Should You Become an Entrepreneur? 1 Should You Become an Entrepreneur? 1.1 All About Entrepreneurship 1.2 Is Entrepreneurship Right for You? 1.3 Exploring Ideas and Opportunities 1.4 Problem Solving for Entrepreneurs

Ideas in Action Making Job Connections After identifying an unmet need in the marketplace, 4Teens Network was established to match employers and teen employees. After business model testing was completed, external financing was obtained. The company continues to be successful. Chapter 1

Lesson 1.1 All About Entrepreneurship Goals Define entrepreneurship. Recognize the role entrepreneurs play in the U.S. economy. Examine the reasons that businesses succeed or fail. Chapter 1

Terms entrepreneurs entrepreneurship employees Chapter 1

What is an Entrepreneur? entrepreneurs people who own, operate, and take the risk of a business venture entrepreneurship running a business of one’s own Chapter 1

Entrepreneurs identify unmet needs in the marketplace. They provide a service or product to meet those needs. Chapter 1

employees people who work for someone else are subjected to neither the risks nor benefits of business ownership Chapter 1

Reasons for becoming an entrepreneur include: the desire to set your own schedule the need to work out of your home the wish to pursue a personal dream Chapter 1

Types of Entrepreneurial Businesses manufacturing wholesaling retailing service Chapter 1

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Other Entrepreneurial Businesses agricultural mining and extracting Chapter 1

Describe different types of entrepreneurial businesses. Chapter 1

Recognizing Opportunity Many companies began with one person who started a business based on a single opportunity. Small businesses employ more workers than all of the country’s large corporations combined. Chapter 1

Entrepreneurs Who Changed America Starbucks Coffee Company retailer of coffee products introduced new product, Espresso became international coffeehouse franchise Chapter 1

The Home Depot corporate vision was to provide home improvement products at the lowest price with the best customer service within 30 years, has expanded to 2,100 stores Chapter 1

HARPO Productions, Inc. founded in 1986 Oprah Winfrey is the first woman in history to own and produce her own talk show HARPO Entertainment Group HARPO Films HARPO Video Chapter 1

Describe how one of the entrepreneurs discussed above recognized an opportunity to develop a successful business. Chapter 1

Business Success or Failure Over half of all new businesses fail within their first four years. Success requires a firm understanding of how to run a business. Perseverance is a requirement for success. Chapter 1

What factors contribute in helping a business to succeed? Chapter 1