Chapter 6 Staring your own business

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

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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
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