Chapter 1 Should You Become An Entrepreneur 1.1 All About Entrepreneurship 1.2 Is Entrepreneurship Right For You 1.3 Exploring Ideas and Opportunities 1.4 Problem Solving for Entrepreneurs

Agenda Preview Chapter to complete Prior Knowledge (KW) and glossary sheets Discuss Entrepreneur and Entrepreneurship Class discussion & L KWL = Exit Ticket

Essential Questions What is an Entrepreneur? Why are they important to America? What makes a business a success or failure?

Entrepreneur A person who takes initiative to use an idea to create, organize, and manage a business Usually involves taking a RISK Examples = Steve Jobs, Ms. Dadario, local store owners,

Entrepreneurship The process of running a business that is self owned. Examples: CC Consulting Corporation, Apple computers, Pizza Villa

Examples: waitresses at Pizza Villa Employee People who work for someone else. They do not take on the risk owning the business. Examples: waitresses at Pizza Villa

Four Types of Businesses Manufacturing Wholesaling Retailing Service Agricultural Mining and extracting See chart of page 6 for various examples

Entrepreneurs Changing America Entrepreneurs provide: Jobs Goods and services Starbucks Home Depot HARPO Productions Madam C. J. Walker

Capital vs. Human Capital The money used by entrepreneurs to buy the necessities to produce their goods and services The attributes a particular individual holds that would be valuable to a company to help them succeed ex. knowledge

Business Success or Failure Over half of all new businesses fail after 4 years. What may be some causes of this?

Characteristics of Successful Businesses Adequate capital Providing a product that meets customer needs Entrepreneur’s perseverance to succeed Patience Experienced Entrepreneurs

Characteristics of Unsuccessful Businesses Inadequate capital Inexperienced entrepreneurs A product that does not meet customer needs

Discuss Essential Questions What is an Entrepreneur? Why are they important to America? What makes a business a success or failure?

Chapter 1.2 Do you have what it takes to be an entrepreneur?

Essential Questions What are characteristics of a successful entrepreneur? What are the advantages vs disadvantages of entrepreneurships? What are the characteristics of a good entrepreneurial team?

Essential Characteristics of a Successful Entrepreneur Disciplined Confident Open Minded Goal Oriented Competitive Creative Determined Strong People Skills Strong Work Ethic Passionate Dedicated Patient Good with time management

Entrepreneurial Team Members Partners Investors Employees Customers Suppliers

Characteristics of Good Team Members Commitment Competency Communication Cooperation Creativity

Do you have what it takes to be an entrepreneur? Self-assessment = evaluate your strengths and weaknesses, assesss your interests. Assess your aptitude = ability to learn a job Isenberg Entrepreneur Test

Advantages of Entrepreneurship Your own boss Option to choose a business that interest them Ability to be as creative with your business Can make large sums of money

Disadvantages of Entrepreneurship Risky Uncertain and Irregular Incomes Work long hours Responsible for all decision making

Discuss Essential Questions What are characteristics of a successful entrepreneur? Do you feel you would be a successful entrepreneur? What are the advantages vs disadvantages of entrepreneurships? What are the characteristics of a good entrepreneurial team?

Exploring Ideas and Opportunities 1.3 Exploring Ideas and Opportunities

Essential Questions What is the difference between an opportunity and an Idea? How can we investigate opportunities and ideas? What are SMART goals?

Ideas vs Opportunities Opportunities = possibilities that arise from existing conditions. For example, opening a pizza shop. Ideas = thoughts or concepts that come from creative thinking. For example, the Ipod.

Sources of Ideas Hobbies and Interest - ex. People who love fixing and working with hands may start handyman business Discovery or invention – electricity, beach umbrella shovels Past Experiences Ex. Working as city inspector then starting own inspection consulting firm

Investigate Opportunities Research to determine what customers needs are currently not being met. Internet Library Trade Shows County Business Pattern = economic data Small Business Administration (SBA)

Compare Different Opportunities For each business opportunity, you should consider: Will people buy my product or service? How much money is required to start the business? How many hours per week will it take to run the business? What are the business risks? Do I have the right background to run this business? What income will this business generate? Chapter 1

Setting Goals Chapter 1

Setting SMART Goals Specific Measurable Attainable Realistic Timely Goals Financial Goals = how much $ will you earn in a year, how much debt will you pay off in a year Nonfinancial Goals = community need, personal satisfaction

Discuss Essential Questions What is the difference between an opportunity and an Idea? How can we investigate opportunities and ideas? What are SMART goals?

Problem Solving for Entrepreneurs 1.4 Problem Solving for Entrepreneurs

Essential Questions What are the 6 steps involved in the Problem-Solving Model? What are the 3 main skills needed for problem-solving?

The Problem Solving Process Step 1: Define the Problem Step 2: Gather Information Step 3: Identify Various Solutions Step 4: Evaluate Alternatives and Select the Best Option Step 5: Take Action Step 6: Evaluate the Action

Problem-Solving Skills Communicating = interacting with others to resolve problems. Asking questions, request information, express ideas Brainstorming = generating a large number of fresh ideas Learning from mistakes

Discuss Essential Questions What are the 6 steps involved in the Problem-Solving Model? What are the 3 main skills needed for problem-solving?