Entrepreneurship Unit 1 Being an Entrepreneur

Characteristics of an Entrepreneur

• An entrepreneur is someone who organizes and operates a business, often taking on financial or operational risks in the process.

Motivations for Becoming an Entrepreneur

• One motivation for becoming an entrepreneur is the desire to be your own boss and have control over your work.

Risks and Benefits of Starting a Business

• Starting a new business from scratch involves risks, such as financial uncertainty and potential failure, but also offers benefits, including the potential for high profits and personal fulfillment.

Disadvantages of Buying a Franchise

• A disadvantage of buying a franchise is the loss of autonomy and independence, as the business owner must follow the rules and guidelines set by the franchisor.

Benefits of Buying a Franchise

• A benefit of buying a franchise is the access to a proven business model, training, and support, which can increase the chances of success.

Types of Business Opportunities

• Buying an existing business allows entrepreneurs to purchase a business that already has a location, products, and customers, providing a established foundation for operations.