1. Chapter 1 Should You Become An Entrepreneur
1.1 All About Entrepreneurship
1.2 Is Entrepreneurship Right For You
1.3 Exploring Ideas and Opportunities
1.4 Problem Solving for Entrepreneurs

2. Agenda
Preview Chapter to complete Prior Knowledge (KW) and glossary sheets
Discuss Entrepreneur and Entrepreneurship
Class discussion & L
KWL = Exit Ticket

3. Essential Questions What is an Entrepreneur?
Why are they important to America?
What makes a business a success or failure?

4. Entrepreneur
A person who takes initiative to use an idea to create, organize, and manage a business
Usually involves taking a RISK
Examples = Steve Jobs, Ms. Dadario, local store owners,

5. Entrepreneurship The process of running a business that is self owned.
Examples:
CC Consulting Corporation,
Apple computers, Pizza Villa

6. Examples: waitresses at Pizza Villa
Employee
People who work for someone else. They do not take on the risk owning the business.
Examples: waitresses at Pizza Villa

7. Four Types of Businesses
Manufacturing
Wholesaling
Retailing
Service
Agricultural
Mining and extracting
See chart of page 6 for various examples

8. Entrepreneurs Changing America
Entrepreneurs provide:
Jobs
Goods and services
Starbucks
Home Depot
HARPO Productions
Madam C. J. Walker

9. Capital vs. Human Capital
The money used by entrepreneurs to buy the necessities to produce their goods and services
The attributes a particular individual holds that would be valuable to a company to help them succeed
ex. knowledge

10. Business Success or Failure
Over half of all new businesses fail after 4 years.
What may be some causes of this?

11. Characteristics of Successful Businesses
Adequate capital
Providing a product that meets customer needs
Entrepreneur’s perseverance to succeed
Patience
Experienced Entrepreneurs

12. Characteristics of Unsuccessful Businesses
Inadequate capital
Inexperienced entrepreneurs
A product that does not meet customer needs

13. Discuss Essential Questions
What is an Entrepreneur?
Why are they important to America?
What makes a business a success or failure?

14. Chapter 1.2 Do you have what it takes to be an entrepreneur?

15. Essential Questions
What are characteristics of a successful entrepreneur?
What are the advantages vs disadvantages of entrepreneurships?
What are the characteristics of a good entrepreneurial team?

16. Essential Characteristics of a Successful Entrepreneur
Disciplined
Confident
Open Minded
Goal Oriented
Competitive
Creative
Determined
Strong People Skills
Strong Work Ethic
Passionate
Dedicated
Patient
Good with time management

17. Entrepreneurial Team Members
Partners
Investors
Employees
Customers
Suppliers

18. Characteristics of Good Team Members
Commitment
Competency
Communication
Cooperation
Creativity

19. Do you have what it takes to be an entrepreneur?
Self-assessment = evaluate your strengths and weaknesses, assesss your interests.
Assess your aptitude = ability to learn a job
Isenberg Entrepreneur Test

20. Advantages of Entrepreneurship
Your own boss
Option to choose a business that interest them
Ability to be as creative with your business
Can make large sums of money

21. Disadvantages of Entrepreneurship
Risky
Uncertain and Irregular Incomes
Work long hours
Responsible for all decision making

22. Discuss Essential Questions
What are characteristics of a successful entrepreneur?
Do you feel you would be a successful entrepreneur?
What are the advantages vs disadvantages of entrepreneurships?
What are the characteristics of a good entrepreneurial team?

23. Exploring Ideas and Opportunities
1.3
Exploring Ideas and Opportunities

24. Essential Questions
What is the difference between an opportunity and an Idea?
How can we investigate opportunities and ideas?
What are SMART goals?

25. Ideas vs Opportunities
Opportunities = possibilities that arise from existing conditions. For example, opening a pizza shop.
Ideas = thoughts or concepts that come from creative thinking. For example, the Ipod.

26. Sources of Ideas
Hobbies and Interest -
ex. People who love fixing and working with hands may start handyman business
Discovery or invention – electricity, beach umbrella shovels
Past Experiences
Ex. Working as city inspector then starting own inspection consulting firm

27. Investigate Opportunities
Research to determine what customers needs are currently not being met.
Internet
Library
Trade Shows
County Business Pattern = economic data
Small Business Administration (SBA)

28. Compare Different Opportunities
For each business opportunity, you should consider:
Will people buy my product or service?
How much money is required to start the business?
How many hours per week will it take to run the business?
What are the business risks?
Do I have the right background to run this business?
What income will this business generate?
Chapter 1

29. Setting Goals
Chapter 1

30. Setting SMART Goals
Specific Measurable Attainable Realistic Timely Goals
Financial Goals = how much $ will you earn in a year, how much debt will you pay off in a year
Nonfinancial Goals = community need, personal satisfaction

31. Discuss Essential Questions
What is the difference between an opportunity and an Idea?
How can we investigate opportunities and ideas?
What are SMART goals?

32. Problem Solving for Entrepreneurs
1.4
Problem Solving for Entrepreneurs

33. Essential Questions
What are the 6 steps involved in the Problem-Solving Model?
What are the 3 main skills needed for problem-solving?

34. The Problem Solving Process
Step 1: Define the Problem
Step 2: Gather Information
Step 3: Identify Various Solutions
Step 4: Evaluate Alternatives and Select the Best Option
Step 5: Take Action
Step 6: Evaluate the Action

35. Problem-Solving Skills
Communicating = interacting with others to resolve problems. Asking questions, request information, express ideas
Brainstorming = generating a large number of fresh ideas
Learning from mistakes

36. Discuss Essential Questions
What are the 6 steps involved in the Problem-Solving Model?
What are the 3 main skills needed for problem-solving?