Chapter 1 8/10/2013Chapter 1 1

$10 If you had $10, would you: 1. Buy lunch 2. Place in savings 3. Go to the movies 4. Buy some new apps for your phone You have just made a business decision 8/10/2013Chapter 1 2

Assignments on Computer 8/10/2013Chapter 1 3 On the shared directory J: for Entrepreneurship, find the YOUR PERSONAL CHARACTERISTICS file, and open it. Copy and Paste results in area indicated in file. To Print: 1.Printer for room File, Print, PRINT ONE SIDED, Change to PRINT ON BOTH SIDES- long edge If need be: PRINT SCREEN button, COPY, Open a Word Document, PASTE, Type your name, and then PRINT. Hand in.

Private Wants Are those things YOU WISH you could have. Family wants new car You want a mountain bike Want to add pool in back yard Advanced Computer System New cell phone 8/10/2013Chapter 1 4

Public Wants Are widely shared by MANY people Better highways Education Clean drinking water New sports stadium 8/10/2013Chapter 1 5

Needs Necessary wants are NEEDS Food Shelter Clothing Medical 8/10/2013Chapter 1 6

Goods & Services Your wants and/or needs are satisfied by Goods or Services Goods can be physically weighed or measured. Services are intangible—not seen or touched. 8/10/2013Chapter 1 7

Three Types of Business Sole Proprietorship Partnership Corporation Franchise 8/10/2013Chapter 1 8

Percent of U.S Firms By Type 8/10/2013Chapter 1 9

Revenue Generating Question: Where did most of these corporations begin? 8/10/2013Chapter 1 10

What is Business 1.Any activity that seeks profit by providing goods or services to others. 2.An organization that provides products or services to make money. 8/10/2013Chapter 1 11

What is an Entrepreneur Anyone who CREATES and RUNS a business. Serial Entrepreneur—One who starts a business, sells it, starts a different business, sells it, ect. 8/10/2013Chapter 1 12

1. On the shared directory J: for Entrepreneurship, find Chapter 1 Sites file and complete Assignment #1. PRINT RESULTS. Use both sides of paper. If need be: PRINT SCREEN button, COPY, Open a Word Document, PASTE, Type your name, and then PRINT. Hand in. 2. At this time also complete SITE #2 and PRINT Results. Hand in. 3. Not required: Try SITE #3 to test your knowledge on the Types of Businesses. Assignments on Computer 8/10/2013Chapter 1 13

Business & You Wage Earner—Businesses hire people to work--Employee Advantages/Disadvantages 8/10/2013Chapter 1 14

Advantages & Disadvantages Employee Entrepreneur  Work for someone else  Get paid  May keep track of the money  Personal Satisfaction  Perhaps have voice or asked opinion in decisions  Promotions  Can lose job  Can resign  Starts own business  Takes risks  Investment of time, money, energy  Personal satisfaction  Independence  Controls money  Final say in decisions  Makes own rules & schedule  Hires who they want  Potential business failure  Unexpected obstacles  Financial insecurity 8/10/2013Chapter 1 15

Money Money Profit—Amount of money left over after a business has paid for the cost of producing its goods and services. Competition—contest between businesses to win customers. 8/10/2013Chapter 1 16

Business & You Consumer—person who selects, purchases, uses, or disposes of goods or services. 8/10/2013Chapter 1 17

Aptitude vs. Attitude Aptitude=Your abilities—did not get to chose these Attitude=Your way of viewing or thinking about something –your choice Personal Characteristics: Courage Creativity Curiosity Determination Discipline Empathy Enthusiasm Flexibility Honesty Patience Responsibility SITE #3 Assignment 8/10/2013Chapter 1 18

Decision Making Process Is a Step by Step method to carefully consider alternatives that result in better choices. Step 1—Identify Problem Step 2—List the Alternatives Step 3—Determine the pros and cons Step 4—Make the Decision Step 5—Evaluate the Decision 8/10/2013Chapter 1 19

Before Product Available –Determining opportunities Current Trends in Business –Survey to evaluate the demand –Determining price to sell item –Obtain funding for research or start up costs 8/10/2013Chapter 1 20