Title: Explain the risks, rewards, and requirements of entrepreneurship.
Course: Make It Your Business (12151-12) > Section: Exploring Entrepreneurship

Explanation may include

- risks
  - sole responsibility for success
  - personal financial risks
  - lack of financial security
  - loss of personal time
  - potential for decline in health
- rewards
  - hands-on management
  - creative freedom
  - income source for local economies
  - potential for significant financial rewards
  - potential for a flexible schedule
- requirements
  - initial investment
  - development and implementation of business plans
  - multiple roles for owner (e.g., management, accounting)
  - long hours
  - hiring, training, retaining, and firing.

Process/Skill Questions:

- Why are entrepreneurs often called risk-takers?
- Why is it important to understand both the benefits and risks before starting a business?
- Why do some entrepreneurs make more money than others?
- Why do some businesses fail?
- What opportunities exist for entrepreneurs who have faced the failure of a business venture?
- How might owning a business adversely affect an entrepreneur’s personal life?