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

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 2 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 3 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 4 Checkpoint 1.Who is an Entrepreneur? 1.What is Entrepreneurship?

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 5 TYPES OF ENTREPRENEURIAL BUSINESSES Manufacturing Wholesaling Retailing Service Agricultural Mining and extracting

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 6 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 7 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 8 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 9 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 Checkpoint 1.How many types of Entrepreneurial Businesses do we have? 2.List 3 of them and give me an example of each.

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 11 ENTREPRENEURS IN UNITED STATES HISTORY Entrepreneurs who changed America Nineteenth century entrepreneurs Early 20 th century entrepreneurs Entrepreneurs today

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 12 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 13 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 14 SMALL BUSINESSES DOMINATE THE U.S. ECONOMY

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 Checkpoint 1.Name some of the characteristics that makes an Entrepreneur successful? 2.What are the advantages and disadvantages of being an Entrepreneur?

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 20 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 21 INVESTIGATE OPPORTUNITIES Library Small Business Administration Trade shows

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 1 Slide 22 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 23 SETTING GOALS Financial goals Nonfinancial goals