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Discovering Entrepreneurship: Opportunities and Challenges

Explore the world of entrepreneurship - from understanding what it means to recognizing opportunities and challenges. Learn about the types of businesses, success rates, and characteristics of entrepreneurs. Assess if entrepreneurship is the right path for you.

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Discovering Entrepreneurship: Opportunities and Challenges

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  1. Should You Become an Entrepreneur? • Lesson 1.1 – All About Entrepreneurship • Lesson 1.2 – Is Entrepreneurship Right for You? • Lesson 1.3 – Exploring Ideas & Opportunities • Lesson 1.4 – Problem Solving for Entrep.

  2. Lesson 1.1 All About Entrepreneurship What is an Entrepreneur? • People who own, operate & take risk of a business venture. What is Entrepreneurship? • Process of running one’s own business. What is the difference between an Employee vs. Entrepreneur? • Employee – people who work for someone else, • Entrepreneur – assumes risk, & are directly affected by consequences Why do people become entrepreneurs? • Leave Fast-Paced Corporate Environment, • Set Own Schedules, • Work from Home, • Pursue a Personal Dream, • Make Money, • Be Own Boss

  3. Types of Entrepreneurial Businesses • Manufacturing - produce products they sell • Wholesaling– sell pdts. to other businesses, rather… • Retailing– sell pdts directly to those who use them • Service– sell services, Not products • Agricultural– generate produce & other farm pdts. • Mining & Extracting – take resources out of ground so that they can be consumed/used

  4. Examples of the Types of Entrepreneurial businesses Manufacturing – • Automobiles, Apparel, Electronics, Paper… Wholesaling – • SUPPLIES your “local greeting card store” Retailing – • STORE, Clothing Store, Jewelry Store, Grocery Store Service – • Automotive Repair, Babysitting, Painting, Decorating… Agricultural – • Merrymead Farm, Soluman’s Dairy, Wheat, Corn Mining & Extracting – • Coal, Oil, Gas

  5. All about Entrepreneurship Entrepreneurship Benefits a Country By: • Strengthening its Economy, • Providing a New/Improved way of doing things, • Filling an Unmet Need, & • Increases Productivity

  6. Recognizing Opportunity Many of the most successful companies started with one person who recognized an opp. & came up with an idea. FACTS: Recent SBA censes data show… • 5.8 m. firms with employees, & • 18.6 m. without… • Small firms with fewer than 500 employees represent 99.9% of the 25 m. businesses in the U.S. Small Business can be more creative & take more risk. Small Business contribute billions to U.S. economy every year & employ more workers than all of country’s large corporations COMBINED…

  7. Business SUCCESS or FAILURE According to SBA: • 67% (2/3rds) of new businesses survive at least 2 years. • 44% survive at least 4 years. • Over half of all new businesses Do Not survive beyond 4 yrs. Major Factor’s in a firms’ Success include: • Adequate Capital, • Product/Service that Meets Customer Needs, • Owner’s Education Level, • Owner’s Reason for Starting Business • Owner’s Business Experience/Knowledge

  8. Lesson 1.2Is Entrepreneurship right for you? CHARACTERISTICS of Successful Entrepreneurs… (8) • INDEPENDENT – make own decisions, self-sufficient • SELF-CONFIDENT– believe in themselves, secure • DETERMINATION & PERSEVERANCE – will power to resolve • GOAL-ORIENTED – you know what you want & you focus • MOTIVATED - driven, inspired • CREATIVE- resourceful, new ways to solve old problems • ACT QUICKLY - immediate decisions/decisive • KEEP UPDATED W/ TECHNOLOGY -

  9. CHARACTERISTICS of Good Team Members (Partners, Investors, Employees, Suppliers, Customers, Creditors…) COMMITMENT - dedicated, loyal, willing to work hard COMPETENCY - ability, skills needed COMMUNICATION - oral & written COOPERATION - work well w/ others, assist, help, team work CREATIVITY- resourceful, imagination, new ways of doing things

  10. What should we do? RESEARCH & PLAN… Why are R/P Important? • Contributes to success of company, • Forces you to understand all facets of owning business, • Makes sure that there’s a market (customer base), • Allows you to re-evaluate your: INTERESTS (what you REALLY like to do), STRENGTHS, & WEAKNESSES

  11. Self – Assessment Assessyour: Interests, Hobbies, Past Experiences & Jobs Assessyour: Aptitude (ability to learn a particular kind of job)

  12. ASSESS the ADVANTAGESof Entrepreneurship: • Your Own Boss • Doing What Interests You, • Can be Creative • Can Make MONEY… ASSESSthe DISADVANTAGESof Entrepreneurship: • Risky • Uncertain & Irregular Income • Long Hours • Must Make ALL Decisions by Yourself

  13. Lesson 1.3Exploring Ideas & Opportunities Opportunities – possibilities that arise from existing conditions Ideas – thoughts from creative thinking • Come From: Unmet Need, Hobbies, Interests/Enjoyment, Past Experiences, and/or Discovery INVESTIGATE – Internet (SBA.gov), library, other entrepreneurs, attend trade shows, trade magazines/books, government publications, and compare opportunities,

  14. Setting Goals **Helps you stay on track & follow through** SMART Goals: Specific, Measurable, Attainable, Realistic, Timely I will learn more about starting my own catering business by obtaining information from the SBA and talking with the owners of 3 local catering businesses by the end of the month. • Financial vs. Nonfinancial Goals • Must be REALISTIC , otherwise set’s you up for Failure. • FINANCIAL Goal Examples: • How much money will I earn, • How quickly I will pay off debts, • NONFINANCIAL Goal Examples: • Looking for personal satisfaction, • Serve a community need, • Do something you like, • Enjoy the personal independence of being an entrepreneur

  15. Lesson 1.4Problem solving for entrepreneurs USE THE PROBLEM-SOLVING PROCESS • Define the Problem - write it down, Why is it a problem?, Quantify it • Gather Information – perform a self-assessment, Aptitude test, Talk w/ others • Identify Various Solutions - explore all, usually more than one • Evaluate Alternatives & Select Best One - costs v. benefit • Take Action - put into practice, create a Business Plan, spread the word • Evaluate the Action – are you meeting your goals,

  16. PROBLEM-SOLVING Skills/Strategies • Communicating – • Oral/Written and Good Listener, • Good decisions often come from input from others, • Employees “buy in” to decisions • Brainstorming – • Identify various solutions to a problem, • Gather a large # of ideas, • No judging • Learning from Mistakes – • All entrepreneurs make mistakes. Successful ones use them

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