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Unit 1

Overview of Entrepreneurship

TermDefinition
Entrepreneur Acts with passionate purpose Recognizes opportunity Desires independence Manages risk and uncertainty Uses resources Creates value
Acts with Passionate Purpose Identifies consumer need, Assumes personal sacrafice, Seeks solutions, Acts decisively, Learns quickly, Pursues goal and results
Desires Independence Possesses drive to achieve and grow Realizes strengths and weaknesses Maintains a goal perspective Invests long, irregular hours Seeks personal satisfaction/profitability Supports community activities
Recognizes Opprotunity Identifies problems/strives for solutions Possesses ability to adapt and change Evaluates individual strengths to build teams Adapts to changing marketplace Analyzes and reacts to competition
Manages Risk Invests personal savings and time Segregates needs from wants Chooses between debt and equity Seeks knowledgeable investors Implements bootstrapping techniques Utilizes financial analysis tools
Uses Resources Recognizes people strengths Capitalizes on communication skills Designs facility based on needs Finds cost-effective materials Seeks financial backing Implements innovative solutions
Advantages Reap all the benefits/Flexibility/More Control/Fulfilling
Disadvantages Lose security of constant paycheck, long hours, unpredictable
Created by: cjdavis
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