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Should You Become an Entrepreneur?

Should You Become an Entrepreneur?. Lesson 1.1 – All About Entrepreneurship Lesson 1.2 – Is Entrepreneurship Right for You? Lesson 1.3 – Exploring Ideas & Opportunities Lesson 1.4 – Problem Solving for Entrep. Lesson 1.1 All About Entrepreneurship. What is an Entrepreneur ?

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Should You Become an Entrepreneur?

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  1. Should You Become an Entrepreneur? • Lesson 1.1 – All About Entrepreneurship • Lesson 1.2 – Is Entrepreneurship Right for You? • Lesson 1.3 – Exploring Ideas & Opportunities • Lesson 1.4 – Problem Solving for Entrep.

  2. Lesson 1.1 All About Entrepreneurship What is an Entrepreneur? • People who own, operate & take risk of a business venture. What is Entrepreneurship? • Process of running one’s own business. What is the difference between an Employee vs. Entrepreneur? • Employee – people who work for someone else, • Entrepreneur – assumes risk, & are directly affected by consequences Why do people become entrepreneurs? • Leave Fast-Paced Corporate Environment, • Set Own Schedules, • Work from Home, • Pursue a Personal Dream, • Make Money, • Be Own Boss

  3. Types of Entrepreneurial Businesses • Manufacturing - produce products they sell • Wholesaling– sell pdts. to other businesses, rather… • Retailing– sell pdts directly to those who use them • Service– sell services, Not products • Agricultural– generate produce & other farm pdts. • Mining & Extracting – take resources out of ground so that they can be consumed/used

  4. Examples of the Types of Entrepreneurial businesses Manufacturing – • Automobiles, Apparel, Electronics, Paper… Wholesaling – • SUPPLIES your “local greeting card store” Retailing – • STORE, Clothing Store, Jewelry Store, Grocery Store Service – • Automotive Repair, Babysitting, Painting, Decorating… Agricultural – • Merrymead Farm, Soluman’s Dairy, Wheat, Corn Mining & Extracting – • Coal, Oil, Gas

  5. All about Entrepreneurship Entrepreneurship Benefits a Country By: • Strengthening its Economy, • Providing a New/Improved way of doing things, • Filling an Unmet Need, & • Increases Productivity

  6. Recognizing Opportunity Many of the most successful companies started with one person who recognized an opp. & came up with an idea. FACTS: Recent SBA censes data show… • 5.8 m. firms with employees, & • 18.6 m. without… • Small firms with fewer than 500 employees represent 99.9% of the 25 m. businesses in the U.S. Small Business can be more creative & take more risk. Small Business contribute billions to U.S. economy every year & employ more workers than all of country’s large corporations COMBINED…

  7. Business SUCCESS or FAILURE According to SBA: • 67% (2/3rds) of new businesses survive at least 2 years. • 44% survive at least 4 years. • Over half of all new businesses Do Not survive beyond 4 yrs. Major Factor’s in a firms’ Success include: • Adequate Capital, • Product/Service that Meets Customer Needs, • Owner’s Education Level, • Owner’s Reason for Starting Business • Owner’s Business Experience/Knowledge

  8. Lesson 1.2Is Entrepreneurship right for you? CHARACTERISTICS of Successful Entrepreneurs… (8) • INDEPENDENT – make own decisions, self-sufficient • SELF-CONFIDENT– believe in themselves, secure • DETERMINATION & PERSEVERANCE – will power to resolve • GOAL-ORIENTED – you know what you want & you focus • MOTIVATED - driven, inspired • CREATIVE- resourceful, new ways to solve old problems • ACT QUICKLY - immediate decisions/decisive • KEEP UPDATED W/ TECHNOLOGY -

  9. CHARACTERISTICS of Good Team Members (Partners, Investors, Employees, Suppliers, Customers, Creditors…) COMMITMENT - dedicated, loyal, willing to work hard COMPETENCY - ability, skills needed COMMUNICATION - oral & written COOPERATION - work well w/ others, assist, help, team work CREATIVITY- resourceful, imagination, new ways of doing things

  10. What should we do? RESEARCH & PLAN… Why are R/P Important? • Contributes to success of company, • Forces you to understand all facets of owning business, • Makes sure that there’s a market (customer base), • Allows you to re-evaluate your: INTERESTS (what you REALLY like to do), STRENGTHS, & WEAKNESSES

  11. Self – Assessment Assessyour: Interests, Hobbies, Past Experiences & Jobs Assessyour: Aptitude (ability to learn a particular kind of job)

  12. ASSESS the ADVANTAGESof Entrepreneurship: • Your Own Boss • Doing What Interests You, • Can be Creative • Can Make MONEY… ASSESSthe DISADVANTAGESof Entrepreneurship: • Risky • Uncertain & Irregular Income • Long Hours • Must Make ALL Decisions by Yourself

  13. Lesson 1.3Exploring Ideas & Opportunities Opportunities – possibilities that arise from existing conditions Ideas – thoughts from creative thinking • Come From: Unmet Need, Hobbies, Interests/Enjoyment, Past Experiences, and/or Discovery INVESTIGATE – Internet (SBA.gov), library, other entrepreneurs, attend trade shows, trade magazines/books, government publications, and compare opportunities,

  14. Setting Goals **Helps you stay on track & follow through** SMART Goals: Specific, Measurable, Attainable, Realistic, Timely I will learn more about starting my own catering business by obtaining information from the SBA and talking with the owners of 3 local catering businesses by the end of the month. • Financial vs. Nonfinancial Goals • Must be REALISTIC , otherwise set’s you up for Failure. • FINANCIAL Goal Examples: • How much money will I earn, • How quickly I will pay off debts, • NONFINANCIAL Goal Examples: • Looking for personal satisfaction, • Serve a community need, • Do something you like, • Enjoy the personal independence of being an entrepreneur

  15. Lesson 1.4Problem solving for entrepreneurs USE THE PROBLEM-SOLVING PROCESS • Define the Problem - write it down, Why is it a problem?, Quantify it • Gather Information – perform a self-assessment, Aptitude test, Talk w/ others • Identify Various Solutions - explore all, usually more than one • Evaluate Alternatives & Select Best One - costs v. benefit • Take Action - put into practice, create a Business Plan, spread the word • Evaluate the Action – are you meeting your goals,

  16. PROBLEM-SOLVING Skills/Strategies • Communicating – • Oral/Written and Good Listener, • Good decisions often come from input from others, • Employees “buy in” to decisions • Brainstorming – • Identify various solutions to a problem, • Gather a large # of ideas, • No judging • Learning from Mistakes – • All entrepreneurs make mistakes. Successful ones use them

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