1. Should You Become an Entrepreneur?
Lesson 1.1 –
All About Entrepreneurship
Lesson 1.2 –
Is Entrepreneurship Right for You?
Lesson 1.3 –
Exploring Ideas & Opportunities
Lesson 1.4 – Problem Solving for Entrep.

2. Lesson 1.1 All About Entrepreneurship
What is an Entrepreneur?
People who own, operate & take risk of a business venture.
What is Entrepreneurship?
Process of running one’s own business.
What is the difference between an Employee vs. Entrepreneur?
Employee – people who work for someone else,
Entrepreneur – assumes risk, & are directly affected by consequences
Why do people become entrepreneurs?
Leave Fast-Paced Corporate Environment,
Set Own Schedules,
Work from Home,
Pursue a Personal Dream,
Make Money,
Be Own Boss

3. Types of Entrepreneurial Businesses
Manufacturing - produce products they sell
Wholesaling – sell pdts. to other businesses, rather…
Retailing – sell pdts directly to those who use them
Service – sell services, Not products
Agricultural – generate produce & other farm pdts.
Mining & Extracting – take resources out of ground so that they can be consumed/used

4. Examples of the Types of Entrepreneurial businesses
Manufacturing –
Automobiles, Apparel, Electronics, Paper…
Wholesaling –
SUPPLIES your “local greeting card store”
Retailing –
STORE, Clothing Store, Jewelry Store, Grocery Store
Service –
Automotive Repair, Babysitting, Painting, Decorating…
Agricultural –
Merrymead Farm, Soluman’s Dairy, Wheat, Corn
Mining & Extracting –
Coal, Oil, Gas

5. All about Entrepreneurship
Entrepreneurship Benefits a Country By:
Strengthening its Economy,
Providing a New/Improved way of doing things,
Filling an Unmet Need, &
Increases Productivity

6. Recognizing Opportunity
Many of the most successful companies started with one person who recognized an opp. & came up with an idea.
FACTS:
Recent SBA censes data show…
5.8 m. firms with employees, &
18.6 m. without…
Small firms with fewer than 500 employees represent 99.9% of the 25 m. businesses in the U.S.
Small Business can be more creative & take more risk.
Small Business contribute billions to U.S. economy every year & employ more workers than all of country’s large corporations COMBINED…

7. Business SUCCESS or FAILURE
According to SBA:
67% (2/3rds) of new businesses survive at least 2 years.
44% survive at least 4 years.
Over half of all new businesses Do Not survive beyond 4 yrs.
Major Factor’s in a firms’ Success include:
Adequate Capital,
Product/Service that Meets Customer Needs,
Owner’s Education Level,
Owner’s Reason for Starting Business
Owner’s Business Experience/Knowledge

8. Lesson 1.2 Is Entrepreneurship right for you?
CHARACTERISTICS of Successful Entrepreneurs… (8)
INDEPENDENT – make own decisions, self-sufficient
SELF-CONFIDENT – believe in themselves, secure
DETERMINATION & PERSEVERANCE – will power to resolve
GOAL-ORIENTED – you know what you want & you focus
MOTIVATED - driven, inspired
CREATIVE - resourceful, new ways to solve old problems
ACT QUICKLY - immediate decisions/decisive
KEEP UPDATED W/ TECHNOLOGY -

9. (Partners, Investors, Employees, Suppliers, Customers, Creditors…)
CHARACTERISTICS of Good Team Members
(Partners, Investors, Employees, Suppliers, Customers, Creditors…)
COMMITMENT - dedicated, loyal, willing to work hard
COMPETENCY - ability, skills needed
COMMUNICATION - oral & written
COOPERATION - work well w/ others, assist, help, team work
CREATIVITY - resourceful, imagination, new ways of doing things

10. INTERESTS (what you REALLY like to do), STRENGTHS, & WEAKNESSES
What should we do?
RESEARCH & PLAN…
Why are R/P Important?
Contributes to success of company,
Forces you to understand all facets of owning business,
Makes sure that there’s a market (customer base),
Allows you to re-evaluate your:
INTERESTS (what you REALLY like to do),
STRENGTHS, & WEAKNESSES

11. Past Experiences & Jobs
Self – Assessment
Assess your:
Interests,
Hobbies,
Past Experiences & Jobs
Aptitude
(ability to learn a particular kind of job)

12. Doing What Interests You, Can be Creative Can Make MONEY…
ASSESS the ADVANTAGES of Entrepreneurship:
Your Own Boss
Doing What Interests You,
Can be Creative
Can Make MONEY…
ASSESS the DISADVANTAGES of Entrepreneurship:
Risky
Uncertain & Irregular Income
Long Hours
Must Make ALL Decisions by Yourself

13. Lesson 1.3 Exploring Ideas & Opportunities
Opportunities – possibilities that arise from existing conditions
Ideas – thoughts from creative thinking
Come From: Unmet Need, Hobbies, Interests/Enjoyment,
Past Experiences, and/or Discovery
INVESTIGATE –
Internet (SBA.gov), library, other entrepreneurs, attend trade shows, trade magazines/books, government publications, and compare opportunities,

14. **Helps you stay on track & follow through**
Setting Goals
**Helps you stay on track & follow through**
SMART Goals: Specific, Measurable, Attainable, Realistic, Timely
I will learn more about starting my own catering business by
obtaining information from the SBA and talking with the owners
of 3 local catering businesses by the end of the month.
Financial vs. Nonfinancial Goals
Must be REALISTIC , otherwise set’s you up for Failure.
FINANCIAL Goal Examples:
How much money will I earn,
How quickly I will pay off debts,
NONFINANCIAL Goal Examples:
Looking for personal satisfaction,
Serve a community need,
Do something you like,
Enjoy the personal independence of being an entrepreneur

15. Lesson 1.4 Problem solving for entrepreneurs
USE THE PROBLEM-SOLVING PROCESS
Define the Problem - write it down, Why is it a problem?, Quantify it
Gather Information – perform a self-assessment, Aptitude test, Talk w/ others
Identify Various Solutions - explore all, usually more than one
Evaluate Alternatives & Select Best One - costs v. benefit
Take Action - put into practice, create a Business Plan, spread the word
Evaluate the Action – are you meeting your goals,

16. Learning from Mistakes –
PROBLEM-SOLVING Skills/Strategies
Communicating –
Oral/Written and Good Listener,
Good decisions often come from input from others,
Employees “buy in” to decisions
Brainstorming –
Identify various solutions to a problem,
Gather a large # of ideas,
No judging
Learning from Mistakes –
All entrepreneurs make mistakes. Successful ones use them