Your Potential as an Entrepreneur

Paper Clips and Toothpicks Donald Duck What do all of these items have in common?  Inventions that fulfilled a consumer need/want

Opportunity Recognition A business opportunity is a consumer need or want that can potentially be met by a new business.  In economics, a need is defined as something that people must have to survive, such as water, food, clothing, or shelter.  A want is a product or service that people desire.  Not every business idea is a good business opportunity What need or problem do you have that is not met by products or services already in existence?  Take a minute to think about it

Entrepreneurial Thinking Tooth Pick Story The disposable wooden toothpick, invented in 1869 by Charles Forster, who noticed, while traveling in Brazil, that Brazilians picked their teeth with slivers of wood whittled from orange trees. Foster invented a machine to produce wooden toothpicks but couldn’t sell any to local restaurants in his hometown of Boston. To market his idea, he hired fashionable and successful young men to loudly ask for disposable toothpicks in expensive Boston restaurants. Soon the embarrassed restaurant owners were calling him! Shark Tank  The Turbobaster

Assessment What is an Entrepreneur?  a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so Do you have what it takes to be an entrepreneur?  Online  

The New Doughnut Maker Read the story about Dewey the Doughnut ManDewey the Doughnut Man Answer: 1. Why would Dewey want to go into business ownership? What rewards did Dewey have owning his own doughnut shop? 2. What risks were present for Dewey as owner of his doughnut shop?

Rewards of Entrepreneurship Being Your Own Boss Doing Something You Enjoy Having the Opportunity to Be Creative Having the Freedom to Set Your Own Schedule Having Job Security Making More Money Being Recognized Within the Community

Risks of Entrepreneurship If it’s so great, why doesn’t everyone do it?  Working Long Hours  Having an Uncertain Income  Being Fully Responsible  Risking One’s Investment

Characteristics of Successful Entrepreneurs Persistent Creative Responsible Inquisitive Goal-oriented Independent Self-demanding Self-confident Risk-taking Restless Action-oriented Enthusiastic

Ten Essential Entrepreneurial Skills 1. Communication 2. Math 3. Problem-Solving 4. Technology & Computers 5. Decision-Making 6. Organizing & Planning 7. Teamwork 8. Social 9. Adaptability 10. Basic Business

John H. Johnson What did he do? Why was he successful? Teacher handout

Project Famous Entrepreneur