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

2. Lesson 1.1 All About Entrepreneurship
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Lesson 1.1 All About Entrepreneurship
Goals
Define entrepreneurship.
Recognize the role entrepreneurs play in the U.S. economy.
Examine the reasons that businesses succeed or fail.
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3. Terms entrepreneurs entrepreneurship employees Chapter 1 CHAPTER 19
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Terms
entrepreneurs
entrepreneurship
employees
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4. What is an Entrepreneur?
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What is an Entrepreneur?
entrepreneurs
people who own, operate, and take the risk of a business venture
entrepreneurship
The process of running a business of one’s own
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5. Entrepreneurs identify unmet needs in the marketplace.
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Entrepreneurs identify unmet needs in the marketplace.
They provide a service or product to meet those needs.
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6. employees people who work for someone else
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employees
people who work for someone else
are subjected to neither the risks nor benefits of business ownership
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7. Reasons for becoming an entrepreneur include:
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Reasons for becoming an entrepreneur include:
the desire to set your own schedule
the need to work out of your home
the wish to pursue a personal dream
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8. Types of Entrepreneurial Businesses
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Types of Entrepreneurial Businesses
Manufacturing – produces products they sell
Wholesaling - sells products to other businesses
Retailing – sell products to those who consume them.
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9. Types of Entrepreneurial Businesses
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Types of Entrepreneurial Businesses
Service – sells services rather than products to consumers.
Agricultural – generates fresh produce and other farm products
Mining and extracting - takes resources out of the ground so they can be consumed.
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11. Recognizing Opportunity
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Recognizing Opportunity
Many companies began with one person who started a business based on a single opportunity.
Small businesses employ more workers than all of the country’s large corporations combined.
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12. Recognizing Opportunity
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Recognizing Opportunity
Small firms with fewer than 500 employees represent 99.9% of 25.8 million businesses in the United States
Small companies can be more creative and take more risks than large companies. Their experimentation and innovation lead to technological change and increased productivity.
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13. Entrepreneurs Who Changed America
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Entrepreneurs Who Changed America
Starbucks Coffee Company
retailer of coffee products
introduced new product, Espresso
became international coffeehouse franchise
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The Home Depot
corporate vision was to provide home improvement products
at the lowest price
with the best customer service
within 30 years, has expanded to 2,100 stores
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15. HARPO Productions, Inc. founded in 1986
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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 Films
HARPO Video
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Describe how one of the entrepreneurs discussed above recognized an opportunity to develop a successful business.
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17. Business Success or Failure
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Business Success or Failure
Over half of all new businesses fail within their first four years.
Major factor in a firm’s success include:
Having adequate capital
providing a product or service that meets customers
Owner’s education and experience
Owner’ reason for starting in the first place
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18. Reasons business fail:
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Reasons business fail:
Owner’s poor planning
Lack of business knowledge
Lack of Entrepreneurial characteristics
Inability to work with others
Failure to choose the right business
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19. Business Success or Failure
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Business Success or Failure
Success requires a firm understanding of how to run a business.
Most businesses fail because owner lacks business experience
Perseverance is a requirement for success.
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20. What factors contribute in helping a business to succeed?
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What factors contribute in helping a business to succeed?
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21. Lesson 1.2 Is Entrepreneurship Right for You?
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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.
Chapter 1

22. Characteristics of Successful Entrepreneurs
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Characteristics of Successful Entrepreneurs
Successful entrepreneurs are:
independent
self-confident
determined
goal-oriented
achievement-oriented
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23. inclined to set high standards for themselves
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inclined to set high standards for themselves
creative
able to act quickly
technologically savvy
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24. Name three important characteristics of entrepreneurs.
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Name three important characteristics of entrepreneurs.
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25. Characteristics of Good Team Members
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Characteristics of Good Team Members
Good team members display the following traits:
commitment
competency
communication
cooperation
creativity
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26. Why is it important for entrepreneurs to be good team members?
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Why is it important for entrepreneurs to be good team members?
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27. Are You Right for Entrepreneurship?
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Are You Right for Entrepreneurship?
self-assessment
an evaluation of your strengths and weaknesses
aptitude
the ability to learn a particular type of job
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29. Assess the Advantages of Entrepreneurship
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Assess the Advantages of Entrepreneurship
Advantages of entrepreneurship include:
being your own boss
choosing a business of interest to you
being creative
making large sums of money
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30. Assess the Disadvantages of Entrepreneurship
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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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What characteristics do you have that are best suited to entrepreneurship?
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32. Lesson 1.3 Exploring Ideas and Opportunities
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Lesson 1.3 Exploring Ideas and Opportunities
Goals
Identify sources for new business ideas.
Recognize different business opportunities.
Identify you own personal goals.
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33. CHAPTER 19
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Terms
opportunities
ideas
trade shows
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34. Look for Ideas opportunities ideas
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Look for Ideas
opportunities
possibilities that arise from existing conditions
ideas
thoughts or concepts that come from creative thinking
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35. Ideas come from a variety of sources including:
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Ideas come from a variety of sources including:
hobbies and interests
past experiences
discovery and invention
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36. Where do new ideas for businesses come from?
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Where do new ideas for businesses come from?
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37. Investigate Opportunities
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Investigate Opportunities
Research can help you determine what is missing in a particular market.
Internet
library
Small Business Administration
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38. CHAPTER 19
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trade shows
special meetings where companies of the same or related industry display their products
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39. Compare Different Opportunities
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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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40. What are the business risks?
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What are the business risks?
Do I have the right background to run this business?
What income will this business generate?
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41. How can you find out about various business opportunities?
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How can you find out about various business opportunities?
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42. CHAPTER 19
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Setting Goals
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43. Financial Goals Financial goals should be: realistic measurable
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Financial Goals
Financial goals should be:
realistic
measurable
easily attainable in the time allotted
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44. Nonfinancial Goals Nonfinancial goals may include:
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Nonfinancial Goals
Nonfinancial goals may include:
personal satisfaction
serving a community need
enjoying personal independence
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Why are financial goals important? Name some nonfinancial goals an entrepreneur may have.
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46. Lesson 1.4 Problem Solving for Entrepreneurs
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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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47. CHAPTER 19
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Terms
brainstorming
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48. Use the Problem-Solving Process
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Use the Problem-Solving Process
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49. Define the Problem Gather Information write down what the problem is
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Define the Problem
write down what the problem is
define why it is a problem
quantify the problem
Gather Information
collect information that can help solve the problem
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50. Identify Various Solutions
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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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51. Take Action Evaluate the Action implement the solution Chapter 1
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Take Action
implement the solution
Evaluate the Action
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52. What are the six steps in the problem-solving process?
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What are the six steps in the problem-solving process?
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53. Problem-Solving Skills
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Problem-Solving Skills
Communicating
communicate clearly and confidently
listen well
Brainstorming
a creative problem-solving technique that involves generates a large number of fresh ideas
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54. Learning from Mistakes
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Learning from Mistakes
Mistakes are a learning experience.
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55. How can you improve your problem-solving skills?
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How can you improve your problem-solving skills?
Chapter 1