1. Entrepreneurship Chapter 1 Mrs. Leonard

2. SHOULD YOU BECOME AN ENTREPRENEUR?
Chapter 1
SHOULD YOU BECOME AN ENTREPRENEUR?
1.1 Entrepreneurs: Present and Past
1.2 Is Entrepreneurship Right for You?
1.3 Identify Business Opportunities and Set Goals

3. Lesson 1.1 ENTREPRENEURS: PRESENT AND PAST
Chapter 1
Lesson 1.1 ENTREPRENEURS: PRESENT AND PAST

4. What is an entrepreneur?
Chapter 1
People who own, operate, and take the risk of a business venture are called _____________________.
_______________________________ is the process of running a business of one’s own.
Entrepreneurs try to identify the needs of the marketplace and meet those needs by supplying a ________________ or _______________
When they succeed the companies ____________ and profits go to them
When they fail their companies decline and they may have to ___________________________________________

5. Employees and Entrepreneurs
Chapter 1
Entrepreneurs
Assume _______________
Directly affected by consequences of decisions they make
____________________ – people who work for someone else
Not directly affected by consequences of the decisions they make

6. Why do people become entrepreneurs?
Chapter 1
Why do people become entrepreneurs?
Leave corporate environment
Work at _________________
Pursue a _______________________
What are other reasons people want to become an entrepreneur?

7. Compare and Contrast
Chapter 1
Use the table below to compare and contrast entrepreneurs vs. employees
Entrepreneur
Employees

8. Types of Entrepreneurial Businesses
Chapter 1
Types of Entrepreneurial Businesses
_______________________ businesses – produce the products they sell
Using resources and supplies they create everything from automobiles to paper
Wholesaling businesses – sell products to people other than the __________ customer
EX. Wholesaler supplies greeting card store (ex. Hallmark) with items such as cards and wrapping paper

9. Types of Entrepreneurial Businesses
Chapter 1
Types of Entrepreneurial Businesses
__________________ businesses – sell products directly to the people who use or consume them
Ex. Clothing Store
Service businesses – sell all _________________ rather than products
Ex. Hotels, Hairdressers

10. EXAMPLES OF MANUFACTURING BUSINESSES
Chapter 1
EXAMPLES OF MANUFACTURING BUSINESSES
___________________ and other textile products
Chemicals and related products
_________________and other electrical equipment
Fabricated metal products
__________________ products
Industrial machinery and equipment
Printing and publishing
Rubber and miscellaneous plastic products
Stone, clay, and glass product
What are examples in our community of Manufacturing Businesses?

11. EXAMPLES OF WHOLESALING BUSINESSES
Chapter 1
EXAMPLES OF WHOLESALING BUSINESSES
Apparel
Electrical goods
_______________________ and related products
Hardware, plumbing, heating equipment
Lumber, construction materials
Machinery, equipment, supplies
Motor vehicles, automotive equipment
_________________________, paper products
Petroleum, petroleum products
What are examples in our community of Wholesaling Businesses?

12. EXAMPLES OF RETAILING BUSINESSES
Chapter 1
EXAMPLES OF RETAILING BUSINESSES
Auto and home supply stores
Building materials and supply stores
Clothing stores
__________________
Furniture stores
Gift, novelty, and souvenir stores
___________ __________
Hardware stores
Jewelry stores
Retail bakeries
Shoe stores
Sporting goods and bicycle stores
What are examples in our community of Retailing businesses?

13. EXAMPLES OF SERVICE BUSINESSES
Chapter 1
EXAMPLES OF SERVICE BUSINESSES
Appliance repair
_________________ repair
Babysitting
Bookkeeping
Consulting
Dance instruction
Electrical services
Exterminators
What are examples in our community of Service businesses?
Flower decorating
House cleaning
Lawn care
Painting
_____________________
Translating
Travel agency
Tutoring

14. Chapter 1
Other business areas
____________________ business – generate fresh produce and other farm products
EX. Wheat
Mining and Extracting businesses – take resources like ____________ out of the ground so it can be consumed

15. ENTREPRENEURS IN UNITED STATES HISTORY
Chapter 1
ENTREPRENEURS IN UNITED STATES HISTORY
During the colonial years, entrepreneurship flourished – raised crops like rice and tobacco
After the American revolution, the US began to ____________________ – entrepreneurs invented machines that increased productivity and helped the economy grow.
Entrepreneurs change American _________________________ decade after decade
Establish huge companies or fill unmet needs
Constantly change how things are done and contribute to the overall good of the nation

16. ENTREPRENEURS IN UNITED STATES HISTORY – 19th Century
Chapter 1
ENTREPRENEURS IN UNITED STATES HISTORY – 19th Century
____________ __________________ – (1831) used the reaper to mechanize the job of harvesting crops
McCormick had $60 when he went to Chicago to set up a factory to manufacture ______________.
Company evolved into International Harvester, which produced farm equipment
Today, this company is called Navistar International Transportation Company, which manufactures International brand trucks.

