Entrepreneurship Kallum Griffin, Brianna Sinclair and Anna Palumbo

WHAT IS AN ENTREPRENEUR Definitions –People who own, operate, and take the risk of a business venture are called entrepreneurs. –Entrepreneurship is the process of running a business of one’s own. Why do people become entrepreneurs?

People go into business for themselves for many reasons. –Some what to leave the fast-paced corporate environment –Others want to be at home but still earn an income –Others want to pursue a personal dream. The reason you might become an entrepreneur may be completely different from these.

Successful entrepreneurs are independent – want to make own decisions are self-confident – make choices alone have determination and perseverance – persist through hard times until goals are met are goal-oriented – know what they want, and they are able to focus on achieving it.

Successful entrepreneurs have a need to achieve and to set high standards for themselves – constantly setting challenging new goals are creative – think of new ways to market their businesses, and are always looking for new solutions to problems are able to act quickly – not afraid to make quick decisions when necessary, which helps them beat their competitors

THE BUSINESS PLAN A business plan is a written document that describes all the steps necessary in opening and operating a successful business.

PURPOSES OF A BUSINESS PLAN Explains the idea behind your business and spells out how your product or service will be produced and sold. Sets specific objectives and describes how your business expects to achieve them. Describes the background and experience of the people who will be running the business.

CASH FLOW STATEMENT A cash flow statement describes how much cash comes in and goes out of a business over a period of time. Forecast revenues Forecast operating expenses Prepare the cash flow statement Best and worst case

INCOME STATEMENT An income statement is a financial statement that indicates how much money a business earns or loses during a particular period. Also known as a profit and loss statement Difference from a cash flow statement

Putting into Action Now that we have learned about the basics of entrepreneurship let us do a hands on project. 1. Select the product you would like to produce 2. Obtain a budget (select a index card with budget) 3. Buy your materials 4. Produce your product 5. Market your product 6. Sell your product