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Should You Become an Entrepreneur? . 1.1 All about Entrepreneurship 1.2 Is Entrepreneurship Right for You? 1.3 Explore Ideas and Opportunities 1.4 Problem Solving for Entrepreneurs . Lesson 1.1 All About Entrepreneurship . Goals Define entrepreneurship.
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Should You Become an Entrepreneur? 1.1 All about Entrepreneurship 1.2 Is Entrepreneurship Right for You? 1.3 Explore Ideas and Opportunities 1.4 Problem Solving for Entrepreneurs
Lesson 1.1All About Entrepreneurship Goals • Define entrepreneurship. • Recognize the role entrepreneurs play in the U.S. economy. • Determine the reasons that businesses succeed or fail. Chapter 1
Vocabulary • entrepreneurs • entrepreneurship • employees Chapter 1
Entrepreneurship • Many of the small businesses in the U.S. are owned and operated by men and women who created their own companies. Chapter 1
What is an Entrepreneur? • entrepreneurs • people who own, operate, and take the risk of a business venture • entrepreneurship • running a business of one’s own Chapter 1
Entrepreneurs identify unmet needs in the marketplace. • They provide a service or product to meet those unmet needs. Chapter 1
Employees vs. Entrepreneurs • employees • people who work for someone else • Additional earnings go to the business owner, not to the employee. Chapter 1
Why Do People Become Entrepreneurs? • to set your own schedule • to work out of your home • to pursue a personal dream Chapter 1
Integrity and Ethical Behavior • Entrepreneurs should behave ethically in all areas of business. • The actions taken and the results of the those actions should be considered. Chapter 1
Types of Entrepreneurial Businesses • manufacturing • wholesaling • retailing • service Chapter 1
Other Business Areas • agricultural • mining and extracting Chapter 1
Green Entrepreneurship • Many types of businesses may focus on being organic or “green.” • It is important to educate customers about how products or services • benefit the earth • conserve resources Chapter 1
Describe different types of entrepreneurial businesses. Chapter 1
Recognizing Opportunity • Many companies began with one person who started a business based on a single opportunity. • Small firms, with fewer than 500 employees, represent 99.9 percent of American businesses. Chapter 1
Entrepreneurs Who Changed America • Starbucks Coffee Company • retailer of coffee products • introduced new product, Espresso • markets coffee and tea products through • website • national retail supermarkets Chapter 1
The Home Depot • corporate vision was to provide home improvement products • at the lowest price • with the best possible service • now has more than 2,100 stores in the United States, Canada, and Mexico Chapter 1
HARPO Productions, Inc. • founded in 1986 • Oprah Winfrey is the first woman in history to own and produce her own talk show. • HARPO Entertainment Group • HARPO Productions • HARPO Films • HARPO Video Chapter 1
Entrepreneurial Opportunities in Economic Recovery • Small businesses are an important part of the economic recovery. They are: • willing and able to make changes quickly • more creative than large companies • Their experimentation and innovation lead to technological change and increased productivity. Chapter 1
The American Recovery and Reinvestment Act of 2009 • $30 billion in tax relief for small businesses • $13 billion in loans, lines of credit, and equity capital Chapter 1
Describe how one of the entrepreneurs discussed above recognized an opportunity to develop a successful business. Chapter 1
Business Success or Failure • Sixty-seven percent of new businesses survive at least two years. • Forty-four percent of new businesses survive at least four years. • Success rates can be enhanced if businesses • have adequate capital • are large enough to have employees Chapter 1
Businesses may fail if • the owner lacks business knowledge • Having an idea for a product or service is different than knowing how to run a business. Chapter 1
What factors contribute to helping a business succeed? Chapter 1
Lesson 1.2Is Entrepreneurship Right for You? Goals • Identify the characteristics of successful entrepreneurs. • Identify the characteristics of good team members. • Assess whether you have what it takes to succeed in your own business. Chapter 1
Vocabulary • self-assessment • aptitude Chapter 1
Characteristics of Successful Entrepreneurs • Successful entrepreneurs are: • independent • self-confident • determined • goal-oriented • achievement-oriented with high standards Chapter 1
creative • able to act quickly • technologically current Chapter 1
Name three important characteristics of entrepreneurs. Chapter 1
Characteristics of Good Team Members • Good team members display the following traits: • commitment • competency • communication • cooperation • creativity Chapter 1
Why is it important for entrepreneurs to be good team members? Chapter 1
Are You Right for Entrepreneurship? • self-assessment • an evaluation of your strengths and weaknesses Chapter 1
Assess Your Interests • choose a field that • interests you • you will enjoy Chapter 1
Assess Your Aptitude • aptitude • the ability to learn a particular type of job Chapter 1
Assess the Advantages of Entrepreneurship • Entrepreneurs • are their own bosses • can choose a business that interests them • can be creative • can make large sums of money Chapter 1
Assess the Disadvantages of Entrepreneurship • Disadvantages of entrepreneurship include: • risk • uncertain and irregular incomes • long hours • all decisions are made independently Chapter 1
What kinds of assessments should you make to determine if entrepreneurship is right for you? Chapter 1
Lesson 1.3Explore Ideas and Opportunities Goals • Identify sources for new business ideas. • Recognize different business opportunities. • Identify you own personal goals. Chapter 1
Vocabulary • opportunities • ideas • trade shows Chapter 1
Look for Ideas • opportunities • possibilities that arise from existing conditions • ideas • thoughts or concepts that come from creative thinking Chapter 1
Ideas come from a variety of sources including: • Hobbies and Interests • Past Experiences • Discovery or Invention Chapter 1
Investigate Opportunities • Sources of Information • Internet • library • County Business Patterns • Small Business Administration Chapter 1
trade shows • special meetings where companies of the same or related industry display their products Chapter 1
Compare Different Opportunities • For each business opportunity, you should consider: • Will people buy my product or service? • How much money is required to start the business? • How many hours per week will it take to run the business? Chapter 1
What are the risks associated with this business? • Do I have the right background to run this business? • How much money could I make running this business? Chapter 1
How can you find out about various business opportunities? Chapter 1
Set Goals Chapter 1
Financial Goals • Financial goals should be: • realistic • measurable • easily attainable in the time allotted Chapter 1