Chapter 6 - Chapter 6 Starting Your Own Business The...

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Chapter 6: Starting Your Own Business: The Entrepreneurship Alternative I. What Is an Entrepreneur? a. Entrepreneur: person who seeks a profitable opportunity and takes the necessary risks to set up an operate a business b. Difference between Entrepreneurs and Small Business Owners (SBO) i. SBOs are content with comfortable living where as Entrepreneurs are trying to make company grow c. Difference b/t Entrepreneurs and Managers i. Managers direct efforts of others to achieve goal of organization ii. Entrepreneurs responsibility is to use resources of organization to achieve goals II. Categories of Entrepreneurs a. Classic Entrepreneurs: person who see a business opportunity and uses resources to tap the market b. Intrapreneurs: entrepreneurially oriented person who develops innovations within the context of a large organization c. Change Agent (Turn Around Entrepreneurs): manager who tries to revitalize an established firm to keep it competitive III. Reasons to Choose Entrepreneurship as a Career Path a. Desire to Be Your Own Boss i. Self-management b. Financial Success i. Wealth creators, entrepreneurs are 4x as likely to make a million $ than working for someone else c. Job Security i. Hundreds of companies attempt to increase financial status with layoffs ii. No need to worry about layoffs, you control job security d. Quality of Life i. Choice of how, where, and when to work ii. Can be a lot of work, but could pay off IV. Environment for Entrepreneurs a. Globalization i. Many Entrepreneurs are marketing their products abroad/hiring international talent ii.
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