should you become an entrepreneur? lesson 1.1 – all about entrepreneurship lesson 1.2 – is...
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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.
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LESSON 1.1
ALL ABOUT ENTREPRENEURSHIPWhat 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
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Types of Entrepreneurial Businesses
1.Manufacturing - produce products they sell
2.Wholesaling – sell pdts. to other businesses, rather…
3.Retailing – sell pdts directly to those who use them
4.Service – sell services, Not products
5.Agricultural – generate produce & other farm pdts.
6.Mining & Extracting – take resources out of ground so that they can be consumed/used
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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 StoreService –•Automotive Repair, Babysitting, Painting, Decorating…Agricultural – •Merrymead Farm, Soluman’s Dairy, Wheat, CornMining & Extracting – •Coal, Oil, Gas
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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
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Recognizing OpportunityMany 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…
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Business SUCCESS or FAILUREAccording 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
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LESSON 1.2
IS ENTREPRENEURSHIP RIGHT FOR YOU?
CHARACTERISTICS of Successful Entrepreneurs… (8)
1.INDEPENDENT – make own decisions, self-sufficient
2.SELF-CONFIDENT – believe in themselves, secure
3.DETERMINATION & PERSEVERANCE – will power to resolve
4.GOAL-ORIENTED – you know what you want & you focus
5.MOTIVATED - driven, inspired
6.CREATIVE - resourceful, new ways to solve old problems
7.ACT QUICKLY - immediate decisions/decisive
8.KEEP UPDATED W/ TECHNOLOGY -
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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
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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
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Self – AssessmentAssess your:
Interests, Hobbies,
Past Experiences & Jobs
Assess your:
Aptitude (ability to learn a particular kind of job)
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ASSESS the ADVANTAGES of Entrepreneurship:
• Your Own Boss• Doing What Interests You,• Can be Creative• Can Make MONEY…
ASSESS the DISADVANTAGES of Entrepreneurship:
• Risky• Uncertain & Irregular Income• Long Hours• Must Make ALL Decisions by Yourself
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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,
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SETTING GOALS**Helps you stay on track & follow through**
SMART 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
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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,
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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