Entrepreneur
Marcina Norris
Characteristics
- Problem Solving Skills
- Tolerance for ambiguity
- Strong integrity
- Personal initiative
- Ability to secure resources
- capability to learn from failure
- willingness to work hard
- persistent
- inquisitive
- energetic
- goal oriented
- independent
- self- confident
- creative
- reliable
- competitive
Data on starting a business
- Over 60% of new jobs were created by businesses with fewer than 500 employees.
- More than 50% lend financial support for the business of a family member or relative.
- Family and friends invest more than $100 billion in new businesses each year.
- Business with just a single owner and no staff account for more than $600 billion in sales annually.
- They account for 55% of all innovative products and services developed.
Starting a new business (Risks & Failures)
- Many more new businesses fail than succeed.
- Over 10 year period, more than 50% of all new businesses are discontinued.
- Lack of adequate capital
- Low sales
- Higher than expected expenses
- Competitive pressure
- Operations requiring more time than the owner is willing to commit
- An owner unprepared to manage a growing business.