1. Our Economic System Being Your Own Boss
Chapter 13
Our Economic System
Lesson 13.2
Being Your Own Boss

2. The rewards and challenges of working for yourself
Discover
The rewards and challenges of working for yourself
How to start your own business

3. Why It’s Important
In the free enterprise system, many people own and operate their own businesses. One day, you may be one of them.

4. Key Terms
entrepreneur
business plan
marketing

5. Being Your Own Boss You may have a future as an entrepreneur.
An entrepreneur is someone who organizes and runs a business.

6. Being Your Own Boss
More than 95 percent of the people employed in the United States work for small businesses.

7. Personal Satisfaction
Graphic Organizer
The Rewards and Challenges of Entrepreneurship + + + +
Advantages
You’re in Charge
Personal Satisfaction
Unlimited Income
Potential - - - -
Disadvantages
Long Work Hours
Risk
Competition

8. Graphic Organizer Qualities of Entrepreneurs Motivation Sight and
Foresight
Decision
Making
Human
Relations

9. Launching Your Own Business
Whether you launch your business this weekend, next summer, or in the future, you will need a plan.

10. The Importance of Planning
To run a successful business, you need a business plan.
A business plan is a written proposal that describes your new business.

11. Graphic Organizer Elements of a Business Plan Business Plan
Shown to people who can lend you money to start your business
Identifies where your business will be located
Identifies the goods or services you will offer
Business
Plan
Outlines your goals and gives a timetable for meeting them

12. The Importance of Planning
A business plan also describes who your customers will be and your marketing plan.
Marketing is the process of developing, promoting, and distributing good and services to customers.

13. Graphic Organizer Functions of Marketing Market Distribution Research
Selling
Finance
Service
Pricing
Promotion

14. The Importance of Planning
As part of your business plan, you’ll figure out how much it will cost to start and run your business.

15. The Importance of Planning
Many entrepreneurs borrow money from a commercial lender, such as a bank, to get their businesses started.

16. Develop a School-Based Business
Try This Activity
Develop a School-Based Business
Work with a group of students. Brainstorm a list of businesses that would be successful at your school. Conduct research on other students to find out if they would patronize your business.
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17. Develop a School-Based Business
Try This Activity
Develop a School-Based Business
Prepare Your Business Plan
Now develop the business plan.
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18. Develop a School-Based Business
Try This Activity
Develop a School-Based Business
Conduct Research, Then Carry Out Your Plan Make sure your plan includes all the information listed. Then carry out your plan by starting the school-based business.

19. The Importance of Planning
Making a business plan is hard work, but it’s also exciting.
A business plan is a dream on paper.

20. Investigating Career Clusters
Manufacturing
Manufacturing The process of making products by hand or by machine
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21. Investigating Career Clusters
Manufacturing
If you love to build things or make things, a career in manufacturing may be for you.

22. Critical Thinking Review
What should you consider in choosing a location for a business?
Critical Thinking Q
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23. Critical Thinking Review
Answers include: whether the business needs to be near customers or services; location of competition; the cost of property; the condition of streets and buildings; and the types of businesses in the area.
Critical Thinking A
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24. Critical Thinking Review
What qualities of entrepreneurs are also important to have when you work for someone else?
Critical Thinking Q
continued

25. Critical Thinking Review
Good employees are motivated and good at decision making. They can successfully relate to other people. These qualities are also required of entrepreneurs.
Critical Thinking A

26. Our Economic System Being Your Own Boss
End of Chapter 13
Our Economic System
Lesson 13.2
Being Your Own Boss