LESSONS ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Muneja, Mussa, PhD (These Slides Have Been Adapted and Used by Permission of South Western Publishing) How to Become an Entrepreneur Who Integrates Faith and Religion Slide 1

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Bible and Entrepreneurship It needs to be clear that the bible was intended to give concepts which leads to salvation of human beings So I want be clear that examples of entrepreneurship within the bible are isolated and far fetched (Peter & Paul) This should not be seen as a disadvantage Chapter 1 Slide 2

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Instead it should be seen as a plan of God to make his people become the ‘salt of the world.’ In this sense we need to learn from other people and in the process we become one big family Chapter 1 Slide 3

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING However what differentiates the Christian entrepreneur from the rest is that the business is operated ethically Also Christian entrepreneur is obligated to give faithful tithe and offerings at the same time not evade the Caesar's taxi Chapter 1 Slide 4

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING LESSONS Entrepreneurs: Present and Past Is Entrepreneurship Right for You? Identify Business Opportunities and Set Goals Chapter 1

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 6 Lesson 1.1 ENTREPRENEURS: PRESENT AND PAST Define entrepreneurship. Learn about entrepreneurship in history. Identify the impact of entrepreneurs and small business today. GOALS

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 7 WHAT IS AN ENTREPRENEUR? Definitions People who own, operate, and take the risk of a business venture are called entrepreneurs. Entrepreneurship is the process of running a business of one’s own. Employees vs. entrepreneurs Why do people become entrepreneurs?

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 8 TYPES OF ENTREPRENEURIAL BUSINESSES Manufacturing Wholesaling Retailing Service Agricultural Mining and extracting

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 9 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

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 10 EXAMPLES OF WHOLESALING BUSINESSES Apparel Electrical goods Groceries and related products Hardware, plumbing, heating equipment Lumber, construction materials Machinery, equipment, supplies Motor vehicles, automotive equipment Paper, paper products Petroleum, petroleum products

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 11 EXAMPLES OF RETAILING BUSINESSES Auto and home supply stores Building materials and supply stores Clothing stores Florists Furniture stores Gift, novelty, and souvenir stores Grocery stores Hardware stores Jewelry stores Retail bakeries Shoe stores Sporting goods and bicycle stores

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 12 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

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 13 Lesson 1.2 IS ENTREPRENEURSHIP RIGHT FOR YOU? Identify the characteristics of successful entrepreneurs. Assess whether you have what it takes to succeed in your own business. GOALS

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 14 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

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 15 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

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 16 JOB ATTRIBUTES CHECKLIST  I enjoy working with numbers.  I enjoy working outdoors.  I enjoy working with my hands.  I enjoy selling.  I like working with people.  I prefer to work alone.  I like supervising other people.  I like knowing exactly what it is I am supposed to do.

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 17 ADVANTAGES OF ENTREPRENEURSHIP Entrepreneurs are their own bosses. Entrepreneurs can choose a business that interests them. Entrepreneurs can be creative. Entrepreneurs can make lots of money.

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 18 DISADVANTAGES OF ENTREPRENEURSHIP Entrepreneurship is risky. Entrepreneurs face uncertain and irregular incomes. Entrepreneurs work long hours. Entrepreneurs must make all decisions by themselves.

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 19 Lesson 1.3 IDENTIFY BUSINESS OPPORTUNITIES AND SET GOALS Recognize different businesses you could start. Identify your own personal goals. GOALS

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 20 INVESTIGATE OPPORTUNITIES Library Small Business Administration Trade shows Professional Seminars Academic Conference

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 21 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?

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 22 SETTING GOALS Financial goals Nonfinancial goals