(EP) Entrepreneurship Module Wrap Up

Entrepreneurship Module Wrap Up

Review

Now that you have completed the initial assessments for this module, review the lesson material with the practice activities and extra resources. Then, continue to the next page for your final assessment instructions.

Summary

Entrepreneurs take the risk to pull together the resources needed to start a business. Entrepreneurs are driven, results focused, creative thinkers who are problem solvers and know how to motivate people to help them meet their goals.

Before an entrepreneur starts a new business, he/she has to create a business plan. This business plan serves as both a blueprint and benchmark for the business. It tells prospective investors what the business is creating and how they intend to market it.

Teambuilding is an important skill for entrepreneurs. First they must choose the right people, then they must use their communication skills to guide and motivate the team. Team development occurs in four stages: forming, storming, norming and performing.

An entrepreneur must choose the form of legal business ownership. It can be a sole proprietorship if there is only one owner. A partnership or corporation if there is more than one. A limited liability company may have one or more owners and share characteristics of a partnership and a corporation.

Technology plays a large part in starting and growing a business. The depth and type of technology use a business has depends on the type of business and the technology expertise of the owners. Businesses tend to be either Internet enabled or Internet enhanced.

Entrepreneurship Self-Assessment

Check your knowledge of some of the terms used in this lesson by completing the interactivity below.

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