Is Ownership Right for You? Chapter 1.2

Planning for A Business Why are researching and planning important before starting a new business? Do you know of any businesses in our community that have gone out of business?

Focus on Small Business Think it through! Read page 10 What are Gloria and Delia interest? Examine your strength and weaknesses before starting a business.

Do you have what it takes? Independent – they want to make their own decisions and do something they enjoy. Self-confident – can make all the decisions Goal-oriented – you know what you want and you focus on achieving it.

Determination – persist through hard times. Need to Achieve and Set High Standards for Yourselves – motivated by setting and achieving challenging goals. Creative – think of new way to market your business.

Able to Act Quickly – not afraid to make quick decisions when necessary. Keep up to Date with Technology – always be on the look out for new technology you can apply to your business.

Women Entrepreneurs 2006 nearly 10.4 million firms were owned by women. Which employed more than 12.8 million people and produced $1.9 trillion in sales. Do you know any women who own a business? Why do women become entrepreneurs?

Characteristics of Good Team Members Partners, investors, employees, suppliers, customers, and creditors. Commitment – committed to team goals and willing to work hard to achieve the goals. Competency – right set of skills needed to get the job done.

Communication – can share ideas with others in both oral and written form. Cooperation – work well with others. Creativity – look at things from different perspectives and suggest new was of doing things.

What Went Wrong? Experience Needed – Read pg. 13 What characteristics did Louise possess that led her to become an entrepreneur? What circumstances out of Louise’s control led to the failure of the business? What steps could Louise have taken to try to save her business?

Job Attribute Checklist Look at Handout Advantages – own boss, choose a business that interest you, can be creative, and can make large sums of money Disadvantages – risky, face uncertain and irregular incomes, work long hours, and must make all decisions by yourself.

Assessments 1.Entrepreneurs can fail even if they are committed and have the characteristics needed to be successful. How can this happen? 2.What traits do good team members have? 3.Do you think the advantages of entrepreneurship outweigh the disadvantages? Why or why not.

Math 2 out of 3 small companies begun this year will survive within the next 2 years. What percentage is this that survive? 67% Four years from now, only 44% of all businesses started will survive. Out of 90 new businesses, approximately how many will still be open in 4 years?

Answers 1/3 = 33.3% 90 x 44% = 40 businesses

Team Work In pairs of 2, choose a successful entrepreneur. List the traits and aptitudes this person has that have contributed to his or her success. Develop a five slide presentation to the class about the entrepreneur including pictures/graphics. Include how long it took for this person to make money with the business.