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Chapter 4 • Entrepreneurship Succeeding in the World of Work
What is Entrepreneurship? 4.1
WHAT YOU’LL LEARN
What is meant by the term
entrepreneur and what makes a
person a good candidate for
entrepreneurship
continued
Chapter 4 • Entrepreneurship Succeeding in the World of Work
What is Entrepreneurship? 4.1
WHAT YOU’LL LEARN
How to weigh the advantages
and disadvantages of
entrepreneurship
Chapter 4 • Entrepreneurship Succeeding in the World of Work
What is Entrepreneurship? 4.1
General knowledge about
entrepreneurship and its pros
and cons will help you decide
if this career option is suitable
for you.
WHY IT’S IMPORTANT
Chapter 4 • Entrepreneurship Succeeding in the World of Work
What is Entrepreneurship? 4.1
entrepreneur
KEY TERM
Chapter 4 • Entrepreneurship Succeeding in the World of Work
What is Entrepreneurship? 4.1
An entrepreneur is someone who
organizes and then runs a business.
The risks can be high, but the rewards
can also be great.
What is Entrepreneurship?
continued
Chapter 4 • Entrepreneurship Succeeding in the World of Work
What is Entrepreneurship? 4.1
You’re in charge.
There is great job satisfaction.
Entrepreneurship can lead to a good
income.
Advantages of Entrepreneurship
Chapter 4 • Entrepreneurship Succeeding in the World of Work
What is Entrepreneurship? 4.1
There is financial risk.
Entrepreneurs often work long hours.
Competition can be stiff.
There are no guarantees of success.
Disadvantages of Entrepreneurship
Chapter 4 • Entrepreneurship Succeeding in the World of Work
What is Entrepreneurship? 4.1
ETHICS in Action
Becoming the Competition You have been the assistant manager of a
coffee shop for the past five years and have
made friends with many of the customers.
You recently inherited a large sum of money
and are thinking about opening up a coffee
shop of your own.
continued
Chapter 4 • Entrepreneurship Succeeding in the World of Work
What is Entrepreneurship? 4.1
ETHICS in Action
Becoming the Competition There is a perfect space available in a
shopping center around the corner from your
current place of work, and you think many of
the customers that you have befriended
would follow you there.
continued
Chapter 4 • Entrepreneurship Succeeding in the World of Work
What is Entrepreneurship? 4.1
ETHICS in Action
Becoming the Competition
THINK ABOUT IT Is it fair to open up a shop in direct
competition with your current shop? Why or
why not? Are there any other solutions?
Chapter 4 • Entrepreneurship Succeeding in the World of Work
What is Entrepreneurship? 4.1
Successful entrepreneurs are highly
self-motivated.
They keep themselves motivated by
setting short- and long-term goals.
Motivation
Chapter 4 • Entrepreneurship Succeeding in the World of Work
What is Entrepreneurship? 4.1
Entrepreneurs make and follow a plan
for achieving their goals.
Motivation
Chapter 4 • Entrepreneurship Succeeding in the World of Work
What is Entrepreneurship? 4.1
Entrepreneurs recognize opportunities.
They see problems and find a way to
build success on them.
Sight and Foresight
Chapter 4 • Entrepreneurship Succeeding in the World of Work
What is Entrepreneurship? 4.1
Entrepreneurs constantly evaluate their
businesses and their customers’ needs
in order to achieve success.
Sight and Foresight
Chapter 4 • Entrepreneurship Succeeding in the World of Work
What is Entrepreneurship? 4.1
Entrepreneurs make business decisions
every day, and the decisions must be
good ones.
Decision Making
Chapter 4 • Entrepreneurship Succeeding in the World of Work
What is Entrepreneurship? 4.1 Graphic Organizer 4.1
Chapter 4 • Entrepreneurship Succeeding in the World of Work
Traits of Entrepreneurs
Have high
energy
Successful
Entrepreneurs
Want to
control
destiny
Desire to
earn profit
Are
enthusiastic Have self-
confidence
Recognize
opportunities
Desire
achievement
Are
determined
Take
risks
Chapter 4 • Entrepreneurship Succeeding in the World of Work
What is Entrepreneurship? 4.1
Talk to entrepreneurs who have started
their own businesses, especially if they
work in your area of interest.
CAREER CHECKLIST When Starting Your Own Business…
continued
Chapter 4 • Entrepreneurship Succeeding in the World of Work
What is Entrepreneurship? 4.1
Take a good look at yourself. Do you
possess the personal qualities that an
entrepreneur needs? If not, brainstorm
ways that you can start developing
these important qualities.
CAREER CHECKLIST When Starting Your Own Business…
continued
Chapter 4 • Entrepreneurship Succeeding in the World of Work
What is Entrepreneurship? 4.1
Perform further research about business
plans and create one for your business.
Be creative—sometimes the craziest
idea can be a booming success in the
business world.
Investigate the unfulfilled business
needs of your own community.
CAREER CHECKLIST When Starting Your Own Business…
continued
Chapter 4 • Entrepreneurship Succeeding in the World of Work
What is Entrepreneurship? 4.1
Brainstorm with friends and find a
partner that you work well with.
Be persistent! It may take some time for
your plan to become a success.
CAREER CHECKLIST When Starting Your Own Business…
Chapter 4 • Entrepreneurship Succeeding in the World of Work
What is Entrepreneurship? 4.1
Key Concept Checkpoint
Comprehension
1. Give an example of a successful
business in your community. How
might the traits of an entrepreneur
have helped this business succeed?
continued
SECTION 4.1 REVIEW
Chapter 4 • Entrepreneurship Succeeding in the World of Work
What is Entrepreneurship? 4.1
Key Concept Checkpoint
Comprehension
2. Are the advantages or the
disadvantages of entrepreneurship
more important to you? Why?
continued
SECTION 4.1 REVIEW
Chapter 4 • Entrepreneurship Succeeding in the World of Work
What is Entrepreneurship? 4.1
Key Concept Checkpoint
Comprehension
3. Why might entrepreneurship offer
greater job satisfaction than working
for someone else?
SECTION 4.1 REVIEW
