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ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING
Entrepreneurship
DO NOW: Get a Book from the Closet • Page 3 Read Delia’s Dilemma
• Answer questions 1 - 4
We will be taking notes and doing book work today. Make sure you have a pen and
notebook!!
ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING
Chapter 1Chapter 1SHOULD YOU BECOME AN ENTREPRENEUR?
1.11.1 Entrepreneurs (1-11)
1.21.2 Is Entrepreneurship Right for You?
1.31.3 Identify Business Opportunities and Set Goals
LESSONSLESSONS
ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING
Chapter 1
Slide 3WHAT IS AN ENTREPRENEUR?
Definitions People who own, operate, and take the risk
of a business venture are called entrepreneurs.
Entrepreneurship is the process of running a business of one’s own.
Employees vs. entrepreneurs
Why do people become entrepreneurs?
ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING
Chapter 1
Slide 4
ADVANTAGES OF ENTREPRENEURSHIPEntrepreneurs are their own bosses.
Entrepreneurs can choose a business that interests them.
Entrepreneurs can be creative.
Entrepreneurs can make lots of money.
ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING
Chapter 1
Slide 5
DISADVANTAGES OF ENTREPRENEURSHIPEntrepreneurship is risky.
Entrepreneurs face uncertain and irregular incomes.
Entrepreneurs work long hours.
Entrepreneurs must make all decisions by themselves.
ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING
Chapter 1
Slide 6
CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURSSuccessful entrepreneurs are independent are self-confident have determination and perseverance are goal-oriented have a need to achieve and to set high
standards for themselves are creative are able to act quickly
ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING
Chapter 1
Slide 7
IS ENTREPRENEURSHIP RIGHT FOR YOU?
Identify the characteristics of successful entrepreneurs.
Assess whether you have what it takes to succeed in your own business.
GOALSGOALS
ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING
Chapter 1
Slide 8TYPES OF ENTREPRENEURIAL BUSINESSESManufacturingWholesalingRetailingServiceAgriculturalMining and extracting
ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING
Chapter 1
Slide 9EXAMPLES OF MANUFACTURING BUSINESSES Apparel and other textile products Chemicals and related products Electronics and other electrical equipment Fabricated metal products Food products Industrial machinery and equipment Printing and publishing Rubber and miscellaneous plastic products Stone, clay, and glass products
ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING
Chapter 1
Slide 10EXAMPLES OF WHOLESALING BUSINESSES Apparel Electrical goods Groceries and related products Hardware, plumbing, heating equipment Lumber, construction materials Machinery, equipment, supplies Motor vehicles, automotive equipment Paper, paper products Petroleum, petroleum products
ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING
Chapter 1
Slide 11
EXAMPLES OF RETAILING BUSINESSES Auto and home
supply stores Building materials
and supply stores Clothing stores Florists Furniture stores Gift, novelty, and
souvenir stores
Grocery stores Hardware stores Jewelry stores Retail bakeries Shoe stores Sporting goods and
bicycle stores
ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING
Chapter 1
Slide 12
EXAMPLES OF SERVICE BUSINESSES Appliance repair Automotive repair Babysitting Bookkeeping Consulting Dance instruction Electrical services Exterminators
Flower decorating House cleaning Lawn care Painting Plumbing Translating Travel agency Tutoring
ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING
Chapter 1
Slide 13SMALL BUSINESSES DOMINATE THE U.S. ECONOMY
90%
9%1%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Number of employees
Perc
enta
ge o
f all
U.S
. bus
ines
ses
20 or fewer employees
21 to 500 employees
More than 501 employees
ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING
Chapter 1
Slide 14
ENTREPRENEURS IN UNITED STATES HISTORYEntrepreneurs who changed America
Nineteenth century entrepreneursEarly 20th century entrepreneurs
Entrepreneurs todayMore than 5.8 small businesses contribute
to the economy.Small businesses employ more workers
than all of the country’s large corporations combined.
ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING
Chapter 1
Slide 15
ASSESS YOUR SUITABILITY FOR ENTREPRENEURSHIPAssess your interests
Hobbies and interests Past experiences
Assess your aptitude
ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING
Chapter 1
Slide 16
JOB ATTRIBUTES CHECKLIST I enjoy working with numbers. I enjoy working outdoors. I enjoy working with my hands. I enjoy selling. I like working with people. I prefer to work alone. I like supervising other people. I like knowing exactly what it is I am
supposed to do.
ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING
Chapter 1
Slide 17Lesson 1.3IDENTIFY BUSINESS OPPORTUNITIES AND SET GOALS
Recognize different businesses you could start.
Identify your own personal goals.
GOALSGOALS
ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING
Chapter 1
Slide 18INVESTIGATE OPPORTUNITIESLibrary
Books on entrepreneurship (examples)
Magazines: for entrepreneurs and trade magazines for certain businesses (examples)
Government publications: County Business Patterns (example of government grant publications)
Internet: entrepreneur.com
Small Business Administration (sba.gov)
Trade shows and trade associations (example list of trade shows)
Recognize different businesses you could start.
ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING
Chapter 1
Slide 19COMPARE DIFFERENT OPPORTUNITIES Is there a market? Will people buy? How much money would it take? Will I be able to
borrow that much? How many hours a week are required? Am I willing to
commit that much time? What are the risks? What is the rate of business
failure? Do I have the right background? Do others who own
this kind of business have more experience? How much money could I make?
Recognize different businesses you could start.
ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING
Chapter 1
Slide 20
SETTING GOALSFinancial goals
How much money you will earnHow quickly you can pay off debts
Nonfinancial goalsPersonal satisfactionServe a community needDo something you likeEnjoy personal independence
Identify your own personal goals.
Chapter 1Chapter 1 Slide 21Chapter 1 Think Critically:Chapter 1 Think Critically:
Choose a business idea that appeals to you. For this business, answer the six assessment questions listed in this lesson. Is this a realistic choice for you? Why or why not?