Ch.1 notes.docx - Ch.1 Entrepreneur Taking risk/uncertainty...

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Ch.1 Entrepreneur - Taking risk/uncertainty to start a business to earn a profit. - Create jobs and acting as a change agent: Changing people’s lives - Also leads to creative destruction: Process whereby new innovative ideas and business replace obsolete ones Why be an entrepreneur: 1. Control their own destiny 2. Make a difference: Change society or the environment a. Social entrepreneur: start a business to change society/environment in reach of profit 3. Earn profits 4. Opportunity to do what they enjoy Characteristics of entrepreneurs: 1. Responsibility oriented 2. Confident in ability to succeed 3. Risk takes: Calculated risk 4. Determined: Goal oriented 5. Self-reliant: Believe they can it all Drawbacks to entrepreneur: 1. Work long hours/hard work 2. Highly stressful 3. Low quality of life at the beginning 4. Uncertainty Factor that have led to the growth of entrepreneurship 1. Education a. 2/3 of all colleges offer course 2. Age a. 75% of all business are owned by people between 20 and 44 3. Technology
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