Presentation on theme: "SHOULD YOU BECOME AN ENTREPRENEUR?"— Presentation transcript:
1SHOULD YOU BECOME AN ENTREPRENEUR? 4/15/2017Chapter 1SHOULD YOU BECOME AN ENTREPRENEUR?1.1 Entrepreneurs: Present and Past1.2 Is Entrepreneurship Right for You?1.3 Identify Business Opportunities and Set GoalsChapter 1
2Lesson 1.1 ENTREPRENEURS: PRESENT AND PAST Chapter 1Lesson 1.1 ENTREPRENEURS: PRESENT AND PASTGOALSDefine entrepreneurship.Learn about entrepreneurship in history.Identify the impact of entrepreneurs and small business today.
3WHAT IS AN ENTREPRENEUR? Chapter 1WHAT IS AN ENTREPRENEUR?DefinitionsPeople 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. entrepreneursWhy do people become entrepreneurs?
4Employees vs. Entrepreneurs? Chapter 1Employees vs. Entrepreneurs?EntrepreneursAssume risk.EmployeesPeople who work for someone elseBoth may make decisions, but only the entrepreneur is directly affected by the consequences of those decisions.
5Why do people become entrepreneurs? Chapter 1Why do people become entrepreneurs?People go into business for themselves for many reasons.Some what to leave the fast-paced corporate environmentOthers want to be at home but still earn an incomeOthers want to pursue a personal dream.The reason you might become an entrepreneur may be completely different from these.
6TYPES OF ENTREPRENEURIAL BUSINESSES Chapter 1TYPES OF ENTREPRENEURIAL BUSINESSESManufacturingWholesalingRetailingServiceAgriculturalMining and extracting
7EXAMPLES OF MANUFACTURING BUSINESSES Chapter 1EXAMPLES OF MANUFACTURING BUSINESSESApparel and other textile productsChemicals and related productsElectronics and other electrical equipmentFabricated metal productsFood productsIndustrial machinery and equipmentPrinting and publishingRubber and miscellaneous plastic productsStone, clay, and glass products
8EXAMPLES OF WHOLESALING BUSINESSES Chapter 1EXAMPLES OF WHOLESALING BUSINESSESApparelElectrical goodsGroceries and related productsHardware, plumbing, heating equipmentLumber, construction materialsMachinery, equipment, suppliesMotor vehicles, automotive equipmentPaper, paper productsPetroleum, petroleum products
9EXAMPLES OF RETAILING BUSINESSES Chapter 1EXAMPLES OF RETAILING BUSINESSESAuto and home supply storesBuilding materials and supply storesClothing storesFloristsFurniture storesGift, novelty, and souvenir storesGrocery storesHardware storesJewelry storesRetail bakeriesShoe storesSporting goods and bicycle stores
10EXAMPLES OF SERVICE BUSINESSES Chapter 1EXAMPLES OF SERVICE BUSINESSESAppliance repairAutomotive repairBabysittingBookkeepingConsultingDance instructionElectrical servicesExterminatorsFlower decoratingHouse cleaningLawn carePaintingPlumbingTranslatingTravel agencyTutoring
11ENTREPRENEURS IN UNITED STATES HISTORY Chapter 1ENTREPRENEURS IN UNITED STATES HISTORYEntrepreneurs who changed AmericaNineteenth century entrepreneursEarly 20th century entrepreneursEntrepreneurs today
12ENTREPRENEURS IN UNITED STATES HISTORY Chapter 1ENTREPRENEURS IN UNITED STATES HISTORYNineteenth century entrepreneursIn 1831 Cyrus McCormick took the reaper (which was already invented) and used it to mechanize the job of harvesting crops.McCormick had $60 when he went to Chicago to set up a factory to manufacture reapers.In time the company that marketed his reapers evolved into International Harvester, which produced farm equipment for many years.Today this company is called Navistar International Transportation Company and manufactures International Brand trucks.
13ENTREPRENEURS IN UNITED STATES HISTORY Chapter 1ENTREPRENEURS IN UNITED STATES HISTORYNineteenth century entrepreneursLydia Moss Bradley, an entrepreneur from Peoria, Illinois made millions of dollars in investments and real estate.She transformed seemingly unusable marshland into productive farm land.She also founded Bradley University in 1896.
14ENTREPRENEURS IN UNITED STATES HISTORY Chapter 1ENTREPRENEURS IN UNITED STATES HISTORYNineteenth century entrepreneursJohn D. Rockefeller began working at the age of 16 as a clerk in a small produce company.At age 23, he had saved enough money to enter the oil refinery business.By 1872, his company, Standard Oil, owned all of the main oil refineries in Cleveland, New Your, Pittsburgh, and Philadelphia.He became the richest man in the world.
15ENTREPRENEURS IN UNITED STATES HISTORY Chapter 1ENTREPRENEURS IN UNITED STATES HISTORYEarly 20th century entrepreneursEntrepreneurs remained very important in the twentieth century.Henry Ford developed and mass-produced the Model-T Automobile.Olive Ann Beech co-founded the Beech Aircraft Company.Clarence Birdseye pioneered the development of packaged frozen foods in the 1920’s
16ENTREPRENEURS IN UNITED STATES HISTORY Chapter 1ENTREPRENEURS IN UNITED STATES HISTORYEntrepreneurs todayMore than 5.8 million small businesses contribute billions of dollars every year to the United States economy.These small companies employ more workers than all of the country’s large corporations combined.Small companies can be more creative and take more risks than large companies
17Chapter 1Think Critically 1.1How is entrepreneurship today different from entrepreneurship during the colonial times?Entrepreneurs today have many more choices.Prior to industrialization, there were few ways to strike out on one’s own.Technology has made entrepreneurship possible for many more people.These people are creating products and offering services that were not needed decades ago.
