Should you become an Entrepreneur? Chapter #1 Should you become an Entrepreneur?

Do you know a Entrepreneur? Create a list of Entrepreneurs you know – Local and National

U.S Entrepreneurial Landscape Age group most active in entrepreneurial activity in the U.S is people between 25-34 1 out of 9 people is involved in entrepreneurship There are 25 million small business in the country More than 10.5 million Americans are self employed Small business provide 75% of the new jobs added to the economy 87% of al businesses employ less than 20 employees. Fastest growing small-business include: Amusement parks, masonry work, credit reporting, outpatient health care and medical labs

What is an Entrepreneur? People who own, operate, and take the risk of a business venture – Entrepreneur The process of running a business on one’s own - Entrepreneurship People who work for someone else – Employee “The only place success comes before work is in the dictionary.”

Why Do People Become Entrepreneurs? Create a list of reasons people want to start their own business.

Types of Entrepreneurial Business Manufacturing Retailing Wholesaling Service Other Business Areas include: Agricultural Mining & Extracting Business

Entrepreneurs in U.S. History

Cyrus McCormick 1831 – CYRUS invented the reaper it was used to mechanize the job of harvesting crops.

Lydia Moss Bradley Made Millions in investments and real estate – She turned march land into farm land and founded Bradley University in 1896

John D Rockefeller 1872 his company standard oil owned all the oil refineries in Cleveland, New York, Pittsburgh, and Philly. He became the richest man in the world.

Henry Ford Mass-produced the Model - T Auto’s

Olive Ann Beech Co-founder of Beech Aircraft ran the company till 1980

CLARENCE BIRDSEYE Pioneered the development of frozen foods in 1920

Rose Knox Leader in the food industry when she took over Knox Gelatine Company 1908 – She was the first to provide employees paid sick time and vacation leave and a 5 day work week.

Entrepreneurs Today 5.8 million small business contribute billions of dollars every year to the U.S Economy. Many companies started as small business Microsoft Apple Southwest Airlines Mrs. Fields Cookies

Characteristics of Successful Entrepreneurs Independent Self-Confident Determination and Perseverance Goal Oriented Need to Achieve – High Standards Creative Able to act quickly

Assess Your Suitability for Entrepreneurship List your strengths and weaknesses on as sheet of paper. What are your hobbies and Interests Do you have any past experiences that you enjoyed in a job or areas?

Advantages of Entrepreneurship Own Boss Choose a business that interest them Be creative Make lots of money

Disadvantages of Entrepreneurship Risky Uncertain or irregular incomes Long Hours Must make all the decisions

Investigate Opportunities Ways to learn about certain business Books on Entrepreneurship Government publications Trade Magazines SBA website Tradeshows

Compare Different Opportunities 1.) Is there a market in my community for this kind of business? Will people buy my product? 2.) How much money would it take to start this business? Will I be able to borrow that mush money? 3.) How many hours a week is it likely to take to run this business? Am I willing to commit that much time? 4.) What are the risks associated with this business? 5.) Does my background prepare me to run this kind of business? Do most people who own this kind of business have more experience than I do? 6.) How much money could I make running this business?

Setting Goals Financial Goals – Nonfinancial Goals -