Entrepreneurial Start-Up Process

I think the most important component to the entrepreneurial start-up process is start-up resources. Start-up resources are capital or any other investment that is used to start a business. I believe start-up resources are important because without the resources to start a business, the business will not succeed. With start-up resources entrepreneurs are more likely to have a successful business as they have the materials and equipment to do so.

Rewards of Being an Entrepreneur

There are rewards and benefits of being an entrepreneur. Some of the more obvious ones are that you are your own boss but there are others. One being an entrepreneur allows you to be creative with your business. Two you have the freedom to set your own schedule. This works for people who are not morning people. They can sleep in and come in at a later time. Another reward is having job security. An entrepreneur will always have a job as long as he/she is in business. Being an entrepreneur you can make more money. Depending how good your business you can make a lot more money than working at someone else business.

Chapter 2 Reflection

In this chapter, we learned about the potential of an entrepreneur. In this chapter we covered the 12 characteristics of an entrepreneur, ten essential skills of an entrepreneur, and the rewards and risk of being entrepreneur. Before this chapter I had very little knowledge on what it took to be an entrepreneur even though my dad is an entrepreneur himself. In this chapter, I learned the twelve characteristics of a successful entrepreneurs which are persistent, creative, responsible, inquisitive, goal-oriented, independent, self-demanding, self-confident, risk-taking, restless, action-ordered, and ethusiastic. When an entrepreneur is persistent they are willing to work until the job is done. A creative entrepreneur is always looking for new ways to solve old problems which requires entrepreneur to be inquisitve about their product. An entrepreneur being goal-oriented means they have to set and achieve goals. This requires them to be responsible for their actions, self-demanding and have high expectations to achieve these goals, they have to be self-confident to achieve their goals, they also have to be willing to achieve their goals regardless of any new challenges that arises (restless), they have to be make decisions and act on their decisions (action-oriented), and last but not least they must be energetic in completing these goals (enthusiastic). Another thing i learned in this chapter is the ten essential skills of an entrepreneur which are foundation skills, communication skills, math skills, problem-solving skills, technology and computer skills, decision-making skills, organizing and planning skills, teamwork skills, social skills, adaptability skills, and basic business skills. These skills are very important in being an entrepreneur running a business. They are required skills that can either result in the success or failure of your business. Also, I learned the rewards and risk of being an entrepreneur. The rewards of being of an entrepreneur are that you can be your own boss, you can do something you enjoy, there is the opportunity to be creative, there is a freedom to set your own schedule, you have job security, you have the ability to make more money, and you can be recognized within the community. One of being an entrepreneur is being your own boss. Being your own boss has the ability to make all business decision pertaining to how the business is ran. Another reward is being creative. If you were an employee, there really isnt an opportunity to be creative. Being an entrepreneur gives you the opportunity to be creative and the power to act on it. Some risk of being an entrepreneur is competition, working long hours, having an uncertain income, being fully responsible, and risking one's investment. Having an uncertain income is a big risk that has to be taken when being an entrepreneur. The amount of income is based on the amount of business brought in. If there isn't a lot then the income of that entrepreneur will be low, vice versa. Another big risk is risking one's investment. This is the biggest risk for entrepreneur there is a chance you can lose your investment and all capital if the business doesn't succeed.

What is economics and how is it important to entrepreneurs?

Economics is the social science that analyzes the production, distribution, and consumption of goods and services. Economics is important to entrepreneurs in many ways. Economics can determine the success of one's business. For example, if the economy has a bad day then the entrepreneurs business will lose money. This can effect the success of a business. Another example is when the economy promotes monopoly. A monopoly is when a market is controlled by one company that has taken control of all competition. If the economy is promoting a monopoly means that they will either be taken over or will be forced out of business due to the fact of the monopoly having control of the market.

Poster Collage

Why Be An Entrepreneur? Post your collage on your blog. In paragraph and sentence form, explain in detail the reasoning and explanation behind the words that you chose to put on your collage. The explanation must MAKE SENSE and relate to the REWARDS, RISK and CHARACTERISTICS of an ENTRPRENEUR.

My collage has words that represents some of the rewards, risk, and characteristics of an entrepreneur. One word on my collage that represents a reward of being an entrepreneur is revolution. To me revolution means that you completely change something that was old into something totally different. A reward of being an entrepreneur is being creative. If an entrepreneur is creative he/she can come up with an idea that may revolutionize something old. The phrase "Winners & Losers" to me represents the risk of risking one's own investment. When you go into business for yourself there is a risk of losing your investment if your business doesn't succeed, so there's a chance you might be a winner or a loser. A word on my collage that represents a characteristic is craftmanship. To me craftsmanship means you take pride in what you do and have high expectations. A characteristic of an entrepreneur is that he/she is self-demanding. Self-demanding is when you have expectations for yourself. So an entrepreneur that has craftmanship means he/she is self-demanding.

Entrepreneurial Trends

I believe that a strategic alliance has been become the most popular trend in todays world. Strategic alliance is when two companies come together and make a profit on a product. A lot companys in todays world form strategic alliances with other companies to increase profits. These strategic alliances allows for both companies to take advantage of an opportunity to make a profit on an item that both companies have invested in.

12 Characteristics of an Entrepreneur

In this picture I highlighted creative as being a characteristic every entrepreneur should have. I think being creative is an important characteristics since alot of entrepreneurs want to fix/change a problem they see in the world. When entrepreneurs come up with a venture they shouldn't necessarily think inside the box but think outside the box to come up with something creative and inventive that will help its consumers. Also, when entrepreneurs are creative they usually end up having more than one way to solve a problem.