18Chapter 1Think Critically 1.1What are your reasons for wanting to become an entrepreneur? Do you think they are common to all entrepreneurs, or are some of your reasons unique?IndependenceFlexibilityEnjoying work
19Lesson 1.2 IS ENTREPRENEURSHIP RIGHT FOR YOU? Chapter 1Lesson 1.2 IS ENTREPRENEURSHIP RIGHT FOR YOU?GOALSIdentify the characteristics of successful entrepreneurs.Assess whether you have what it takes to succeed in your own business.
20CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS Chapter 1CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURSSuccessful entrepreneursare independent – want to make own decisionsare self-confident – make choices alonehave determination and perseverance – persist through hard times until goals are metare goal-oriented – know what they want, and they are able to focus on achieving it.
21CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS Chapter 1CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURSSuccessful entrepreneurshave a need to achieve and to set high standards for themselves – constantly setting challenging new goalsare creative – think of new ways to market their businesses, and are always looking for new solutions to problemsare able to act quickly – not afraid to make quick decisions when necessary, which helps them beat their competitors
22SMALL BUSINESSES DOMINATE THE U.S. ECONOMY 4/15/2017Chapter 1SMALL BUSINESSES DOMINATE THE U.S. ECONOMYChapter 1
23Chapter 1Did You Know?There are 8.5 million women owned businesses in the United States.These businesses account for more than one-third of all businesses and generate $3.1 trillion in revenue.
24ASSESS YOUR SUITABILITY FOR ENTREPRENEURSHIP Chapter 1ASSESS YOUR SUITABILITY FOR ENTREPRENEURSHIPAssess your interestsHobbies and interestsPast experiencesAssess your aptitude – ability to learn a particular kind of jobAssess the advantages of entrepreneurshipAssess the disadvantages of entrepreneurship
25JOB ATTRIBUTES CHECKLIST Chapter 1JOB ATTRIBUTES CHECKLISTI 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.
26ADVANTAGES OF ENTREPRENEURSHIP Chapter 1ADVANTAGES OF ENTREPRENEURSHIPEntrepreneurs are their own bosses.Entrepreneurs can choose a business that interests them.Entrepreneurs can be creative.Entrepreneurs can make lots of money.
27DISADVANTAGES OF ENTREPRENEURSHIP Chapter 1DISADVANTAGES OF ENTREPRENEURSHIPEntrepreneurship is risky.Entrepreneurs face uncertain and irregular incomes.Entrepreneurs work long hours.Entrepreneurs must make all decisions by themselves.
28ASSESS YOUR SUITABILITY FOR ENTREPRENEURSHIP Chapter 1ASSESS YOUR SUITABILITY FOR ENTREPRENEURSHIPEntrepreneurship is not for everyone. Some people lack the qualities needed to become successful entrepreneurs. Others lack the aptitude needed to run a business.For others, the benefits of entrepreneurship do not outweigh the disadvantages.
29Chapter 1Think Critically 1.2Entrepreneurs can fail even if they are committed and have the characteristics needed to be successful. Why do you think this can happen?Because there was not a market for the product or serviceIneffective managementWhy is it important for entrepreneurs to choose a field that they will enjoy?If they do not enjoy the business, they will lose interest and the business will fail.
30Chapter 1Think Critically 1.2What is the relationship between interest in and aptitude for a particular field? Can interests and aptitudes be the same? Why or why not?A particular field may be of interest to you, but you may not have the aptitude or skills necessary to compete in that field. Interests and aptitudes are often similar. Most people are interested in things that they have an aptitude for.
31Lesson 1.3 IDENTIFY BUSINESS OPPORTUNITIES AND SET GOALS Chapter 1Lesson 1.3 IDENTIFY BUSINESS OPPORTUNITIES AND SET GOALSGOALSRecognize different businesses you could start.Identify your own personal goals.
32INVESTIGATE OPPORTUNITIES Chapter 1INVESTIGATE OPPORTUNITIESLibrary – has resources that can help you examine different opportunitiesSmall Business Administration – organization that exists to help small businesses and their owners. It publishes information that may be helpful.Trade shows – special meetings where companies display their products, can also be beneficial.
33COMPARE DIFFERENT OPPORTUNITIES Chapter 1COMPARE DIFFERENT OPPORTUNITIESIs 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?
34Chapter 1SETTING GOALSFinancial goals – can include how much money you will earn and how quickly you will pay off debts. Make sure goals are realistic. They should be easily attainable.Nonfinancial goals – personal satisfaction.Serve a community needDo something they likeEnjoy the personal independence of being an entrepreneur
35Chapter 1Think Critically 1.3Other than going to the library and attending trade shows, can you think of other ways to investigate business opportunities?NewspaperAdvertisementsTrade magazines, etcWhy is setting realistic financial goals important to creating a successful company?If the financial goals are not realistic, the entrepreneur will be discouraged and may not continue the venture.
36Chapter 1AssignmentPg 19 – 20Vocabulary Builder # 1-6 (write the word followed by the definition). (do not just put A, B, C….)Review your knowledge # 7 – 18. (answer in complete sentences)Think Critically # 21 – 24 (answer in complete sentences)