17. ENTREPRENEURS IN UNITED STATES HISTORY – 19th Century
Chapter 1
ENTREPRENEURS IN UNITED STATES HISTORY – 19th Century
_______________________________________ – entrepreneur from Illinois made millions of dollars in investments and real estate
Transformed seemingly unusable marshland into _________
_______________________
Also founded Bradley University (1896)
____________________________ – began working at age 16 as clerk in small produce business
Age 23, he saved enough money to enter the oil refinery business
In 1872 his company, Standard Oil owned all the main oil refineries in Cleveland New York, Pittsburgh, and Philadelphia
Rockefeller ended up owning all oil distribution in the US – eventually becoming the ______________ man in the world

18. ENTREPRENEURS IN UNITED STATES HISTORY – 20th Century
Chapter 1
ENTREPRENEURS IN UNITED STATES HISTORY – 20th Century
________________________ – mass-produced the Model-T automobile, which he sold at a price Americans could afford
_________________________ – co-founded the Beach Aircraft Company with her husband
She handled the financial aspects of the company and took part in major company decisions

19. ENTREPRENEURS IN UNITED STATES HISTORY – 20th Century
Chapter 1
ENTREPRENEURS IN UNITED STATES HISTORY – 20th Century
______________________________ pioneered the development of packaged frozen foods in the 1920’s
Had a major impact on the eating habits throughout the world
__________________ took over the Knox Gelatine Company in 1908
She was an innovative business owner and was the first to provide employees with paid sick or vacation leave and a five day work week
Chapter 1

20. Entrepreneurs Today
Chapter 1
More than 5.8 million small businesses contribute billions of dollars each year to the U.S. economy
These small companies employee more ________________ than all of the country’s large corporations combined
Companies such as _______________, Intel, and Apple all started small businesses
These companies have changed the workplace by making computers accessible to the world
Other entrepreneurial companies such as Southwest Airlines, ________________________, and Estee Lauder Cosmetics started as small businesses
These companies make life more ___________________ for consumers and provide employment for hundreds of thousands of worker

21. Entrepreneurs Today
Chapter 1
Small companies can be _________________ and take more risks than large companies
There experimentation and innovation lead to ________________________ change and increased _____________________ – which make small businesses a significant part of the American economy
Many experts believe small companies will play an increasingly important role in the future

22. 1.1 Assessment
Chapter 1
Answer the following questions about lesson 1.1 in Microsoft Word. Write the questions and the answers. Save this in your Entrepreneurship folder on the computer as Chapter 1 Assessment.
How are entrepreneurs different from employees
What are the different kinds of entrepreneurial businesses.
Name one historical entrepreneur and describe what he/she did.
Why are small businesses so important to our economy?

23. Lesson 1.2 IS ENTREPRENEURSHIP RIGHT FOR YOU?
Chapter 1
Lesson 1.2 IS ENTREPRENEURSHIP RIGHT FOR YOU?
GOALS
Identify the characteristics of successful entrepreneurs.
Assess whether you have what it takes to succeed in your own business.

24. CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS
Chapter 1
CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS
Successful entrepreneurs
are _____________________________
are self-confident
have determination and perseverance
are ______________________________
have a need to achieve and to set high standards for themselves
are __________________
are able to act quickly

25. SMALL BUSINESSES DOMINATE THE U.S. ECONOMY
Chapter 1
SMALL BUSINESSES DOMINATE THE U.S. ECONOMY
Chapter 1

26. ASSESS YOUR SUITABILITY FOR ENTREPRENEURSHIP
Chapter 1
ASSESS YOUR SUITABILITY FOR ENTREPRENEURSHIP
To determine if entrepreneurship is right for you, you first need to perform a _______________
_____________________
Self-Assessment – an evaluation of your strengths and weaknesses.
List strength and ____________ on a sheet of paper
Ask others what they believe your strengths and weaknesses lie
Take a test to assess your abilities

27. Chapter 1
Assess your Interests
Success to an entrepreneur requires a strong commitment to business and a lot of energy – to be able to commit yourself fully you should choose a field that __________________________
Hobbies and Interests – many entrepreneurs center business on an interest and hobby
Making a list of hobbies and interests can help you decide what business is right for you
Past ___________ – analyzing past experiences and jobs can help you decide on a business you would enjoy owning
What businesses do your hobbies, interests, and past experiences suggest for you to enter?

