Entrepreneurship #1 Objectives * Know the definition of entrepreneurship * Understand the advantages and risks of entrepreneurship * Know the characteristics and skills of entrepreneurs * See the value of small business in our economy

To expand your possibilities The Goal of this unit is . . . To expand your possibilities Where you’re going Work for somebody else Own your own business You

Literally every business began as an entrepreneurship Write down the name of a businesses that was started as an entrepreneurship. When finished, quietly stand up Literally every business began as an entrepreneurship

What is Entrepreneurship? Entrepreneurship – the process of starting and operating your own business Entrepreneur – the people who create, launch, organize and manage a new business and take the risk of business ownership What are the risks? Business failure Financial loss Loss of employment Loss of time 33% of all new businesses fail within 2 years. 50% fail within 4 years. Why do it?!!!

Advantages of Entrepreneurship? Personal freedom & satisfaction Increased self-esteem and income The driving reason? Financial prosperity

Are you an Entrepreneur? The entrepreneurial personality: Self-Starter. Know what you want and get up every day and make it happen Outgoing Person. Enjoy meeting new people Lifelong Learner. Consistently looking for ways to improve yourself, your product and meet customer needs Optimist. Create your own self-fulfilling prophecy. You must truly believe regardless of the circumstances.

Entrepreneurs and our economy “Small businesses” (less than 500 employees) Make up 99% of all employers Provide 75% of all new jobs Therefore, entrepreneurs are the driving force of the US economy

Take Entrepreneurial Test Yes answers 30 – 27 You are a true independent spirit and becoming an entrepreneur is a likely path to success and happiness. 26 – 20 You have the profile of an entrepreneur. You can succeed on your own. Consider this a definite option in your life. 19 – 14 You have the potential to become an entrepreneur. However, there are still some aspects that you are not comfortable with. You should definitely investigate yourself further, before attempting to go off on your own. 13 – 9 You are a borderline entrepreneur. You can become one, if you really work on yourself. You will want to thoroughly investigate all career options. 8 or less You will have to work with a partner who will complement your aptitudes and abilities. Truly going off on your own is likely not a good choice for you.

Discussion Name the disadvantages of Entrepreneurship Name the advantages of Entrepreneurship “Roots of Entrepreneurship” Discussion One at a time, let’s name a company