Chapter 13 Our Economic System

1. Chapter 13 Our Economic System Lesson 13.2 Being Your Own Boss

2. The rewards and challenges of working for yourself How to start your own business Discover

3. In the free enterprise system, many people own and operate their own businesses. One day, you may be one of them. Why It’s Important

4. entrepreneur business plan marketing Key Terms

5. You may have a future as an entrepreneur. An entrepreneur is someone who organizes and runs a business. Being Your Own Boss

6. More than 95 percent of the people employed in the United States work for small businesses. Being Your Own Boss

7. Graphic Organizer The Rewards and Challenges of Entrepreneurship + + + + Advantages You’re in Charge Personal Satisfaction Unlimited Income Potential - - - - Disadvantages Long Work Hours Risk Competition

8. Graphic Organizer Qualities of Entrepreneurs Motivation Sight and Foresight Decision Making Human Relations

9. Whether you launch your business this weekend, next summer, or in the future, you will need a plan. Launching Your Own Business

10. To run a successful business, you need a business plan. A business plan is a written proposal that describes your new business. The Importance of Planning

11. Graphic Organizer Elements of a Business Plan Shown to people who can lend you money to start your business Identifies where your business will be located Business Plan Identifies the goods or services you will offer Outlines your goals and gives a timetable for meeting them

12. A business plan also describes who your customers will be and your marketing plan. Marketing is the process of developing, promoting, and distributing good and services to customers. The Importance of Planning

13. Graphic Organizer Functions of Marketing Market Research Distribution Selling Finance Service Pricing Promotion

14. As part of your business plan, you’ll figure out how much it will cost to start and run your business. The Importance of Planning

15. Many entrepreneurs borrow money from a commercial lender, such as a bank, to get their businesses started. The Importance of Planning

16. Work with a group of students. Brainstorm a list of businesses that would be successful at your school. Conduct research on other students to find out if they would patronize your business. Try This Activity Develop a School-Based Business continued

17. Prepare Your Business Plan Now develop the business plan. Try This Activity Develop a School-Based Business continued

18. Conduct Research, Then Carry Out Your Plan Make sure your plan includes all the information listed. Then carry out your plan by starting the school-based business. Try This Activity Develop a School-Based Business

19. Making a business plan is hard work, but it’s also exciting. A business plan is a dream on paper. The Importance of Planning

20. Manufacturing The process of making products by hand or by machine Investigating Career Clusters Manufacturing continued

21. If you love to build things or make things, a career in manufacturing may be for you. Investigating Career Clusters Manufacturing

22. What should you consider in choosing a location for a business? Critical Thinking Review Critical Thinking Q continued

23. Answers include: whether the business needs to be near customers or services; location of competition; the cost of property; the condition of streets and buildings; and the types of businesses in the area. Critical Thinking Review Critical Thinking A continued

24. What qualities of entrepreneurs are also important to have when you work for someone else? Critical Thinking Review Critical Thinking Q continued

25. Good employees are motivated and good at decision making. They can successfully relate to other people. These qualities are also required of entrepreneurs. Critical Thinking Review Critical Thinking A

26. End of Chapter 13 Our Economic System Lesson 13.2 Being Your Own Boss