Ch 6 - Notes.docx - 1 Define entrepreneurship and the four classifications of entrepreneurs Entrepreneurship \u2013 the process of initiations a business

Ch 6 - Notes.docx - 1 Define entrepreneurship and the four...

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1. Define entrepreneurship and the four classifications of entrepreneurs.Entrepreneurship – the process of initiations a business, organizing the necessary resources, and assuming the associated risks and rewards.Idealist – rewarded by chance to work on something new or creativeOptimizers – get personal satisfaction from being business ownersSustainers – enjoy chance to balance work and personal lifeHard workers / Jugglers – thrive on challenge of building something larger / high-energy and enjoy doing it themselves2. Describe the importance of entrepreneurship to the global and U.S. economies.It is the driving force behind job creation and innovation. It also enhances the economic stability of the country.3. Appreciate the impact of minority- and women-owned businesses.The 45.6% increase in minority-owned businesses and 28% of all businesses being owned by women represents a demographic change and more individuals taking controlof their own destiny.
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