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LESSONS ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 SHOULD YOU BECOME AN ENTREPRENEUR? 1.1 1.1Entrepreneurs: Present and Past.

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Presentation on theme: "LESSONS ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 SHOULD YOU BECOME AN ENTREPRENEUR? 1.1 1.1Entrepreneurs: Present and Past."— Presentation transcript:

1 LESSONS ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 SHOULD YOU BECOME AN ENTREPRENEUR? Entrepreneurs: Present and Past Is Entrepreneurship Right for You? Identify Business Opportunities and Set Goals

2 ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 2 Lesson 1.1 ENTREPRENEURS: PRESENT AND PAST Define entrepreneurship. Learn about entrepreneurship in history. Identify the impact of entrepreneurs and small business today. GOALS

3 ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 3 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?

4 ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 4 TYPES OF ENTREPRENEURIAL BUSINESSES Manufacturing Wholesaling Retailing Service Agricultural Mining and extracting

5 ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 5 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 ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 6 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 ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 7 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

8 ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 8 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

9 ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 9 ENTREPRENEURS IN UNITED STATES HISTORY Entrepreneurs who changed America Nineteenth century entrepreneurs Early 20 th century entrepreneurs Entrepreneurs today

10 ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 10 Lesson 1.2 IS ENTREPRENEURSHIP RIGHT FOR YOU? Identify the characteristics of successful entrepreneurs. Assess whether you have what it takes to succeed in your own business. GOALS

11 ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 11 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 ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 12 SMALL BUSINESSES DOMINATE THE U.S. ECONOMY

13 ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 13 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 ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 14 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 ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 15 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 ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 16 DISADVANTAGES OF ENTREPRENEURSHIP Entrepreneurship is risky. Entrepreneurs face uncertain and irregular incomes. Entrepreneurs work long hours. Entrepreneurs must make all decisions by themselves.

17 ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 17 Lesson 1.3 IDENTIFY BUSINESS OPPORTUNITIES AND SET GOALS Recognize different businesses you could start. Identify your own personal goals. GOALS

18 ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 18 INVESTIGATE OPPORTUNITIES Library Small Business Administration Trade shows

19 ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 19 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 ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 20 SETTING GOALS Financial goals Nonfinancial goals


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