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Entrepreneurship

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					Entrepreneurship

      1.2
    What is an Entrepreneur?
• People who launch and run their own
  businesses
  – At first, they must perform many of the basic
    management functions
• Estee Lauder, Kellogg, General Electric,
  Microsoft, Dell, Land’s End
  – All started by entrepreneurs!
    What is an Entrepreneur?
• A lot of risk!
• Can lose all the
  money invested in
  their company
• Can be more
  rewarding than
  working for a
  company
• High reward!
     What is an Entrepreneur?
• Tend to me more
  independent
• May have less formal
  education
• Some jump from job
  to job before starting
  their own business
    What is an Entrepreneur?
• Start with an idea for creating or modifying
  a product or service they believe in
• Like being their own boss!
• Tremendous satisfaction in their work
• Must work long hours and make decisions
  about every aspect of a business
• Without entrepreneurs, there would be no
  new businesses and fewer exciting
  innovations in business and industry
    What is an Entrepreneur?
• Types of ownership
  – Sole proprietorship: people who run their
    businesses single handedly
    • Medicine, dentistry, accounting
  – Partnership: one or more partners supply the
    money and runs the business
  – Corporation: avoid being held personally
    liable for financial losses

				
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