BUSN 315 Entrepreneurial Characteristics

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BUSN 315 Entrepreneurial Characteristics
How do you rate yourself on each of the six “entrepreneurial characteristics”? Why are these…

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BUSN 315 Entrepreneurial Characteristics

BUSN 315 Entrepreneurial Characteristics

Discussions Week 7 All Students Posts – 33 Pages

How do you rate yourself on each of the six “entrepreneurial characteristics”? Why are these characteristics so important?  The word entrepreneur is a French word meaning “risk taker.” What are some of the risks entrepreneurs take when starting their own companies?

There are a lot of sources that entrepreneurs can access.  An important one is the Small Business Administration (SBA.gov).  Have any of you used information from this site?  If not, take a look at it – could you use some of the information if you wanted to begin a business?

Another characteristic of entrepreneurs is a high internal locus of control.  What is “locus of control” – in your own words, what is the difference between an internal locus of control and an external locus of control?  Can a person have an internal locus of control that is too high or too strong? Why or why not?

The first risk I think about, as a father and husband, is losing that steady income stream. When someone decides to start their own company, it typically can’t be done while you are working another job. You have to be all in and that usually means leaving that steady paycheck, benefits, and security. Going along with that is the risk of failure. The U.S Bureau of Labor gives statistics that 20 % of small businesses fail within the first year, and that number grows to 50% over a five year period (lending tree). Those are not great odds especially considering the time and finances at stake. It takes a lot of capital to get a business going so that proves challenging and if your liability is not limited, a failing business can mean the IRS will come after you…