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entrepreneurs ? Minorityowned enterprises ? Immigrant entrepreneurs ? Parttime entrepreneurs 1 22 Ch. 1: The Foundations of Entrepreneurship (continued) Copyright 169。 2023 Pearson Education, Inc. Publishing as Prentice Hall The Cultural Diversity of Entrepreneurship ? Young entrepreneurs ? Women entrepreneurs ? Minorityowned enterprises 1 20 Ch. 1: The Foundations of Entrepreneurship (continued) Copyright 169。 2023 Pearson Education, Inc. Publishing as Prentice Hall The Cultural Diversity of Entrepreneurship ? Young entrepreneurs 1 18 Ch. 1: The Foundations of Entrepreneurship Copyright 169。 2023 Pearson Education, Inc. Publishing as Prentice Hall . Retail ECommerce Revenues 1 16 Ch. 1: The Foundations of Entrepreneurship Copyright 169。 2023 Pearson Education, Inc. Publishing as Prentice Hall Drawbacks of Entrepreneurship ? Uncertainty of ine ? Risk of losing your entire investment ? Long hours and hard work ? Lower quality of life until the business gets established ? High levels of stress ? Complete responsibility ? Discouragement 1 14 Ch. 1: The Foundations of Entrepreneurship Copyright 169。 2023 Pearson Education, Inc. Publishing as Prentice Hall Sources of Entrepreneurial Success 1 12 Ch. 1: The Foundations of Entrepreneurship Copyright 169。 2023 Pearson Education, Inc. Publishing as Prentice Hall Characteristics of Entrepreneurs ? Desire for responsibility ? Preference for moderate levels of risk – risk eliminators ? Confidence in their ability to succeed ? Determination ? Desire for immediate feedback ? High level of energy ? Future orientation – opportunity, necessity, and serial entrepreneurs ? Skilled at anizing ? Value achievement over money 1 10 Ch. 1: The Foundations of Entrepreneurship Copyright 169。 2023 Pearson Education, Inc. Publishing as Prentice Hall What is an Entrepreneur? 1961: David McClleland: An entrepreneur is a person with a high need for achievement [NAch]. He is energetic and a moderate risk taker. 1964: Peter Drucker: An entrepreneur searches for change, responds to it and exploits opportunities. Innovation is a specific tool of an entrepreneur hence an