SHOULD YOU BECOME AN ENTREPRENEUR?

1.1Entrepreneurs: Present and Past 1.2Is Entrepreneurship Right for You? 1.3Identify Business Opportunities and Set Goals

Lesson 1.1 ENTREPRENEURS: PRESENT AND PAST

GOALS

Define entrepreneurship. Learn about entrepreneurship in history. Identify the impact of entrepreneurs and small business today.

 Employees vs.  Entrepreneurship is the process of running a business of one’s own. operate.WHAT IS AN ENTREPRENEUR?  Definitions  People who own. entrepreneurs  Why do people become entrepreneurs? . and take the risk of a business venture are called entrepreneurs.

TYPES OF ENTREPRENEURIAL BUSINESSES Manufacturing Wholesaling Retailing Service Agricultural Mining and extracting .

EXAMPLES OF MANUFACTURING BUSINESSES  Apparel and other textile products  Chemicals and related products  Electronics and other electrical equipment  Fabricated metal products  Food products  Industrial machinery and equipment  Printing and publishing  Rubber and miscellaneous plastic products  Stone. clay. and glass products .

paper products  Petroleum. equipment. construction materials  Machinery. petroleum products . automotive equipment  Paper. heating equipment  Lumber.EXAMPLES OF WHOLESALING BUSINESSES  Apparel  Electrical goods  Groceries and related products  Hardware. supplies  Motor vehicles. plumbing.

novelty.EXAMPLES OF RETAILING BUSINESSES  Auto and home supply stores  Building materials and supply stores  Clothing stores  Florists  Furniture stores  Gift. and souvenir stores  Grocery stores  Hardware stores  Jewelry stores  Retail bakeries  Shoe stores  Sporting goods and bicycle stores .

EXAMPLES OF SERVICE BUSINESSES  Appliance repair  Automotive repair  Babysitting  Bookkeeping  Consulting  Dance instruction  Electrical services  Exterminators  Flower decorating  House cleaning  Lawn care  Painting  Plumbing  Translating  Travel agency  Tutoring .

ENTREPRENEURS IN UNITED STATES HISTORY Entrepreneurs who changed America Nineteenth century entrepreneurs Early 20th century entrepreneurs Entrepreneurs today .

. Assess whether you have what it takes to succeed in your own business.2 IS ENTREPRENEURSHIP RIGHT FOR YOU? GOALS Identify the characteristics of successful entrepreneurs.Lesson 1.

CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS Successful entrepreneurs  are independent  are self-confident  have determination and perseverance  are goal-oriented  have a need to achieve and to set high standards for themselves  are creative  are able to act quickly .

S.S.0% Fewer than 20 employees 0 to 499 employees More than 500 employees 10. businesses 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 89.0% .7% Number of employees 3. ECONOMY 100% Percentage of all U.SMALL BUSINESSES DOMINATE THE U.

ASSESS YOUR SUITABILITY FOR ENTREPRENEURSHIP Assess your interests  Hobbies and interests  Past experiences Assess your aptitude Assess the advantages of entrepreneurship Assess the disadvantages of entrepreneurship .

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

Entrepreneurs can choose a business that interests them. . Entrepreneurs can make lots of money. Entrepreneurs can be creative.ADVANTAGES OF ENTREPRENEURSHIP Entrepreneurs are their own bosses.

Entrepreneurs face uncertain and irregular incomes.DISADVANTAGES OF ENTREPRENEURSHIP Entrepreneurship is risky. . Entrepreneurs must make all decisions by themselves. Entrepreneurs work long hours.

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

INVESTIGATE OPPORTUNITIES Library Small Business Administration Trade shows .

COMPARE DIFFERENT OPPORTUNITIES  Is there a market? 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 risks? 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? .

SETTING GOALS Financial goals Nonfinancial goals .

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