28. Chapter 1
ASSESS YOUR APITUTES
Different jobs require different job ________________
Aptitude – is the ability to learn a particular kind of job
Auto mechanics must possess an aptitude for solving mechanical problems
Insurance salesmen must possess good _____________________ skills
What possible jobs match your own personal interests and aptitudes?

29. JOB ATTRIBUTES CHECKLIST
Chapter 1
JOB ATTRIBUTES CHECKLIST
I enjoy working with numbers.
I enjoy working outdoors.
I enjoy working with my hands.
I enjoy selling.
I like working with people.
I prefer to work alone.
I like supervising other people.
I like knowing exactly what it is I am supposed to do.

30. ADVANTAGES OF ENTREPRENEURSHIP
Chapter 1
ADVANTAGES OF ENTREPRENEURSHIP
Entrepreneurs are their own _____________.
No one tells an entrepreneur what to do – they control their own destinies
Entrepreneurs can choose a business that __________________ them.
Entrepreneurs can be _________________.
Entrepreneurs can make lots of ________________.
Entrepreneurs take risks – this means that entrepreneurs can make a lot of money if their business succeeds

31. DISADVANTAGES OF ENTREPRENEURSHIP
Chapter 1
DISADVANTAGES OF ENTREPRENEURSHIP
Entrepreneurship is ___________________.
All small businesses face the possibility of going out of business or losing money
Entrepreneurs face uncertain and irregular ____________.
Entrepreneurs may make money one month and lose money the next month
Entrepreneurs work _____________________________.
Entrepreneurs never are really finished with their jobs
They work long, irregular hours and receive no paid days off and may have to work evenings and weekends
Entrepreneurs must make all decisions ________________.
Unless they have partners, they must make decisions alone

32. Chapter 1
1.2 Assessment
Answer the following questions about lesson 1.2 on a separate sheet of paper. Write the questions and the answers.
Name 3 important characteristics of entrepreneurs.
Name key factors that aid an entrepreneur’s commitment to a business.
What does it mean to have an aptitude for something?
What are two advantages and two disadvantages of entrepreneurship?
Entrepreneurs can fail even if they are committed and have the characteristics needed to be successful. Why do you think this can happen?
Why is it important for entrepreneurs to choose a field that they will enjoy?
Do you think the advantages of entrepreneurship outweigh the disadvantages? Why or why not?

33. Lesson 1.3 IDENTIFY BUSINESS OPPORTUNITIES AND SET GOALS
Chapter 1
Lesson 1.3 IDENTIFY BUSINESS OPPORTUNITIES AND SET GOALS
GOALS
Recognize different businesses you could start.
Identify your own personal goals.

34. Identify Business Opportunities and Set Goals
Chapter 1
Identify Business Opportunities and Set Goals
Is there a business that is not currently located in Fayetteville (that people normally have to travel far to get to) that would flourish if it were opened here?
Is there enough demand in the community to open that kind of business nearby

35. INVESTIGATE OPPORTUNITIES
Chapter 1
INVESTIGATE OPPORTUNITIES
_____________ – has resources that can help you examine different opportunities
Books on entrepreneurship, magazines for entrepreneurs, trade magazines for certain businesses, and government publications
County Business Patterns is an annual series of publications providing economic profiles of counties, states, and the United States as a whole
___________________________________ – organization that exists to help small businesses and their owners
Trade shows – special meetings where companies display their products
Talking to other ________________________

36. COMPARE DIFFERENT OPPORTUNITIES
Chapter 1
COMPARE DIFFERENT OPPORTUNITIES
Is there a ________________? Will people buy?
How much money would it take? Will I be able to borrow that much?
How many hours a week are required? Am I willing to commit that much time?
What are the ____________? What is the rate of business failure?
Do I have the right background? Do others who own this kind of business have more experience?
How much money could I make?

37. SETTING GOALS Financial goals
Chapter 1
SETTING GOALS
Financial goals
Include how much money you will earn and how quickly you will pay off _________________
Make sure goals are __________________ and attainable
It usually takes time for businesses to be financially viable
Most businesses begin operations by _______________ money (which are usually paid within one to five years)
Setting specific financial goals before starting a business can ensure the business is able to earn _________________ you want

38. SETTING GOALS Non-Financial goals
Chapter 1
SETTING GOALS
Non-Financial goals
Personal ___________________ (serve a community need, enjoy the personal independence, or do something the like)
Specify the non-financial goals you want to achieve by being an entrepreneur

39. Chapter 1
1.3 Assessment
Open your Chapter 1 Assessment questions (from 1.1 and 1.2). Add the following questions to your Chapter 1 Assessment. Type the questions and bold your answers.
How can you find out about various business opportunities?
Why are financial goals important? Name some non-financial goals an entrepreneur might have.