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Chapter 6

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Agricultural Economics
AGEC 242
Brahm Canzer

Chapter 6 – Starting your own business: The entrepreneurship alternative Reasons to choose entrepreneurship as a career path - Being own boss o Means making all the important decisions o Engaging in all of communication related to your business  Customers, suppliers, distributors, retailers… - Desire to succeed financially o Often believe that they won’t make enough money working for someone else  true but only if business succeeds - Desire for job security o Working for a firm, you may get fired  firms always trying to downsize - Desire for an improved quality of life o Freedom and flexibility to decide where when and how to work o Doesn’t mean working fewer hours Environment for Entrepreneurs - Globalization - Education o Can take courses in university about entrepreneurship o Other organizations to teach as well o People who major in entrepreneurship or take course are 3x more likely to start own business - Demographic and Economic Trends o Immigrants to north America o Age 55-64: have access to retirement funds and home equity  Some want to continue the lifestyle of working, others want $ o Demographic trends can create opportunities for entrepreneurs  services for those groups - Information Technology o Cost of IT has dropped = ability to compete with large firms and provide immediate and helpful customer service o Increases sales and gives professional image o Social networking also has changed business for entrepreneurs  Helps reach more customers Characteristics of Entrepreneurs - Vision – an overall idea of how to make business idea a success o Viewing world in slightly different way - High Energy Level - Need to Achieve – strong desire to compete = enjoys challenge of reaching difficult goals - Self-Confidence and Optimism: believe they can succeed and they influence others to be positive - Tolerance for Failure – view fa
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