Chapter 6 Staring your own business

Chapter 6 Staring your own business - There has been a huge...

Info icon This preview shows pages 1–2. Sign up to view the full content.

There has been a huge increase in the number of people who run home-based businesses. Chapter 6 Staring your own business: The Entrepreneurship Alternative An entrepreneur is a risk taker in the private enterprise system. - It differs from many small business owners and managers. - One of their major goals is expansion and growth. - Traits: willingness to rake on the risks of starting a new venture and want a challenge or a different quality of life. Entrepreneurs use their talents in different situations. These differences can be classified into three categories: classic, serial and social entrepreneurs. 1. Classic entrepreneur: - a person who sees a business opportunity and sets aside resources to gain access to that market. 2. Serial entrepreneur: - a person who starts one business, runs it, and then stars and runs more businesses, one after another. 3. Social Entrepreneur: - A person who sees societal problems and uses business principle to develop new solutions that help humanity Reasons to choose entrepreneurship as a career path - Desire to succeed financially: create wealth, become rich, believe that they won’t achieve their success by working for someone else and they are generally right - Desire to attain job security: skilled employees have no guarantee of job security even in fortune 500 firms, therefore decide to create their own job security by starting their own business - Desire to be one’s own boss: freedom to make all decisions - Desire for an improved quality of life : interdependence, gain flexibility to work hours and to gain control over his or her life. Example: Lifestyle Entrepreneur: A person who stars a business to reduce work hours and create a more relaxed lifestyle He /She starts a business for two reasons: to gain flexibility in work hours and to gain control over his or her life. It does not mean working fewer hours or easier
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern