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Unit One Entrepreneurship

Unit One Entrepreneurship. What is an Entrepreneur?. Name an Entrepreneur. Give three reasons for becoming an Entrepreneur. List three skills or abilities needed to be your own boss. Are you now, or have you ever been, an Entrepreneur? Is being an Entrepreneur a career move?.

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Unit One Entrepreneurship

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  1. Unit OneEntrepreneurship

  2. What is an Entrepreneur? • Name an Entrepreneur. • Give three reasons for becoming an Entrepreneur. • List three skills or abilities needed to be your own boss. • Are you now, or have you ever been, an Entrepreneur? • Is being an Entrepreneur a career move?

  3. Unit 1 Vocabulary • Elastic Demand • Entrepreneur • Entrepreneurial • Entrepreneurship • Enterprise Zones • Equilibrium • Factors of Production • Foundation Skills • Free Enterprise System • Franchise • Franchisee • Franchisor • Goodwill • Goods • Achiever • Brainstorm • Business Broker • Business Cycle • Business Failure • Capital • Competition • Corporate Venture • Discontinuance • Demand • Demographics • Diminishing Marginal Utility • Economics

  4. Unit 1 Vocabulary • Profit • Role Model • Scarcity • Services • Specialty Magazine • Start-up Resources • Supply • Strategic Alliance • Trade Show • Trade Magazine • Values • Venture • Want • Gross Domestic Product • Investment • Innovation • Inelastic Demand • Market Structure • Monopoly • Need • New Venture Organization • Niche • Oligopoly • Online Business • Opportunity • Outsourcing • Profile

  5. Unit 1 EssentialQuestion 1 • What are the concepts and processes associated with successful entrepreneurial performance?

  6. Essential Question 1A(MKT-EN-1A) • What is entrepreneurship?

  7. Entrepreneurship • Entrepreneurship: The process of recognizing an opportunity, testing the market, and gathering resources necessary to go into business. • Entrepreneurial: Acting like an entrepreneur or having a similar mind set.

  8. Entrepreneurship • Entrepreneur: An individual who undertakes the creation, organization, and ownership of a business venture. They accept the risks and responsibilities of business ownership to gain profit and personal satisfaction. • Venture: A new business undertaking that involves risk.

  9. Essential Question 1B(MKT-EN-1B) • What are the characteristics of successful entrepreneurs?

  10. Rewards Being Your Own Boss Doing Something You Enjoy Having the Opportunity to be Creative Freedom to Set Your Own Schedule Controlling Your Salary Contributing to the Community Costs and Risks Working Long Hours Having an Uncertain Income Being Fully Responsible Risking One’s Investment Why Be An Entrepreneur?

  11. Persistent • Willing to work until job is done, no matter what it takes.

  12. Creative • Looks for new ways to solve old problems.

  13. Responsible • Takes responsibilityfor decisions and actions.

  14. Inquisitive • Conduct research and asks questions to solve problems.

  15. Goal-oriented • Know where to go and how to get there.

  16. Independent • Sets own agendas and schedules.

  17. Self-demanding • Have high expectations of themselves.

  18. Self-confident • Believe in themselves.

  19. Risk-taking • Are not reckless. Looks for opportunity with a reasonable chance of success.

  20. Restless • Once their goals are achieved, they start looking for new challenges.

  21. Action-oriented • Doers as opposed to spectators.

  22. Enthusiastic • Energetic and passionate about their pursuits.

  23. Foundational Skills • Communication Skills – Person to person, telephone, and written skills. • Math Skills– Basic math, record keeping, budgeting, and preparing financial statements. • Problem-solving Skills – Able to use logic and creative solutions. • Decision-making Skills – Able to choose the best option from among many.

  24. Human Relations Skills • Teamwork Skills– Coordinate and manage work teams, respecting others, being flexible, leadership. • Social Skills – Able to interact well with employees, customers, and vendors.

  25. Technical Skills • Computer Skills – Understands the use of technology, word processing, spreadsheet, database, e-mail, and the Internet.

  26. Business Skills • Basic Business Skills – Understands how the economy works, and fundamental concepts of finance, marketing, and management. Keeps up to date on current events. • Organizing and Planning Skills – Uses logical thinking and time management skills. • Adaptability Skills – Able to change with the constantly changing business and economic environment.

  27. Essential Question 1C(MKT-EN-1C) • What are the reasons for planning an entrepreneurial businesses?

  28. Home-based Businesses • 6 million in mid-1980’s • 41 million in late 1990’s

  29. Outsourcing • Outsourcing: Contracting with another company for services. • Allows greater efficiency, saving time and money. • Decreases overhead investment or debt. • Lowers regulatory compliance burdens. • Makes companies more attractive to investors because more capital is sent directly into money making activities.

  30. Service Businesses • Services:Intangible things that businesses do for us that enhance our lives. • Fastest growing business segment in the U.S. Economy today.

  31. Internet Businesses • Online Business: A business that conduct business by means of the internet. • Small businesses that use the internet have grown 46% faster than those who do not. • www.prairietumbleweedfarm.com

  32. Essential Question 1D(MKT-EN-1D) • What is the entrepreneurial discovery process?

  33. Recognizing Opportunity • Entrepreneurial thinking is about generating ideas and recognizing opportunities. • Creativity and Innovation: Creativity is the result of innovation: finding new ways of doing things. • Idea vs. Opportunity: • Ideas are generated though creative thinking. • Opportunity is an idea that has commercial value. • Many opportunities come from fulfilling a niche: a small specialize market.

  34. Recognizing Opportunity • Finding opportunity by understanding industry: • An industry is a grouping of businesses with a common purpose. • The marketplace and economics of every industry is constantly changing which creates profitable niche opportunities. • Knowing the inner workings of the industry and the industry trends allows the entrepreneur to identify opportunity. • Learn and understand what the customer problems are and create a business to fix them.

  35. Essential Question 1E(MKT-EN-1E) • What are current global trends and opportunities?

  36. Global Trends • Diminishing trade barriers • NAFTA and CAFTA • EU • Most favored nation status • Advances in technology have made the world “smaller”

  37. Global Trends • Global Opportunities • Asia • Enormous and diverse continent • China is the number one importer of US goods • Latin America • Diverse community of nations with many cultural differences • Includes traditional as well as modern cultures • Tends to make buying decisions based on family needs as opposed to individual needs

  38. Global Trends • Europe • Entrepreneurship and risk-taking are not highly encouraged • Market difficult to define due to no common European culture • Great cultural differences between individual nations • High degree of socialism affects the thinking toward individual wealth as well as the distribution of wealth, individualism and power • Market segmentation a must to sell similar products across national borders

  39. Global Trends • Regions in transition • Russia, Eastern European nations, African nations, and the Middle East • Very risky opportunity due to unstable governments and US politics and policies • Must thoroughly understand culture and business practices • How currency is exchanged and handled may affect profits

  40. Essential Question 1F(MKT-EN-1F) • How are opportunities for business creation determined?

  41. Learn to Recognize Opportunity • Think Creatively about Opportunity • Work with unrelated items. • Think outside the box. • Get from here to there.

  42. Essential Question 1G(MKT-EN-1G) • How are ideas for business generated?

  43. Creative Sources of Ideas • People Watching • Demographic Changes – Characteristics of human populations and population segments. • Become an Insatiable Reader • Your Own Experiences • Hobbies – many hobbies can be turned into successful ventures.

  44. Creative Sources of Ideas • Work • Look for opportunities at your work. • Is there room in the market for a similar business? • Are there gaps in the network of suppliers? • Is there a need for services which are not being provided?

  45. Creative Sources of Ideas • Consult Outside Sources • Trade magazines • Specialty magazines • Newspapers

  46. Creative Sources of Ideas • Consult Outside Sources - Trade shows and exhibitions - Internet - Government agencies

  47. Starting Versus Buying a Business • Being creative and opportunistic does not always mean that you must start a business from scratch. You may also enter a family business or buy an existing business.

  48. Up-side Families have a greater degree of trust and togetherness. The family team can achieve more than others. Down-side Owners can never get away from their business. Families have difficulty viewing the venture and its problems objectively. Only one-third of family run businesses survives the second generation. Entering a Family Business

  49. Buying an Existing Business Positives • Has a location and a physical plant. • Has experienced employees. • Has goodwill– loyal customer base. • Has established procedures in place. • Has substantial inventory. • Has established trade credit.

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