CHAPTER 6 ENTREPRENEURSHIP AND STARTING A BUSINESS Entrepreneurship accepting the risk of starting and running a business o Willing to take the risk because o What does it take to be an entrepreneur Opportunity Profit Challenge Independence Self directed Self nurturing Action oriented Highly energetic Tolerant of uncertainty Entrepreneurial team a group of experienced people from different areas of business who join together to form a managerial team with the skills needed to develop make and market a new product Micropreneurs entrepreneurs willing to accept the risk of starting and managing the type of business that remains small lets them do the kind of work they want to do and offers them a balanced lifestyle o Challenges of working at home Getting new customers Managing time Keeping work and family tasks separate Abiding by city ordinances Managing risk Affiliate marketing an internet based marketing strategy in which a business rewards individuals or other businesses affiliates for each visitor or customer the affiliate sends to its website Intrapreneurs creative people who work as entrepreneurs within corporations Enterprise zones specific geographic areas to which governments try to attract private business investment by offering lower taxes and other government support o Also called empowerment zones and enterprise communities Incubators centers that offer new businesses low cost offices basic business services Small business a business that is independently owned and operated is not dominant in its field of operation and meets certain standards of size set by the Small Business Administration in terms of employees or annual receipts
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