entrepreneurship: ideas in action© south-western publishing entrepreneurship do now: get a book...

ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

Entrepreneurship

DO NOW: Get a Book from the Closet • Page 3 Read Delia’s Dilemma

• Answer questions 1 - 4

We will be taking notes and doing book work today. Make sure you have a pen and

notebook!!

ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

Chapter 1Chapter 1SHOULD YOU BECOME AN ENTREPRENEUR?

1.11.1 Entrepreneurs (1-11)

1.21.2 Is Entrepreneurship Right for You?

1.31.3 Identify Business Opportunities and Set Goals

LESSONSLESSONS

ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

Chapter 1

Slide 3WHAT 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?

ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

Chapter 1

Slide 4

ADVANTAGES OF ENTREPRENEURSHIPEntrepreneurs are their own bosses.

Entrepreneurs can choose a business that interests them.

Entrepreneurs can be creative.

Entrepreneurs can make lots of money.

ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

Chapter 1

Slide 5

DISADVANTAGES OF ENTREPRENEURSHIPEntrepreneurship is risky.

Entrepreneurs face uncertain and irregular incomes.

Entrepreneurs work long hours.

Entrepreneurs must make all decisions by themselves.

ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

Chapter 1

Slide 6

CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURSSuccessful 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

ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

Chapter 1

Slide 7

IS ENTREPRENEURSHIP RIGHT FOR YOU?

Identify the characteristics of successful entrepreneurs.

Assess whether you have what it takes to succeed in your own business.

GOALSGOALS

ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

Chapter 1

Slide 8TYPES OF ENTREPRENEURIAL BUSINESSESManufacturingWholesalingRetailingServiceAgriculturalMining and extracting

ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

Chapter 1

Slide 9EXAMPLES 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

ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

Chapter 1

Slide 10EXAMPLES 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

ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

Chapter 1

Slide 11

EXAMPLES OF RETAILING BUSINESSES 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

ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

Chapter 1

Slide 12

EXAMPLES OF SERVICE BUSINESSES Appliance repair Automotive repair Babysitting Bookkeeping Consulting Dance instruction Electrical services Exterminators

Flower decorating House cleaning Lawn care Painting Plumbing Translating Travel agency Tutoring

ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

Chapter 1

Slide 13SMALL BUSINESSES DOMINATE THE U.S. ECONOMY

90%

9%1%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Number of employees

Perc

enta

ge o

f all

U.S

. bus

ines

ses

20 or fewer employees

21 to 500 employees

More than 501 employees

ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

Chapter 1

Slide 14

ENTREPRENEURS IN UNITED STATES HISTORYEntrepreneurs who changed America

Nineteenth century entrepreneursEarly 20th century entrepreneurs

Entrepreneurs todayMore than 5.8 small businesses contribute

to the economy.Small businesses employ more workers

than all of the country’s large corporations combined.

ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

Chapter 1

Slide 15

ASSESS YOUR SUITABILITY FOR ENTREPRENEURSHIPAssess your interests

Hobbies and interests Past experiences

Assess your aptitude

ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

Chapter 1

Slide 16

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.

ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

Chapter 1

Slide 17Lesson 1.3IDENTIFY BUSINESS OPPORTUNITIES AND SET GOALS

Recognize different businesses you could start.

Identify your own personal goals.

GOALSGOALS

ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

Chapter 1

Slide 18INVESTIGATE OPPORTUNITIESLibrary

Books on entrepreneurship (examples)

Magazines: for entrepreneurs and trade magazines for certain businesses (examples)

Government publications: County Business Patterns (example of government grant publications)

Internet: entrepreneur.com

Small Business Administration (sba.gov)

Trade shows and trade associations (example list of trade shows)

Recognize different businesses you could start.

ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

Chapter 1

Slide 19COMPARE 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?

Recognize different businesses you could start.

ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

Chapter 1

Slide 20

SETTING GOALSFinancial goals

How much money you will earnHow quickly you can pay off debts

Nonfinancial goalsPersonal satisfactionServe a community needDo something you likeEnjoy personal independence

Identify your own personal goals.

Chapter 1Chapter 1 Slide 21Chapter 1 Think Critically:Chapter 1 Think Critically:

Choose a business idea that appeals to you. For this business, answer the six assessment questions listed in this lesson. Is this a realistic choice for you? Why or why not?