Chapter 6

Chapter 6 - CONTEMPORARYBUSINESSChapterOutline CHAPTER6:

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CONTEMPORARY BUSINESS Chapter Outline  CHAPTER 6:  STARTING YOUR OWN BUSINESS:  THE ENTREPRENEURSHIP ALTERNATIVE  Opening Chapter Page How does someone become an entrepreneur? Chapter 6 attempts to answer that in many ways as  it draws information from industry experts, government statistics, and survey results.  The chapter starts with some valuable tips and life lessons from those who’ve been there and  often learned the hard way: Study business principles. Read, read, read—newspaper business  sections, business magazines, and Web sites, as well as biographies of successful entrepreneurs.  Learn the ins and outs of the industry. Get practical experience first by working for a related  business. With so many students interested in starting their own businesses, Chapter 6 continues this focus  on the pathways for entering the world of entrepreneurship, describing the key roles that these  creative risk takers play in keeping the economy healthy, promoting growth of small business,  and experimenting with innovation in large firms.    The text explains the difference between small business owners, managers, and entrepreneurs. It  then identifies the four types of entrepreneurs, discusses why a growing number of people choose  this way of participating in business. It then explores the personality traits typically seen in a  successful entrepreneur, and the process of starting a new venture.   Lastly, it explains how larger companies incorporate the entrepreneurial spirit by encouraging  their employees to pursue new ideas through intrapreneurship.  Learning Goal 1:  Define the term “ entrepreneur”  and distinguish among entrepreneurs,  small-business owners, and managers. Key Term entrepreneur   Class Notes / Lecture Outline Chapter Opening Opening vignette – “Bill  Gross:  Riding the  220
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Entrepreneurial Roller  Coaster.”   Discuss what it’s  like to be a “serial  entrepreneur” like Bill  Gross. What personality  traits and skills would you  need to survive the ups and  downs of a risky business  enterprise?  Basic PowerPoint 1 Expanded PowerPoint 1   1. What is an entrepreneur? Basic PowerPoint 2 Expanded PowerPoint 2 a. An entrepreneur  is a risk taker in the private enterprise  system b. He or she seeks a profitable opportunity and takes the risk  to set up and operate the resulting business 2. Entrepreneurs vs. small business owners a. Many small business owners have the same drive and  creative energy as entrepreneurs, but they may be content  to operate businesses that provide a comfortable living b. What defines entrepreneurs is their strong desire to make 
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This note was uploaded on 11/26/2011 for the course BUSN 1140 taught by Professor Skogstrom during the Fall '10 term at MCTC.

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Chapter 6 - CONTEMPORARYBUSINESSChapterOutline CHAPTER6:

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