Should You Become an Entrepreneur?

1. Should You Become an Entrepreneur? 1.1 All about Entrepreneurship 1.2 Is Entrepreneurship Right for You? 1.3 Explore Ideas and Opportunities 1.4 Problem Solving for Entrepreneurs

2. Lesson 1.1All About Entrepreneurship Goals • Define entrepreneurship. • Recognize the role entrepreneurs play in the U.S. economy. • Determine the reasons that businesses succeed or fail. Chapter 1

3. Vocabulary • entrepreneurs • entrepreneurship • employees Chapter 1

4. Entrepreneurship • Many of the small businesses in the U.S. are owned and operated by men and women who created their own companies. Chapter 1

5. What is an Entrepreneur? • entrepreneurs • people who own, operate, and take the risk of a business venture • entrepreneurship • running a business of one’s own Chapter 1

6. Entrepreneurs identify unmet needs in the marketplace. • They provide a service or product to meet those unmet needs. Chapter 1

7. Employees vs. Entrepreneurs • employees • people who work for someone else • Additional earnings go to the business owner, not to the employee. Chapter 1

8. Why Do People Become Entrepreneurs? • to set your own schedule • to work out of your home • to pursue a personal dream Chapter 1

9. Integrity and Ethical Behavior • Entrepreneurs should behave ethically in all areas of business. • The actions taken and the results of the those actions should be considered. Chapter 1

10. Types of Entrepreneurial Businesses • manufacturing • wholesaling • retailing • service Chapter 1

11. Chapter 1

12. Other Business Areas • agricultural • mining and extracting Chapter 1

13. Green Entrepreneurship • Many types of businesses may focus on being organic or “green.” • It is important to educate customers about how products or services • benefit the earth • conserve resources Chapter 1

14. Describe different types of entrepreneurial businesses. Chapter 1

15. Recognizing Opportunity • Many companies began with one person who started a business based on a single opportunity. • Small firms, with fewer than 500 employees, represent 99.9 percent of American businesses. Chapter 1

16. Entrepreneurs Who Changed America • Starbucks Coffee Company • retailer of coffee products • introduced new product, Espresso • markets coffee and tea products through • website • national retail supermarkets Chapter 1

17. The Home Depot • corporate vision was to provide home improvement products • at the lowest price • with the best possible service • now has more than 2,100 stores in the United States, Canada, and Mexico Chapter 1

18. HARPO Productions, Inc. • founded in 1986 • Oprah Winfrey is the first woman in history to own and produce her own talk show. • HARPO Entertainment Group • HARPO Productions • HARPO Films • HARPO Video Chapter 1

19. Entrepreneurial Opportunities in Economic Recovery • Small businesses are an important part of the economic recovery. They are: • willing and able to make changes quickly • more creative than large companies • Their experimentation and innovation lead to technological change and increased productivity. Chapter 1

20. The American Recovery and Reinvestment Act of 2009 • $30 billion in tax relief for small businesses • $13 billion in loans, lines of credit, and equity capital Chapter 1

21. Describe how one of the entrepreneurs discussed above recognized an opportunity to develop a successful business. Chapter 1

22. Business Success or Failure • Sixty-seven percent of new businesses survive at least two years. • Forty-four percent of new businesses survive at least four years. • Success rates can be enhanced if businesses • have adequate capital • are large enough to have employees Chapter 1

23. Businesses may fail if • the owner lacks business knowledge • Having an idea for a product or service is different than knowing how to run a business. Chapter 1

24. What factors contribute to helping a business succeed? Chapter 1

25. Lesson 1.2Is Entrepreneurship Right for You? Goals • Identify the characteristics of successful entrepreneurs. • Identify the characteristics of good team members. • Assess whether you have what it takes to succeed in your own business. Chapter 1

26. Vocabulary • self-assessment • aptitude Chapter 1

27. Characteristics of Successful Entrepreneurs • Successful entrepreneurs are: • independent • self-confident • determined • goal-oriented • achievement-oriented with high standards Chapter 1

28. creative • able to act quickly • technologically current Chapter 1

29. Name three important characteristics of entrepreneurs. Chapter 1

30. Characteristics of Good Team Members • Good team members display the following traits: • commitment • competency • communication • cooperation • creativity Chapter 1

31. Why is it important for entrepreneurs to be good team members? Chapter 1

32. Are You Right for Entrepreneurship? • self-assessment • an evaluation of your strengths and weaknesses Chapter 1

33. Assess Your Interests • choose a field that • interests you • you will enjoy Chapter 1

34. Assess Your Aptitude • aptitude • the ability to learn a particular type of job Chapter 1

35. Chapter 1

36. Assess the Advantages of Entrepreneurship • Entrepreneurs • are their own bosses • can choose a business that interests them • can be creative • can make large sums of money Chapter 1

37. Assess the Disadvantages of Entrepreneurship • Disadvantages of entrepreneurship include: • risk • uncertain and irregular incomes • long hours • all decisions are made independently Chapter 1

38. What kinds of assessments should you make to determine if entrepreneurship is right for you? Chapter 1

39. Lesson 1.3Explore Ideas and Opportunities Goals • Identify sources for new business ideas. • Recognize different business opportunities. • Identify you own personal goals. Chapter 1

40. Vocabulary • opportunities • ideas • trade shows Chapter 1

41. Look for Ideas • opportunities • possibilities that arise from existing conditions • ideas • thoughts or concepts that come from creative thinking Chapter 1

42. Ideas come from a variety of sources including: • Hobbies and Interests • Past Experiences • Discovery or Invention Chapter 1

43. Where do new ideas for businesses come from? Chapter 1

44. Investigate Opportunities • Sources of Information • Internet • library • County Business Patterns • Small Business Administration Chapter 1

45. trade shows • special meetings where companies of the same or related industry display their products Chapter 1

46. Compare Different Opportunities • For each business opportunity, you should consider: • Will people buy my product or service? • How much money is required to start the business? • How many hours per week will it take to run the business? Chapter 1

47. What are the risks associated with this business? • Do I have the right background to run this business? • How much money could I make running this business? Chapter 1

48. How can you find out about various business opportunities? Chapter 1

49. Set Goals Chapter 1

50. Financial Goals • Financial goals should be: • realistic • measurable • easily attainable in the time allotted Chapter 1