Chapter 1 Entrepreneurship

Entrepreneurship is the process of running a business of one's own. The person who owns,operates, and takes the risks of a business ventu5re is called an entrepreneur.

More than 99.99 percent of the 25.8 million U.S. businesses are considered small companies. Sanll business contribute more to the U.S. economy than all large corporations.

Factors that contribute to a new businesses's success or failure include having adequate capital, providinga product or service that meets customer needs, and the owner's education level abd business experience.

Succesful entrepreneurs tend to to be independent, self-confident, goal-oriented, and creative. Entrepreneurs must ahve good team-building skills and be able to work well with others.

To determine whether entrepreneurship is for you, you will need to assess your strengths, weakness, interests, and aptitudes.

Ideas for new businesses can come from many different sources, including your hobies and interests, your past experiences, and from a discovery or intervention.

You may investigate business opportunities through the Internet and public library, the Samll Business Adminstration, trade shows, and other entrepreneurs. Entrpreneurs should set SMART goals, which are specific, measurable, attainable, realistic, and timely.

A problem-solving model consists of six steps: define the problem, gather information, identify various solutions, evaluate alternatives and select the best option, take action, and evaluate the action.

There are several ways to improve problem-solving skills, including communicating, brainstorming, and learning from mistakes.