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TOPIC 1: ENTREPRENEURSHIP - Coggle Diagram
TOPIC 1: ENTREPRENEURSHIP
Definition
the art of turning an idea into a business
Benefits of owning a small business
create your own destiny
make a difference
reach your full potential
reap impressive profits
contribute to society and to be recognized for your efforts
do what you enjoy and to have fun at it
drawbacks of small business
uncertainty of income
risk of losing your entire investment
long hours and hard work
lower quality of life until the business gets established
high levels of stress
cultural diversity of entrepreneurship
young entrepreneurs
women entrepreneurs
minority-owned enterprises
immigrant entrepreneurs
putting failure into perspective
entrepreneurs are not paralyzed by the prospect of failure.
failure-a natural part of the creative process
successful entrepreneurs learn to fail intelligently
avoiding the pitfalls of small business failure
know your business
understand a solid business plan
manage financial statement
maintain a positive attitude