Our Economic System Being Your Own Boss Chapter 13 Our Economic System Lesson 13.2 Being Your Own Boss

The rewards and challenges of working for yourself Discover The rewards and challenges of working for yourself How to start your own business

Why It’s Important In the free enterprise system, many people own and operate their own businesses. One day, you may be one of them.

Key Terms entrepreneur business plan marketing

Being Your Own Boss You may have a future as an entrepreneur. An entrepreneur is someone who organizes and runs a business.

Being Your Own Boss More than 95 percent of the people employed in the United States work for small businesses.

Personal Satisfaction Graphic Organizer The Rewards and Challenges of Entrepreneurship + + + + Advantages You’re in Charge Personal Satisfaction Unlimited Income Potential - - - - Disadvantages Long Work Hours Risk Competition

Graphic Organizer Qualities of Entrepreneurs Motivation Sight and Foresight Decision Making Human Relations

Launching Your Own Business Whether you launch your business this weekend, next summer, or in the future, you will need a plan.

The Importance of Planning To run a successful business, you need a business plan. A business plan is a written proposal that describes your new business.

Graphic Organizer Elements of a Business Plan Business Plan Shown to people who can lend you money to start your business Identifies where your business will be located Identifies the goods or services you will offer Business Plan Outlines your goals and gives a timetable for meeting them

The Importance of Planning A business plan also describes who your customers will be and your marketing plan. Marketing is the process of developing, promoting, and distributing good and services to customers.

Graphic Organizer Functions of Marketing Market Distribution Research Selling Finance Service Pricing Promotion

The Importance of Planning As part of your business plan, you’ll figure out how much it will cost to start and run your business.

The Importance of Planning Many entrepreneurs borrow money from a commercial lender, such as a bank, to get their businesses started.

Develop a School-Based Business Try This Activity Develop a School-Based Business Work with a group of students. Brainstorm a list of businesses that would be successful at your school. Conduct research on other students to find out if they would patronize your business. continued

Develop a School-Based Business Try This Activity Develop a School-Based Business Prepare Your Business Plan Now develop the business plan. continued

Develop a School-Based Business Try This Activity Develop a School-Based Business Conduct Research, Then Carry Out Your Plan Make sure your plan includes all the information listed. Then carry out your plan by starting the school-based business.

The Importance of Planning Making a business plan is hard work, but it’s also exciting. A business plan is a dream on paper.

Investigating Career Clusters Manufacturing Manufacturing The process of making products by hand or by machine continued

Investigating Career Clusters Manufacturing If you love to build things or make things, a career in manufacturing may be for you.

Critical Thinking Review What should you consider in choosing a location for a business? Critical Thinking Q continued

Critical Thinking Review Answers include: whether the business needs to be near customers or services; location of competition; the cost of property; the condition of streets and buildings; and the types of businesses in the area. Critical Thinking A continued

Critical Thinking Review What qualities of entrepreneurs are also important to have when you work for someone else? Critical Thinking Q continued

Critical Thinking Review Good employees are motivated and good at decision making. They can successfully relate to other people. These qualities are also required of entrepreneurs. Critical Thinking A

Our Economic System Being Your Own Boss End of Chapter 13 Our Economic System Lesson 13.2 Being Your Own Boss