Should You Become an Entrepreneur? Chapter 1.1

Making Job Connections - page 3 Who do you think was one of the most important entrepreneurs of the past? Walt Disney (animated film/amusement parks) Henry Ford (automobiles) Who do you think is one of the most important entrepreneurs of the twenty-first century? Donald Trump (real estate) Debbie Fields (cookies) Michael Dell (computers) Simon Cowell (music) Oprah Winfrey (television) Bill Gates (software)

Can you identify a need in your school or community that might be met by the creation of a new business? Good business ideas often result of an unmet need!

Should You Be Your Own Boss How do you feel about working for someone else? Think of a business near school that is probably owned and operated by one person? Write down on paper 3 reasons why people want to start their own business. Decide most important as a class.

What is an Entrepreneur? Entrepreneurs – people who own, operate, and take the risk of a business venture. Entrepreneurship – Process of running a business of one’s own. Employees – are people who work for someone else.

Types of Entrepreneurial Business Manufacturing Business – produces the products they sell. Ex. Automobiles to Paper Wholesaling Business – sell products to other businesses rather than the final consumer. Ex. Greeting cards Retailing Business – sells products directly to those who use them. Ex. Clothing store

Continue Types of Businesses pg 6 Service Business – sell services rather than products. Ex. Hotels, hairdressers and repair shops. Agricultural Business – generate fresh produce and other farm products. Ex. Wheat Mining and extracting Business – take resources out of the ground so they can be consumed. Ex. coal

Recognizing Opportunity Entrepreneurship benefits a country by strengthening its economy, by providing new and improved ways of doing things, by filling unmet needs, and by increasing productivity million businesses in the US in million firms with employees 18.6 million without employees 99.9% have less than 500 employees

Entrepreneurs Who Changed America In most cases entrepreneurs start out as small businesses that grow to large corporations. Starbuck’s Coffee Company – Read page 7 The Home Depot – Read page 7

Who is Madam C. J. Walker?? Read bottom of page 6. Why is it important for entrepreneurs to make contributions to their community in addition to offering a product or service? Why do you think Madam C.J. Walker became such a successful entrepreneur?

Major Factor in a Firm’s Success Having enough Capital Providing a product or service to meet customers needs Owners education and experience Owner’s motivation 2/3 of new business only survive 2 years and 44% survive 4 years

What business do you think has the highest failure rate? Restaurant

Think About It 1. What are your reasons for wanting to become an entrepreneur? 2. Why do you think entrepreneurship is important to the U.S. economy? 3. What do you think is the most important thing an entrepreneur should do before starting a business?

MATH Suppose there are exactly 5,812,000 small businesses in the economy today. Approximately 27% of those businesses are service businesses. What is the number of service businesses in the economy?

Answer 1,569,240

Communication Assignment Entrepreneurs can be of any age. Research a teen entrepreneur. Write a ½ page DS paper about his or her business. Discuss whether or not your think the business idea is a good one. Make recommendations for expanding the business.