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LESSONSLESSONS
ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING
Chapter 1Chapter 1SHOULD YOU BECOME AN ENTREPRENEUR?
1.11.1 Entrepreneurs: Present and Past
1.21.2 Is Entrepreneurship Right for You?
1.31.3 Identify Business Opportunities and Set Goals
ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING
Chapter 1
Slide 2
Lesson 1.1ENTREPRENEURS: PRESENT AND PAST
Define entrepreneurship.Learn about
entrepreneurship in history.Identify the impact of
entrepreneurs and small business today.
GOALSGOALS
ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING
Chapter 1
Slide 3
WHAT 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. entrepreneursWhy do people become entrepreneurs?
ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING
Chapter 1
Slide 4TYPES OF ENTREPRENEURIAL BUSINESSESManufacturingWholesalingRetailingServiceAgriculturalMining and extracting
ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING
Chapter 1
Slide 5EXAMPLES 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 6EXAMPLES 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 7
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 8
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 9
ENTREPRENEURS IN UNITED STATES HISTORYEntrepreneurs who changed America
Nineteenth century entrepreneursEarly 20th century entrepreneurs
Entrepreneurs today
ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING
Chapter 1
Slide 10
Lesson 1.2IS 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 11CHARACTERISTICS 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 12SMALL 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 13
ASSESS YOUR SUITABILITY FOR ENTREPRENEURSHIPAssess your interests
Hobbies and interests Past experiences
Assess your aptitudeAssess the advantages of
entrepreneurshipAssess the disadvantages of
entrepreneurship
ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING
Chapter 1
Slide 14
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 15
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 16
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 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 18
INVESTIGATE OPPORTUNITIESLibrarySmall Business AdministrationTrade shows
ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING
Chapter 1
Slide 19
COMPARE 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?
ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING
Chapter 1
Slide 20
SETTING GOALSFinancial goalsNonfinancial goals