your own schedule5. Having job security6. Potential for better personal income7. Community recognition

The Rewards of Entrepreneurship

1. Working long hours2. Uncertain income3. Having full responsibility4. Risking your own investment

The Risks of Entrepreneurship

The rivalry among businesses for consumers’ dollars

Competition

The amount of money that an entrepreneur puts into their business

◦ also called a Capital Investment

Investment

Money ◦ also buildings, equipment, tools and other goods

needed to produce a product that have value

Capital

What Does It Take To Be An Entrepreneur?

Chapter 2.2

47 % of entrepreneurs were under age 35 when they started their business, 16% were under age 25

40% of entrepreneurs have a high-school diploma or less

Worked when they were young or were entrepreneurs from a young age

Influenced by a role model – a person whose accomplishments and personality are looked up to and emulated

Background Info

12 Characteristics of Successful Entrepreneurs

1. Persistent

2. Creative

3. Responsible

4. Inquisitive

5. Goal-Oriented

6. Independent

7. Self-Demanding

8. Self-Confident

9. Risk-Taking

10. Restless

11. Action-Oriented

12. Enthusiastic

Skills that are used when setting up and running a business

Foundation Skills

10 Essential Skills of Entrepreneurs

1. Communication

2. Math

3. Problem-Solving

4. Technology &

Computer

5. Decision-Making

6. Organization &

Planning

7. Teamwork

8. Social

9. Adaptability

10. Basic Business

A set of characteristics or qualities that identifies a type of person

Profile

A person with a record of successes

1. Wants to be the best2. Sets sights on accomplishing the

extraordinary3. Writes down goals and pursues them with

confidence and commitment4. Views difficulties as opportunities to learn

and grow

Achiever

1. Reading2. Writing3. Watching4. Solving

Strengthen Your Entrepreneurial Characteristics