Entrepreneurship What is Entrepreneurship?

Terminology Entrepreneur A person who takes risks and organizes resources in order to satisfy needs A person who takes risks and organizes resources in order to satisfy needsNeeds Items that are essential for human survival Items that are essential for human survivalWants Items that are not essential for human survival Items that are not essential for human survival

Entrepreneurship Is about seeing opportunities and bringing about change Is about seeing opportunities and bringing about change It is the search for new products, new production methods, new markets, and new forms of an organization It is the search for new products, new production methods, new markets, and new forms of an organization It is based on innovation and the desire for change It is based on innovation and the desire for change It is looking at the world the way you want it to be, rather than the way it is It is looking at the world the way you want it to be, rather than the way it is

Entrepreneurship Entrepreneurship does the following: Satisfies needs / wants in society Satisfies needs / wants in society Generates new & innovative ways of doing things Generates new & innovative ways of doing things Creates a wider variety of goods and services Creates a wider variety of goods and services Lowers prices as there is more competition Lowers prices as there is more competition Generates more opportunities for employment Generates more opportunities for employment

Entrepreneurship Entrepreneurship does the following: Encourages women, youth, minority groups, and the elderly to participate in ventures Encourages women, youth, minority groups, and the elderly to participate in ventures Causes more wealth to be distributed (eg. Computers opened opportunities for software, hardware, repairs, magazines, TV shows, etc) Causes more wealth to be distributed (eg. Computers opened opportunities for software, hardware, repairs, magazines, TV shows, etc)

Entrepreneurship The most important factor in entrepreneurship is the ability to recognize an opportunity The most important factor in entrepreneurship is the ability to recognize an opportunity

Opportunity Knocks? Think – Pair - Share Think – Pair - Share Identify some opportunities for new businesses Identify some opportunities for new businesses Think of the Internet, cell phones, I-Pods, computers, school events, your local community, etc. Think of the Internet, cell phones, I-Pods, computers, school events, your local community, etc.

Entrepreneurship 1. Identify an opportunity 2. Pursue that opportunity beyond your current resources 3. Believe that opportunity can be achieved The Process of Entrepreneurship:

Why Learn About Entrepreneurship The goal of entrepreneurial education is to teach young people to see opportunities and act on them The goal of entrepreneurial education is to teach young people to see opportunities and act on them Many people choose to leave problem solving and innovation to others - Entrepreneurs do not Many people choose to leave problem solving and innovation to others - Entrepreneurs do not Students should understand that entrepreneurial education and spirit applies to everyone regardless of what position, occupation or profession an individual selects. Students should understand that entrepreneurial education and spirit applies to everyone regardless of what position, occupation or profession an individual selects.

Importance of Entrepreneurial Education To respond to change To respond to change Adjust to global, competitive economy Adjust to global, competitive economy To stimulate new business and the economy To stimulate new business and the economy To help reduce the number of failed business ventures To help reduce the number of failed business ventures

Why Do Businesses Fail? The number one reason businesses fail is because of poor planning The number one reason businesses fail is because of poor planning Too much competition Too much competition Poor location Poor location Improper marketing Improper marketing Inadequate funding Inadequate funding Poor management Poor management

Advantages / Disadvantages? Working with a partner, make a list of the advantages and disadvantages of Entrepreneurship on your sheet Working with a partner, make a list of the advantages and disadvantages of Entrepreneurship on your sheet

Rewards of Entrepreneurship Be your own boss Be your own boss Financial freedom Financial freedom Set your own schedule Set your own schedule Enjoyment of work Enjoyment of work Learn all aspects of a business Learn all aspects of a business Become a leader in the community Become a leader in the community Can be exciting Can be exciting

Drawbacks of Entrepreneurship Long hours Long hours Emotional energy Emotional energy Responsibility is on your shoulders Responsibility is on your shoulders Stress Stress Time away from family and friends Time away from family and friends Risk of business failure Risk of business failure