What Is an Entrepreneur? “A risk-taker who has the skills and initiative to establish a business.” (Wall Street Words by David L. Scott)

Why Become an Entrepreneur? Have a great idea Be your own boss Want financial independence Want creative freedom Help with college admissions Others…

Challenges of Being an Entrepreneur About 1 out of 3 businesses fail within 4 years. (Michelle Singletary, 2007, Washington Post)

Do You Have What it Takes? Are you a problem solver? Do you have vision & goals? Are you organized? Are you a leader? Are you willing to work hard? Can you handle stress? Are you comfortable with financial risk?

Exploring Business Ideas The right business idea is something you are excited about and have a passion for.

Factors to Consider Your personal skills & experiences Time you have to invest in a business Support of family & friends Money you have to work with What products or service will you sell? Will your idea fill a need?

The Business Plan Company name Company description Products & services Marketing plan Start-up expenses

Purchase or rental of equipment Supplies Insurance Transportation costs Advertising & printing costs License, permit & tax fees Material or product costs Labor costs

Business Budget A plan for spending and saving Ensures your business does not run out of money

Making My Own Job Activities 1. To Be or Not to Be…an Entrepreneur 2. Coming Up with a Business Idea 3. Creating a Business Plan