1. All About Entrepreneurship
CTAE-FS-11: Entrepreneurship - Learners demonstrate understanding of concepts, processes, and behaviors associated with entrepreneurial performance

2. Many of the thousands of small businesses that make up the U. S
Many of the thousands of small businesses that make up the U.S. economy are owned and operated by women and men who created their own companies.
Entrepreneurship

3. Vocabulary Entrepreneurs Entrepreneurship
People who own, operate, and take the risk of a business venture
The process of running a business of one’s own
Vocabulary

4. Employees vs. Entrepreneurs
Employees: people who work for someone else
Entrepreneurs: 1) assume risks and 2) directly affected by the consequences of business decisions
Both: Make Decisions
Example: Sam Jones manages a record store owned by Felipe Santiago. Sam decides to keep the store open until midnight on weekdays.
If the additional hours bring in more customers and profit, Sam may get a raise but the extra earnings will flow to Felipe, the owner.
Employees vs. Entrepreneurs

5. People have completely different personal and professional reasons
Why do people become entrepreneurs?
Integrity & Ethical Behavior
People have completely different personal and professional reasons
Such as, leaving the fast paced corporate world to set their own schedules
Such as, pursuing a personal dream
Such as, working from home to raise a family yet still earn an income
Operate with integrity & exhibit ethical behavior in all areas of business to ensure the highest standards of conduct are observed in the relationships with everyone affect by the business activities.
When considering whether or not behavior is ethical, both the actions taken by the business owner & the possible results should be considered.

6. Types of Entrepreneurial Businesses
1. Manufacturing Businesses
5. Other Business Areas
Produce the products they sell; usually resources and supplies
Food products
2. Wholesale Businesses
Sell products to other businesses rather than the final consumer
Apparel
3. Retail Businesses
Sell products directly to the people who use them or consume them
Florists
Service Businesses
Sell services rather than products
Babysitting
Agricultural businesses generate fresh produce and other farm products
Mining & Extracting businesses take resources like coal out of the ground so that they can be consumed
Green Entrepreneurship: Being “green” or organic is a growing movement toward environmentally friendly products.
Advantage: often favored by customers because consumers benefit the earth & conserve resources by using their products/ services
Types of Entrepreneurial Businesses

7. Recognizing Opportunity
Entrepreneurs have played an important role in the history of America’s economy & will continue to shape our economy in the future.
Small firms/ businesses with fewer than 500 employees make up the overwhelming majority of the existing million jobs over the past 15 years compared with 1.8 million created by large businesses.
There are many businesses today that started small & have grown into large companies that are making a major impact in our economic system
Entrepreneurs Who Changed America:
Starbucks Coffee Company
The Home Depot
Harpo Productions, Inc.
Recognizing Opportunity

8. Entrepreneurial Opportunities in Economic Recovery
During economic downturns, small business owners have the flexibility to be more creative & take more risks than large companies.
The result is technological change & increased productivity which makes small businesses a significant part of the economic recovery process.
The American Recovery & Reinvestment Act of was passed to stimulate the economy.
Click to read provisions of the ARRA for individuals and businesses.
Entrepreneurial Opportunities in Economic Recovery

9. Business Success or Failure
Although there are many opportunities for entrepreneurial success, there is also a risk of failure.
67% of new businesses survive for 2 years
44% of new businesses survive for 4 years
Major factors in a firm’s success include but are not limited to:
Having adequate capital & being large enough to have employees
The owner’s education, experience, & knowledge of business
The reason for starting the firm
Must be sufficiently motivating
The owner’s ability to work with others
The owner’s ability to choose the right business & make sound decisions
The owner’s entrepreneurial characteristics
Business Success or Failure

10. Characteristics of Successful Entrepreneurs
Independent: to make their own decisions & do something they enjoy
Self Confident: in order to make all the decisions and bounce back from bad ones
Determined & Persistent: to persist through hard times
Goal Oriented: knowing what they want & staying focused to achieve it
Need to Achieve & To Set High Standards: motivated by setting & achieving goals
Creative: to find new ways to market & new solutions to problems
Able to Act Quickly: to make quick decisions to stay ahead of competitors
Keep Up To Date with Technology: to learn new technology that can help with their business

11. Characteristics of Good Team Members
Commitment
To team goals & willingness to work hard to achieve the goals
Competency
The right set of skills needed to get the job done & help accomplish the team’s goals
Communication
Can share ideas with others in both oral & written form
Cooperation
Works well with others, knows they won’t always get their way, & is willing to accept the decision of the group
Creativity
Able to look at things from different perspectives & suggest new ways of doing things

12. Dis/Advantages of Entrepreneurship
Entrepreneurs are their own bosses
Entrepreneurs can choose a business that interests them
Entrepreneurs can be active
Entrepreneurs can make large sums of money
Entrepreneurship is risky
Entrepreneurs face uncertain and irregular incomes
Entrepreneurs work long hours
Entrepreneurs must make all decisions by themselves
Dis/Advantages of Entrepreneurship

13. Problem Solving Model Step 3: Identify Various Solutions
Step 1: Define the Problem
Write down what the problem is and why it is a problem.
Ex: Should Dan Parker start a website design company?
Step 2: Gather Information
Relevant info may be obtained from many sources, including company records, industry data, trade magazines, and interviews with other industry people.
Ex: It would he helpful for Dan to do a self assessment to determine his strengths & weaknesses, skills, experience, speak to an industry professional, and refer to a trade magazine.
Step 3: Identify Various Solutions
Identify all possibilities before you settle on a particular solution.
Ex: Dan comes up with several possible solutions like work as a website designer for another company, pursue his interests in the food industry, & start his own website design company.
Step 4: Evaluate Alternatives and Select the Best Option
Qualify (figure out how much it is worth to you) or simply rank each alternative.
Ex: Dan wants to be his own boss so he ranks working for a website design company last, he would rather pursue website design so he ranks that second, and decides to open his own website design company.
Step 5: Take Action
Take action to implement the best solution.
Ex: Dan begins to putting together a business plan and spreading the word about his new venture.
Step 6: Evaluate the Action
Evaluate your action to determine how well your solution worked.
Ex: After 6 mons, Dan evaluated if his business is achieving his financial and non financial goals.

14. Problem Solving Skills
Communicate
In order to solve problems, you may have to ask questions, request information, and express your ideas and opinions.
Brainstorming
A creative problem-solving technique that involves generating a large number of fresh ideas; often done in a group setting.
The point of brainstorming is not to judge your ideas as good or bad but to come up with as many ideas as possible.
Learn from Mistakes
View your mistakes as a learning experience
Problem Solving Skills