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Should You Become an Entrepreneur?

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Presentation on theme: "Should You Become an Entrepreneur?"— Presentation transcript:

1 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.

2 Lesson 1.1 All About Entrepreneurship
What 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

3 Types of Entrepreneurial Businesses
Manufacturing - produce products they sell Wholesaling – sell pdts. to other businesses, rather… Retailing – sell pdts directly to those who use them Service – sell services, Not products Agricultural – generate produce & other farm pdts. Mining & Extracting – take resources out of ground so that they can be consumed/used

4 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 Store Service – Automotive Repair, Babysitting, Painting, Decorating… Agricultural – Merrymead Farm, Soluman’s Dairy, Wheat, Corn Mining & Extracting – Coal, Oil, Gas

5 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

6 Recognizing Opportunity
Many 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…

According 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

8 Lesson 1.2 Is Entrepreneurship right for you?
CHARACTERISTICS of Successful Entrepreneurs… (8) INDEPENDENT – make own decisions, self-sufficient SELF-CONFIDENT – believe in themselves, secure DETERMINATION & PERSEVERANCE – will power to resolve GOAL-ORIENTED – you know what you want & you focus MOTIVATED - driven, inspired CREATIVE - resourceful, new ways to solve old problems ACT QUICKLY - immediate decisions/decisive KEEP UPDATED W/ TECHNOLOGY -

9 (Partners, Investors, Employees, Suppliers, Customers, Creditors…)
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

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

11 Past Experiences & Jobs
Self – Assessment Assess your: Interests, Hobbies, Past Experiences & Jobs Aptitude (ability to learn a particular kind of job)

12 Doing What Interests You, Can be Creative Can Make MONEY…
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

13 Lesson 1.3 Exploring 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 (, library, other entrepreneurs, attend trade shows, trade magazines/books, government publications, and compare opportunities,

14 **Helps you stay on track & follow through**
Setting Goals **Helps you stay on track & follow through** 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

15 Lesson 1.4 Problem 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,

16 Learning from Mistakes –
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

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