succeed as an entrepreneur
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urpose To assess your potential to succeed as an entrepreneur and to evaluate a sam-ple business plan.
Exercise 1. Go to www.bizmove.com/other/quiz.htm and take the interactive entrepre-neurial quiz to find out whether you have the qualities to be a successful entrepreneur.
If you have entrepreneurial traits and decide you would like to start your own business, you’ll need to develop a business plan. Go to www.wbonline .comiresources/sample-business-plan-components/ and click on retail-ers business plan. Review the business plan for Joe’s Redhots. Although Joe’s plan does not follow the same format as the business plan outline on pages 163-164, does it contain all the necessary information listed in the outline? If not, what is missing?
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access the case “BM acting a Small Business at School,” visit www.rnhhescomiu
Sailing for Sale The lure of the water is very powerful for many people. You are able to get away from the crowd, feel the wind in your hair, and, most important of all, relax! However, people say that boat own-ers are most happy two days in their lives: the day they buy their boat and the day they sell it. Wouldn’t it be great to share the cost of a boat and be able to use it when you want it? You could share the joy of boat ownership with others and get out on the water several times a season. What is needed for such a dream to come true is an entrepreneur or a couple of entrepreneurs to start a business that facilitates “fractional owner-ship.” Fractional ownership means several own-ers own a fraction of the boat and share purchase and maintenance costs. Sure, there are risks.
Of course, it may take a few years to get started. But that’s what entrepreneurship is all about—taking the risk of starting and managing a busi-ness. Entrepreneurs started most of the large firms you see today And aren’t you glad that these businesses are around—so we can buy the automobiles, computers, and other goods and services they offer? This video is designed for you to see the bene-fits of entrepreneurship. You can imagine the pas-sion these entrepreneurs felt about sailing. Think of the fun. But think also of the risk and the hard work and the dedication involved. Somehow the joy of doing what you love and getting paid for it sounds alluring to many people. Those who fol-low their dreams often end up as entrepreneurs You have to be self-disciplined and a hard worker. You have to be patient and willing to take
