1. Should You Become an Entrepreneur?
1.1 All about Entrepreneurship
1.2 Is Entrepreneurship Right for You?
1.3 Explore Ideas and Opportunities
1.4 Problem Solving for Entrepreneurs

2. Lesson 1.1 All About Entrepreneurship
Goals
Define entrepreneurship.
Recognize the role entrepreneurs play in the U.S. economy.
Determine the reasons that businesses succeed or fail.
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3. Vocabulary
entrepreneurs
entrepreneurship
employees
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4. Entrepreneurship
Many of the small businesses in the U.S. are owned and operated by men and women who created their own companies.
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5. What is an Entrepreneur?
entrepreneurs
people who own, operate, and take the risk of a business venture
entrepreneurship
running a business of one’s own
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6. Entrepreneurs identify unmet needs in the marketplace.
They provide a service or product to meet those unmet needs.
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7. Employees vs. Entrepreneurs
people who work for someone else
Additional earnings go to the business owner, not to the employee.
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8. Why Do People Become Entrepreneurs?
to set your own schedule
to work out of your home
to pursue a personal dream
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9. Integrity and Ethical Behavior
Entrepreneurs should behave ethically in all areas of business.
The actions taken and the results of the those actions should be considered.
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10. Types of Entrepreneurial Businesses
manufacturing
wholesaling
retailing
service
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12. Other Business Areas
agricultural
mining and extracting
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13. Green Entrepreneurship
Many types of businesses may focus on being organic or “green.”
It is important to educate customers about how products or services
benefit the earth
conserve resources
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14. Describe different types of entrepreneurial businesses.
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15. Recognizing Opportunity
Many companies began with one person who started a business based on a single opportunity.
Small firms, with fewer than 500 employees, represent 99.9 percent of American businesses.
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16. Entrepreneurs Who Changed America
Starbucks Coffee Company
retailer of coffee products
introduced new product, Espresso
markets coffee and tea products through
website
national retail supermarkets
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17. The Home Depot
corporate vision was to provide home improvement products
at the lowest price
with the best possible service
now has more than 2,100 stores in the United States, Canada, and Mexico
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18. HARPO Productions, Inc. founded in 1986
Oprah Winfrey is the first woman in history to own and produce her own talk show.
HARPO Entertainment Group
HARPO Productions
HARPO Films
HARPO Video
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19. Entrepreneurial Opportunities in Economic Recovery
Small businesses are an important part of the economic recovery. They are:
willing and able to make changes quickly
more creative than large companies
Their experimentation and innovation lead to technological change and increased productivity.
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20. The American Recovery and Reinvestment Act of 2009
$30 billion in tax relief for small businesses
$13 billion in loans, lines of credit, and equity capital
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21. Describe how one of the entrepreneurs discussed above recognized an opportunity to develop a successful business.
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22. Business Success or Failure
Sixty-seven percent of new businesses survive at least two years.
Forty-four percent of new businesses survive at least four years.
Success rates can be enhanced if businesses
have adequate capital
are large enough to have employees
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23. Businesses may fail if
the owner lacks business knowledge
Having an idea for a product or service is different than knowing how to run a business.
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24. What factors contribute to helping a business succeed?
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25. Lesson 1.2 Is Entrepreneurship Right for You?
Goals
Identify the characteristics of successful entrepreneurs.
Identify the characteristics of good team members.
Assess whether you have what it takes to succeed in your own business.
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26. Vocabulary
self-assessment
aptitude
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27. Characteristics of Successful Entrepreneurs
Successful entrepreneurs are:
independent
self-confident
determined
goal-oriented
achievement-oriented with high standards
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28. technologically current
creative
able to act quickly
technologically current
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29. Name three important characteristics of entrepreneurs.
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30. Characteristics of Good Team Members
Good team members display the following traits:
commitment
competency
communication
cooperation
creativity
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31. Why is it important for entrepreneurs to be good team members?
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32. Are You Right for Entrepreneurship?
self-assessment
an evaluation of your strengths and weaknesses
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33. Assess Your Interests choose a field that interests you you will enjoy
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34. Assess Your Aptitude aptitude
the ability to learn a particular type of job
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36. Assess the Advantages of Entrepreneurship
are their own bosses
can choose a business that interests them
can be creative
can make large sums of money
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37. Assess the Disadvantages of Entrepreneurship
Disadvantages of entrepreneurship include:
risk
uncertain and irregular incomes
long hours
all decisions are made independently
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38. What kinds of assessments should you make to determine if entrepreneurship is right for you?
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39. Lesson 1.3 Explore Ideas and Opportunities
Goals
Identify sources for new business ideas.
Recognize different business opportunities.
Identify your own personal goals.
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40. Vocabulary
opportunities
ideas
trade shows
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41. Look for Ideas opportunities ideas
possibilities that arise from existing conditions
ideas
thoughts or concepts that come from creative thinking
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42. Ideas come from a variety of sources including:
Hobbies and Interests
Past Experiences
Discovery or Invention
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43. Where do new ideas for businesses come from?
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44. Investigate Opportunities
Sources of Information
Internet
library
County Business Patterns
Small Business Administration
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45. trade shows
special meetings where companies of the same or related industry display their products
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46. Compare Different Opportunities
For each business opportunity, you should consider:
Will people buy my product or service?
How much money is required to start the business?
How many hours per week will it take to run the business?
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47. What are the risks associated with this business?
Do I have the right background to run this business?
How much money could I make running this business?
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48. How can you find out about various business opportunities?
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49. Set Goals
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50. Financial Goals Financial goals should be: realistic measurable
easily attainable in the time allotted
realistic plan for earning a profit
how quickly you will pay off debt
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51. Nonfinancial Goals Nonfinancial goals may include:
personal satisfaction
serving a community need
doing something you like
enjoying personal independence
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52. Why are financial goals important
Why are financial goals important? Name some nonfinancial goals an entrepreneur may have.
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53. Lesson 1.4 Problem Solving for Entrepreneurs
Goals
List the six steps of the problem-solving model.
Describe ways to improve your problem-solving skills.
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54. Vocabulary
problem-solving model
brainstorming
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55. Use the Problem-Solving Model
helps people solve problems in a logical manner
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56. Chapter 1

57. Define the Problem Gather Information
write down what the problem is and why it is a problem
quantify the problem
Gather Information
collect information that can help solve the problem
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58. Identify Various Solutions
identify all possibilities before selecting a particular solution
Evaluate Alternatives and Select the Best Option
quantify or rank alternatives
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59. Take Action Evaluate the Action implement the solution
even a well-thought-out solution may not work
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60. What are the six steps in the problem-solving model?
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61. Problem-Solving Skills
Communicate
communicate clearly and confidently
be a good listener
Brainstorming
a creative problem-solving technique
generates a large number of fresh ideas
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62. Learn from Mistakes
Mistakes are a learning experience.
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63. How can you improve your problem-solving skills?
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64. PERFORMANCE INDICATORS
Evaluate and delegate responsibilities needed to perform required tasks
Demonstrate effective teamwork skills needed to function in a business setting
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65. Demonstrate knowledge of multimedia software and components
Demonstrate effective oral communication skills
Apply technical skills to create a multimedia presentation which enhances the oral presentation
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66. THINK CRITICALLY
Why must entrepreneurs look at future trends when making business decisions?
Why should entrepreneurs look beyond current technology trends when making business decisions?
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67. Why should statistics be used for this presentation?
How are entrepreneurs affected by a global economy?
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