should you become an entrepreneur?
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Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter Chapter Chapter Chapter 11
Should You Become an Entrepreneur? 1.1 All about Entrepreneurship 1.1 All about Entrepreneurship
1.2 Is Entrepreneurship Right for You? 1.2 Is Entrepreneurship Right for You?
1.3 Explore Ideas and Opportunities1.3 Explore Ideas and Opportunities
1.4 Problem Solving for Entrepreneurs 1.4 Problem Solving for Entrepreneurs
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 2
Lesson 1.1
All About Entrepreneurship
Goals Define entrepreneurship. Recognize the role entrepreneurs play
in the U.S. economy. Determine the reasons that businesses
succeed or fail.
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 3
Vocabulary entrepreneurs entrepreneurship employees
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Entrepreneurship
Many of the small businesses in the U.S. are owned and operated by men and women who created their own companies.
Chapter 1Slide 4
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 5
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
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 6
They provide a service or product to meet those unmet needs.
Entrepreneurs identify unmet needs in the marketplace.
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Employees vs. Entrepreneurs employees
people who work for someone else
Additional earnings go to the business owner, not to the employee.
Chapter 1Slide 7
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Why Do People Become Entrepreneurs? to set your own schedule to work out of your home to pursue a personal dream to “be the boss” for the expected financial reward
Chapter 1Slide 8
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Integrity and Ethical Behavior Entrepreneurs should behave ethically
in all areas of business. The actions taken and the results of those
actions should be considered.
Chapter 1Slide 9
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 10
Types of Entrepreneurial Businesses manufacturing wholesaling retailing service
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 11
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 12
Other Business Areas
agricultural mining and extracting
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
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 1Slide 13
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 14
Describe different types of entrepreneurial businesses.
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 15
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.
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
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 1Slide 16
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 17
$30 billion in tax relief for small businesses $13 billion in loans, lines of credit, and
equity capital
The American Recovery and Reinvestment Act of 2009
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 18
Describe how one of the entrepreneurs discussed above recognized an opportunity to develop a successful business.
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 19
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
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 20
the owner lacks business knowledge
Having an idea for a product or service is different than knowing how to run a business.
Businesses may fail if
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 21
What factors contribute to helping a business succeed?
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 22
Lesson 1.2
Is 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.
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 23
Vocabulary self-assessment aptitude
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 24
Characteristics of Successful Entrepreneurs Successful entrepreneurs are:
independent self-confident determined goal-oriented achievement-oriented with high
standards
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 25
able to act quickly technologically current
creative
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 26
Name three important characteristics of entrepreneurs.
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 27
Characteristics of Good Team Members Good team members display the
following traits: commitment competency communication cooperation creativity
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 28
Why is it important for entrepreneurs to be good team members?
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 29
Are You Right for Entrepreneurship? self-assessment
an evaluation of your strengths and weaknesses
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Assess Your Interests
choose a field that interests you you will enjoy matches your personal values you have aptitudes/skills in
Chapter 1Slide 30
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Assess Your Aptitude
aptitude the natural ability to learn a particular type
of job
Chapter 1Slide 31
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 32
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
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 1Slide 33
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 34
Assess the Disadvantages of Entrepreneurship Disadvantages of entrepreneurship
include: risk uncertain and irregular incomes long hours all decisions are made independently
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 35
What kinds of assessments should you make to determine if entrepreneurship is right for you?
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 36
Lesson 1.3
Explore Ideas and Opportunities
Goals Identify sources for new business
ideas. Recognize different business
opportunities. Identify you own personal goals.
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 37
Vocabulary opportunities ideas trade shows
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 38
Look for Ideas
opportunities possibilities that arise from existing
conditions
ideas thoughts or concepts that come from
creative thinking
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 39
Hobbies and Interests Past Experiences Discovery or Invention
Ideas come from a variety of sources including:
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 40
Where do new ideas for businesses come from?
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 41
Investigate Opportunities
Sources of Information Internet library County Business Patterns Small Business Administration
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 42
special meetings where companies of the same or related industry display their products
trade shows
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 43
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?
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 44
Do I have the right background to run this business?
How much money could I make running this business?
What are the risks associated with this business?
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 45
How can you find out about various business opportunities?
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 46
Set Goals
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 47
Financial Goals
Financial goals should be: realistic measurable easily attainable in the time allotted
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 48
Nonfinancial Goals
Nonfinancial goals may include: personal satisfaction serving a community need doing something you like enjoying personal independence
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 49
Why are financial goals important? Name some nonfinancial goals an entrepreneur may have.
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 50
THINK CRITICALLY
1. Why must entrepreneurs look at future trends when making business decisions?
2. Why should entrepreneurs look beyond current technology trends when making business decisions?
Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Chapter 1Slide 51
4. How are entrepreneurs affected by a global economy?
3. Why should statistics be used for this presentation?
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