The document discusses key concepts around entrepreneurship including defining an entrepreneur, characteristics of successful entrepreneurs, benefits and drawbacks of entrepreneurship, and factors driving entrepreneurial trends. It also defines small business and notes that over 30 million US businesses are small, employing 51% of the private sector workforce.

1. CHAPTER 1 DISCUSSION QUESTIONS
1) In your own words, explain what an entrepreneur is.
2) In your opinion, what characteristics are required for
someone to be a successful entrepreneur?
3) State 3 benefits to entrepreneurship & explain each.
4) State 3 drawbacks to entrepreneurship & explain each.
5) What are the 8 factors driving the entrepreneurial trend in
our economy?
6) Define “small business.”
7) What percentage of businesses in America are considered
“small?”

2. WHAT MAKES THE FOLLOWING BUSINESSES
SUCCESSFUL?

9. SUCCESSFUL BUSINESS ATTRIBUTES

10. 1) CUSTOMER SATISFACTION/LOYALTY

11. 2) PROFITABILITY

12. 3) MARKET SHARE

13. 4) BRAND RECOGNITION

14. 5) PERCEIVED VALUE / PRODUCT QUALITY

15. WHAT IS AN ENTREPRENEUR?
-ONE WHO ORGANIZES, MANAGES, & ASSUMES THE RISKS
OF A BUSINESS OR ENTERPRISE.

16. THE ENTREPRENURIAL PERSONALITY
WHAT CHARACTERISTICS ARE NEEDED FOR AN
ENTREPRENEUR TO BE SUCCESSFUL?

17. 1) LEADERSHIP
-PREFER TO BE IN CONTROL & ACCEPT RESPONSIBILITY

18. 2) DARING
-DESIRE TO ACCEPT MODERATE, CALCULATED RISKS

19. 3) CONFIDENCE
-CONFIDENT IN THEIR ABILITIES & OPTIMISTIC ABOUT THEIR
CHANCES TO SUCCEED
“IF YOU’RE A LITTLE GUY, YOU CAN’T COMPETE WITH THE
BIG GUYS. MY VIEW OF IT WAS, EXACTLY RIGHT. I WON’T BE
COMPETING WITH THEM. I’LL BE MAKING SOMETHING
BETTER, & THERE ARE DRINKERS WHO WILL DRINK THAT.”

20. 4) ENERGETIC
-LONG HOURS ARE THE RULE NOT THE EXCEPTION FOR A
START UP VENTURE TO SUCCEED

21. 5) VISIONARY
-SEE POTENTIAL WHERE OTHERS SEE PROBLEMS

22. 6) MOTIVATED
-SUCCESS IS DEFINED BY THE ACHIEVEMENT OF GOALS.
MONEY IS SIMPLY A WAY OF KEEPING SCORE.

23. 7) TENACITY
-DO NOT LET OBSTACLES DISSUADE THEM FROM
ACHIEVING THEIR VISIONS

24. THE BENEFITS OF ENTREPRENEURSHIP

25. 1) TO CREATE YOUR OWN DESTINY
-THE OPPORTUNITY TO “CALL THE SHOTS” & BE IN
CONTROL OF YOUR OWN PROFESSIONAL CAREER.

26. 2) TO MAKE A DIFFERENCE
-THE OPPORTUNITY TO MAKE A DIFFERENCE IN A CAUSE
THAT IS IMPORTANT TO YOU.

27. 3) TO REACH YOUR FULL POTENTIAL
-THE OPPORTUNITY TO MAKE YOUR WORK/BUSINESS AN
INSTRUMENT FOR SELF-EXPRESSION & SELF-
ACTUALIZATION.

28. 4) TO REAP IMPRESSIVE PROFITS
-SELF-EMPLOYED PEOPLE ARE 4 TIMES MORE LIKEY TO
BE MILLIONAIRES THAN PEOPLE WHO WORK FOR
OTHERS.

29. 5) TO HAVE FUN
-THE OPPORTUNITY TO DO WHAT YOU ENJOY & NOT HAVE
WORK FEEL LIKE “WORK.”
“FIND A JOB DOING WHAT YOU LOVE, & YOU’LL NEVER
HAVE TO WORK A DAY IN YOUR LIFE.”

30. THE POTENTIAL DRAWBACKS OF ENTREPRENEURHIP

31. 1) UNCERTAINTY OF INCOME
-NO MATTER HOW MUCH YOU DO YOUR HOMEWORK &
PREPARE, THERE IS NO GUARANTEE THAT IF YOU BUILD
IT, CUSTOMERS WILL COME.

32. 2) LONG HOURS & LOWER QUALITY OF LIFE
-OFTEN, ENTREPRENEUR’S LIFE ROLES (HUSBAND, WIFE,
FATHER, MOTHER) TAKE A BACK SEAT TO THEIR
COMPANY ROLE.

33. 3) HIGH LEVELS OF STRESS
-LONG HOURS, HARD WORK, & UNCERTAIN INCOME
CAUSES ENTREPRENURIAL STRESS.

34. 4) COMPLETE RESPONSIBILITY
-YOU BECAME AN ENTREPRENEUR TO BE THE
“MAN/WOMAN” & HAVING ALL DECISIONS FALL ON YOUR
SHOULDERS COMES WITH THE TERRITORY.

35. FACTORS DRIVING THE ENTREPRENEURIAL TREND IN OUR
ECONOMY

36. 1) HERO STATUS
2) EDUCATION

37. 3) DEMOGRAPHICS & ECONOMICS
4) SHIFT TO A SERVICE ECONOMY

38. AMERICA’S ECONOMIES

39. 1) AGRARIAN ECONOMY (1607-1792)
COLONIAL AMERICA

40. 2) MANUFACTURING ECONOMY (1793-1980)
THE INDUSTRIAL REVOLUTION

41. 3) SERVICE ECONOMY (1981-PRESENT)
HIGHER EDUCATION

42. 5) TECHNOLOGY
6) FREEDOM

43. 7) E-COMMERCE
8) INTERNATIONAL OPPORTUNITIES

44. SMALL BUSINESS
“ONE THAT EMPLOYS FEWER THAN 100 PEOPLE.”
-OVER 30 MILLION (99.7%) OF BUSINESSES IN THE UNITED
STATES ARE CONSIDERED “SMALL.”
-SMALL COMPANIES EMPLOY 51% OF NATION’S PRIVATE
SECTOR WORKFORCE.
-ALMOST 90% OF SMALL BUSINESSES EMPLOY FEWER
THAN 20 WORKERS.
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