Entrepreneurship Understand activities and careers in small business management and entrepreneurship.

Small Business Independently owned and operated Must have 100 or fewer employees

Entrepreneurship The process of starting and running one’s own business. Takes initiative Involves risk

Market Economy The US government has a Free Enterprise System Opportunity to start and own a business Business ventures are risky, but is usually worth the investment

Basic Forms of Business Ownership Sole Proprietorship – A business owned and operated by one person.

Basic Forms of Business Ownership Partnership - Form of business where two or more individuals share assets, liabilities, and profit.

Basic Forms of Business Ownership Corporation – A business owned by stockholders and run by a CEO.

Basic Forms of Business Ownership Franchise – A legal agreement that gives an individual the right to market a company’s product or service in a particular area.

Business Functions of an Entrepreneur 1. Financial management: Understands the financial concepts and tools used in making business decisions. 2. Human Resource Management: Understands the concepts and strategies needed to acquire, motivate, develop, and terminate staff. 3. Information Management: Understands the concepts, systems, and tools needed to access, process, maintain, and evaluate, information for business decision-making.

Business Functions of an Entrepreneur 4. Marketing management: Understands the concepts, systems, and tools needed to access, process, maintain, and evaluate, information for business decision-making. 5. Operations Management: Understands the process and systems implemented to facilitate daily business operations.

Business Functions of an Entrepreneur 6. Risk Management: Understands the concepts, strategies, and systems that businesses implement and enforce to minimize loss. 7. Strategic Management: Understands the processes, strategies and systems needed to guide the overall business organization.

Entrepreneurial Career Opportunities Party Planner Aerobics Instructor Catering Business Cleaning Service Lawn Care Service Recycling Service Car Wash Service Window Washing Website Developer Architect Designer Musician Chef Bed and Breakfast Home Decorating Bike Repair

Entrepreneurial Career Opportunities continued … Limousine Service Webmaster Barber Shop Beauty Consultant Landscaper Pet Care Service Tutoring Service Computer Repair Videotaping Service House-sitting Service Crafts Carpet Cleaner Automotive Repair Florist What are some others?

Successful Entrepreneurs P. T. Barnum Fred Deluca Henry Ford William Rosenburg William Gates Oprah Winfrey Liz Claiborne Walt Disney Thomas Edison Debbie Fields Bud Hadfield Andrew Carnegie What did they do?

Successful Entrepreneurs continued Ted Turner Larry Ellison Mary Kay Ash Donald Trump Dave Thomas Ray Kroc Sam Walton Phil Knight Charles Lazarus Steven Spielberg Richard Branson Edward Lowe Colonel Sanders Sean Combs What did they do?