SECTION I. Chapter 1

THE CHALLENGE OF ENTREPRENEURSHIP The Foundations of Entrepreneurship

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Part One: Learning Objectives 1. Define the role of the entrepreneur in business in the United States and around the world. 2. Describe the entrepreneurial profile and evaluate your potential as an entrepreneur. 3. Describe the benefits and drawbacks of entrepreneurship. 4. Explain the forces that drive the growth in entrepreneurship. 5. Explain the cultural diversity of entrepreneurship. 6. Describe the important role small business plays in our nation’s economy. 7. Describe the ten deadly mistakes of entrepreneurship and how to avoid them. 8. Put failure into the proper …show more content…

IV. The Potential Drawbacks of Entrepreneurship With these potential rewards, Entrepreneurship also presents risk and uncertainty. Entrepreneurs may experience: PPT 1.9–1.13
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Uncertainty of income –”The entrepreneur is the last one to be paid.” Risk of losing their entire investment Long hours and hard work Lower quality of life until the business gets established High levels of stress Complete responsibility Discouragement

V. Behind the Boom: What’s Feeding the Entrepreneurial Fire? The rapid increase in entrepreneurs has been a result of:
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PPT 1.14–1.16

Considering entrepreneurs as heroes Entrepreneurial education Demographic and economic factors Shift to a service economy Technological advancements Independent lifestyles Commerce and the Internet Additional international opportunities

Discussion Opportunity: What is your perception of entrepreneurs in our community and in our society? Why do you believe entrepreneurs have that reputation?

Chapter 1

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YOU BE THE CONSULTANT SUMMARY – Never Too Young
Erica Gluck had a desire to earn her own money at the age of seven. She convinced a local pasta shop to allow her to sell their products off site on weekends. Erica never looked back as she went on to start her own pasta company, expand its product lines, hire her parents and give a portion of her profits back to the community. Adam Witty, a college student, observed his father repeatedly