Take out a pen and paper to take notes!!! Entrepreneurs Take out a pen and paper to take notes!!!

Definitions Entrepreneurs- people who own, operate, and take the risk of a business venture Entrepreneurship- The process of running a business of one’s own Employee- people who work for someone else

6 Types of Entrepreneurial Business Manufacturing- actually produce the products they sell Wholesaling- sell the products to people other than the final customer Retailing- selling products to people Service- sell services

6 Types of Entrepreneurial Businesses con’t Agricultural- generate fresh produce & other farm products Mining & extracting- take resources like coal out of the ground so they can be consumed

Small Business Employ fewer than 20 people!

Characteristics of successful Entrepreneurs Independence Self-confident Determination & perseverance Goal-orientated The need to achieve & set high standards for themselves Are able to act quickly

Advantages of Entrepreneurship They are their own boss They can choose a business that interest them They can be creative They can make lots of money

Disadvantages of Entrepreneurship Entrepreneurship is risky Entrepreneurs face uncertain an irregular incomes Entrepreneurs work long hours Entrepreneurs must make all decisions by themselves

THINK CRITICALLY!! Entrepreneurs can fail even if they are committed and have the characteristics needed to be successful. Why do you think this can happen? Why is it important for entrepreneurs to choose a field that they will enjoy? Do you think the advantages of entrepreneurship outweigh the disadvantages? Why or why not?

Business Opportunities and Setting Goals The library has resources that can help you examine different opportunities. For example: Books on entrepreneurship Magazines for entrepreneurs Trade magazines Government publications Small Business Administration (SBA) is an organization that exists to help small businesses and their owners.

THINK CRITICALLY!! Choose a business idea that appeals to you. For this business, answer the six assessment questions listed in this lesson on a sheet of paper. Is this a realistic choice for you? Why or why not? In terms of annual income, what financial goals have you set for yourself for five years after you graduate? What non-financials goals have you set that becoming an entrepreneur can help you achieve? Are financial or non-financial goals more important to you? Why?

MATH CONNECTIONS!!! You live near the beach and have a passion for snorkeling. Your dream is to give snorkeling lessons. You estimate that after expenses, you earn $10 per lesson. Your income goal is $15,000 per year. How many lessons do you need to give to achieve this goal? Is this goal realistic?

COMMUNICATION!!! Make a list of personal non-financial goals you would like to achieve through entrepreneurship.