Chapter 13 Our Economic System Chapter 13 Our Economic System Lesson 13.2 Being Your Own Boss Lesson 13.2 Being Your Own Boss

2 Chapter 13 Our Economic System Being Your Own Boss Discover The rewards and challenges of working for yourself How to start your own business

3 Chapter 13 Our Economic System Being Your Own Boss Why It’s Important In the free enterprise system, many people own and operate their own businesses. One day, you may be one of them.

4 Chapter 13 Our Economic System Being Your Own Boss Key Terms entrepreneur business plan marketing

5 Chapter 13 Our Economic System Being Your Own Boss You may have a future as an entrepreneur. An entrepreneur is someone who organizes and runs a business.

6 Chapter 13 Our Economic System Being Your Own Boss More than 95 percent of the people employed in the United States work for small businesses.

7 Chapter 13 Our Economic System Being Your Own Boss - - Long Work Hours - - Risk The Rewards and Challenges of Entrepreneurship Graphic Organizer Advantages Disadvantages You’re in Charge Personal Satisfaction Unlimited Income Potential Competition

8 Chapter 13 Our Economic System Being Your Own Boss Qualities of Entrepreneurs Graphic Organizer Decision Making Human Relations Motivation Sight and Foresight

9 Chapter 13 Our Economic System Being Your Own Boss Launching Your Own Business Whether you launch your business this weekend, next summer, or in the future, you will need a plan.

10 Chapter 13 Our Economic System Being Your Own Boss The Importance of Planning To run a successful business, you need a business plan. A business plan is a written proposal that describes your new business.

11 Chapter 13 Our Economic System Being Your Own Boss Elements of a Business Plan Graphic Organizer BusinessPlan Identifies the goods or services you will offer Shown to people who can lend you money to start your business Identifies where your business will be located Outlines your goals and gives a timetable for meeting them

12 Chapter 13 Our Economic System Being Your Own Boss The Importance of Planning A business plan also describes who your customers will be and your marketing plan. Marketing is the process of developing, promoting, and distributing good and services to customers.

13 Chapter 13 Our Economic System Being Your Own Boss Functions of Marketing Graphic Organizer Finance Pricing Promotion Service Market Research Distribution Selling

14 Chapter 13 Our Economic System Being Your Own Boss The Importance of Planning As part of your business plan, you’ll figure out how much it will cost to start and run your business.

15 Chapter 13 Our Economic System Being Your Own Boss The Importance of Planning Many entrepreneurs borrow money from a commercial lender, such as a bank, to get their businesses started.

16 Chapter 13 Our Economic System Being Your Own Boss Try This Activity Work with a group of students. Brainstorm a list of businesses that would be successful at your school. Conduct research on other students to find out if they would patronize your business. Develop a School-Based Business continued

17 Chapter 13 Our Economic System Being Your Own Boss Try This Activity Prepare Your Business Plan Now develop the business plan. Prepare Your Business Plan Now develop the business plan. Develop a School-Based Business continued

18 Chapter 13 Our Economic System Being Your Own Boss Try This Activity Conduct Research, Then Carry Out Your Plan Make sure your plan includes all the information listed. Then carry out your plan by starting the school-based business. Develop a School-Based Business

19 Chapter 13 Our Economic System Being Your Own Boss The Importance of Planning Making a business plan is hard work, but it’s also exciting. A business plan is a dream on paper.

20 Chapter 13 Our Economic System Being Your Own Boss Investigating Career Clusters Manufacturing The process of making products by hand or by machine continued Manufacturing

21 Chapter 13 Our Economic System Being Your Own Boss Investigating Career Clusters If you love to build things or make things, a career in manufacturing may be for you. Manufacturing

22 Chapter 13 Our Economic System Being Your Own Boss What should you consider in choosing a location for a business? Critical Thinking Review Critical Thinking Q Q continued

23 Chapter 13 Our Economic System Being Your Own Boss Answers include: whether the business needs to be near customers or services; location of competition; the cost of property; the condition of streets and buildings; and the types of businesses in the area. Critical Thinking Review Critical Thinking continued A A

24 Chapter 13 Our Economic System Being Your Own Boss What qualities of entrepreneurs are also important to have when you work for someone else? Critical Thinking Review Critical Thinking Q Q continued

25 Chapter 13 Our Economic System Being Your Own Boss Good employees are motivated and good at decision making. They can successfully relate to other people. These qualities are also required of entrepreneurs. Critical Thinking Review Critical Thinking A A

End of Chapter 13 Our Economic System End of Chapter 13 Our Economic System Lesson 13.2 Being Your Own Boss Lesson 13.2 Being Your Own Boss