Level 1
People who own, operate, and take the risk of a business venture
Entrepreneurs
Running a business of one’s own
Entrepreneurship
People hired to work for someone else
Employees
Opportunities that arise from existing conditions
Opportunities
Thoughts or concepts that come from creative thinking
Ideas
A creative problem-solving technique
Brainstorming
Problem Solving Method: Step 1
Define the problem
Problem Solving Method: Step 2
Gather information
Problem Solving Method: Step 3
Identify various solutions
Problem Solving Method: Step 4
Evaluate alternatives & select the best option
Problem Solving Method: Step 5
Take action!
Problem Solving Method: Step 6
Evaluate the action
SMART Goals should be
Specific, Measurable, Attainable, Realistic, Timely
The ability to learn a particular kind of job
Aptitude
An evaluation of your strengths and weaknesses
Self-Assessment
Special meetings where companies of the same industry display their products
Trade shows
focuses on being organic or “green”
Green entrepreneurship
Uses business techniques to find innovative solutions to society’s most pressing social problems
Social entrepreneurship
About ½ of new businesses survive at least ___ years
5
About 1/3 of new businesses survive at
10
4 Types of entrepreneurial businesses
manufacturing, wholesaling, retailing, service
Characteristics of successful entrepreneurs
Independent, self-confident, determined, perseverance, goal-oriented, creative
Characteristics of good team members
Commitment, competency, communication, cooperation, creativity
Advantages of Entrepreneurship
Be your own boss, be creative, make large sums of money, and follow your interest
Disadvantages of Entrepreneurship