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SHOULD YOU BECOME AN ENTREPRENEUR?

SHOULD YOU BECOME AN ENTREPRENEUR?. 1.1 Entrepreneurs: Present and Past 1.2 Is Entrepreneurship Right for You? 1.3 Identify Business Opportunities and Set Goals. Lesson 1.1 ENTREPRENEURS: PRESENT AND PAST. Define entrepreneurship. Learn about entrepreneurship in history.

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SHOULD YOU BECOME AN ENTREPRENEUR?

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  1. Chapter 1 SHOULD YOU BECOME AN ENTREPRENEUR? 1.1 Entrepreneurs: Present and Past 1.2 Is Entrepreneurship Right for You? 1.3 Identify Business Opportunities and Set Goals

  2. Lesson 1.1ENTREPRENEURS: PRESENT AND PAST Define entrepreneurship. Learn about entrepreneurship in history. Identify the impact of entrepreneurs and small business today. Chapter 1 GOALS

  3. Chapter 1 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. entrepreneurs • Why do people become entrepreneurs?

  4. Chapter 1 TYPES OF ENTREPRENEURIAL BUSINESSES • Manufacturing • Wholesaling • Retailing • Service • Agricultural • Mining and extracting

  5. Chapter 1 EXAMPLES 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

  6. Chapter 1 EXAMPLES 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

  7. 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 Chapter 1 EXAMPLES OF RETAILING BUSINESSES

  8. Appliance repair Automotive repair Babysitting Bookkeeping Consulting Dance instruction Electrical services Exterminators Flower decorating House cleaning Lawn care Painting Plumbing Translating Travel agency Tutoring Chapter 1 EXAMPLES OF SERVICE BUSINESSES

  9. Chapter 1 ENTREPRENEURS IN UNITED STATES HISTORY • Entrepreneurs who changed America • Nineteenth century entrepreneurs • Early 20th century entrepreneurs • Entrepreneurs today

  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. Chapter 1 GOALS

  11. Chapter 1 CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS Successful 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

  12. Chapter 1 SMALL BUSINESSES DOMINATE THE U.S. ECONOMY

  13. Chapter 1 ASSESS YOUR SUITABILITY FOR ENTREPRENEURSHIP • Assess your interests • Hobbies and interests • Past experiences • Assess your aptitude • Assess the advantages of entrepreneurship • Assess the disadvantages of entrepreneurship

  14. Chapter 1 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.

  15. Chapter 1 ADVANTAGES OF ENTREPRENEURSHIP • Entrepreneurs are their own bosses. • Entrepreneurs can choose a business that interests them. • Entrepreneurs can be creative. • Entrepreneurs can make lots of money.

  16. Chapter 1 DISADVANTAGES OF ENTREPRENEURSHIP • Entrepreneurship is risky. • Entrepreneurs face uncertain and irregular incomes. • Entrepreneurs work long hours. • Entrepreneurs must make all decisions by themselves.

  17. Lesson 1.3IDENTIFY BUSINESS OPPORTUNITIES AND SET GOALS Recognize different businesses you could start. Identify your own personal goals. Chapter 1 GOALS

  18. Chapter 1 INVESTIGATE OPPORTUNITIES • Library • Small Business Administration • Trade shows

  19. Chapter 1 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?

  20. Chapter 1 SETTING GOALS • Financial goals • Nonfinancial goals

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