SHOULD YOU BECOME AN ENTREPRENEUR?
1.1Entrepreneurs: Present and Past 1.2Is Entrepreneurship Right for You? 1.3Identify Business Opportunities and Set Goals
Lesson 1.1 ENTREPRENEURS: PRESENT AND PAST
GOALS
Define entrepreneurship. Learn about entrepreneurship in history. Identify the impact of entrepreneurs and small business today.
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 ones own.
Employees vs. entrepreneurs Why do people become entrepreneurs?
TYPES OF ENTREPRENEURIAL BUSINESSES
Manufacturing Wholesaling Retailing Service Agricultural Mining and extracting
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
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
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
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
ENTREPRENEURS IN UNITED STATES HISTORY
Entrepreneurs who changed America
Nineteenth century entrepreneurs Early 20th century entrepreneurs
Entrepreneurs today
Lesson 1.2 IS ENTREPRENEURSHIP RIGHT FOR YOU?
GOALS
Identify the characteristics of successful entrepreneurs. Assess whether you have what it takes to succeed in your own business.
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
SMALL BUSINESSES DOMINATE THE U.S. ECONOMY
100%
Percentage of all U.S. businesses
90% 80% 70% 60% 50% 40% 30% 20% 10% 0%
89.0%
Fewer than 20 employees 0 to 499 employees More than 500 employees
10.7%
Number of employees
3.0%
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
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.
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.
DISADVANTAGES OF ENTREPRENEURSHIP
Entrepreneurship is risky. Entrepreneurs face uncertain and irregular incomes. Entrepreneurs work long hours. Entrepreneurs must make all decisions by themselves.
Lesson 1.3 IDENTIFY BUSINESS OPPORTUNITIES AND SET GOALS
GOALS
Recognize different businesses you could start. Identify your own personal goals.
INVESTIGATE OPPORTUNITIES
Library Small Business Administration Trade shows
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?
SETTING GOALS
Financial goals Nonfinancial goals
