Lesson One

Vocabulary  American Recovery & Reinvestment Act 2009  Ethical Behavior  Integrity  Manufacturing  Retailing  Service  Small Business Administration  Wholesaling

Types of Businesses  Manufacturing Manufacturing  Wholesaling Wholesaling  Retailing Retailing  Service Service

Manufacturing  Apparel and other textile products  Chemicals and related 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

Wholesaling  Apparel  Electrical goods  Groceries and related products Groceries and related products  Hardware, plumbing, heating equipment  Lumber, construction materials  Machinery, equipment, supplies  Motor vehicles, automotive equipment  Paper, paper products,  Petroleum, petroleum products

Retailing  Auto and home supply stores  Building materials and 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

Service  Appliance repair  Automotive repair  Babysitting  Bookkeeping  Consulting  Dance instruction  Electrical services  Exterminators  Flower decorating  House cleaning  Lawn care  Painting  Plumbing  Translating  Travel agency Travel agency  Tutoring  Web design and maintenance

Other Choices #1  Agricultural businesses

Other Choices #2  Mining and extracting businesses Do you know what “fracking” is?fracking

Other Choices #3  Green businesses – Why is ‘going green’ so important?going green

Success or Failure  According to the SBA 67 % of new businesses survive at least 2 years 44 % survive at least four years

Di d you plan to fail or fail to plan?

Assignment  Type a thoughtful response to each item. Use the best grammar you can.  What are your reasons for wanting to become an entrepreneur? Do you think they are common to all entrepreneurs, or are some of your reasons unique?

Assignment - continued  Explain how integrity and ethical behavior apply to small businesses.  Why do you think entrepreneurship is important to the US economy? Provide specific examples of how entrepreneurs affect the economy.  What do you think is the most important thing an entrepreneur should do before starting a business to ensure its success?

Vocabulary 1. American Recovery & Reinvestment Act 2009 – passed to stimulate the American economy after the 2008 economic slowdown. American Recovery and Reinvestment Act of Wikipedia, the free encyclopedia American Recovery and Reinvestment Act of Wikipedia, the free encyclopedia 2. Ethical Behavior - Ethical - Definition and More from the Free Merriam-Webster DictionaryEthical - Definition and More from the Free Merriam-Webster Dictionary 3. Integrity - webster.com/dictionary/integrityhttp:// webster.com/dictionary/integrity

Vocabulary - continued 4. Manufacturing – actually produce the products they sell 5. Retailing – sell products directly to the people who use or consume them 6. Service – sell services rather than products 7. Small Business Administration - The U.S. Small Business Administration | SBA.govThe U.S. Small Business Administration | SBA.gov 8. Wholesaling – sell products to other businesses rather than the final consumer.