1. Entrepreneurship - Mr. Sherpinsky Council Rock North High School

2. ENTREPRENEUR

3.  Most large businesses today began as small business  Small businesses are operated by one or a few individuals  Contribute billions every year to the US economy ▪ Famous small businesses that turned into large businesses: ▪ Subway, McDonalds, and Holiday Inn

4.  Small businesses (with less than 500 employees) represent more than 75% of all businesses in the U.S.  Most new businesses (about ½ or 50%) fail within the first 4 years

5.  Trade Shows: Special shows or meetings to display products used by businesses.  Often held multiple times per year  Highlights the latest or newest innovations

6.  Many Reasons People Do it! 1. Pursue personal dreams 2. Change from corporate environment 3. Life Impacts-Fired, Lay Off, Stay home earn paycheck

7. What Do You Think An Entrepreneur Is?  Defined: People who own, operate, and take the risk of a business venture are called entrepreneurs.  These people are engaged in entrepreneurship: which is the process of running a business of one’s own.

8.  Entrepreneurs assume RISK!!!!  Employees are different than entrepreneurs  Employees are people who work for someone else.  Entrepreneurs are directly affected by the outcomes of their decisions.

9.  An Intrapreneur is an employee who is given funds and freedom to create a special unit or department within a company in order to develop a new product, process, or service  3M utilized intrapreneurship to create Post-It notes

10.  Thoughts or concepts that come from creative thinking are called ideas.  Possibilities that arise from existing conditions are considered opportunities…

11.  Brainstorming: a problem solving technique used to generate fresh ideas by working together.

12.  Manufacturing- produce products they sell  Wholesale-Sell products to people other than the final customer  Retail-Sell products directly to the people who use or consume them  Service-Sell services rather than products

13. ManufacturingWholesalingRetailingService Metal ProductsApparelFloristsAppliance Repair Chemical Products Electrical Goods JewelryBabysitting Food ProductsMachineryShoesPainting Stone, Clay, and Glass PaperSporting Goods Plumbing

14. Researchers have identified several characteristics that distinguish successful entrepreneurs. Successful Entrepreneurs are/have:  Independent  Self-Confident  Determination and Perseverance  Goal-Oriented  A need to achieve and set high standards  Creative  Able to act quickly

15.  Different jobs require different job aptitudes.  Aptitude is the ability to learn a particularly kind of job.

16. Advantages of Entrepreneurs  Own boss  Choose a business of your interest  Can be creative  Can make lots of money

17. Disadvantages of Entrepreneurs  Risky  Face uncertain and irregular incomes  Work long hours  Make all decisions by themselves

18.  As an entrepreneur, you will need to set financial and nonfinancial goals.  Financial  Financial = Money= Profit, Debt, Margin, etc…  Non-Financial  Non-Financial = Achievement, Accomplishment

19.  Most businesses begin operations by borrowing money.  Banks require a financial plan to borrow money for a business purpose.  Example of Financial Goals:  Reduce our debt by 50% in 2 years  Borrow $10,000, at 3% for 2 years  Earn profits of $50,000 in 6 months

20.  As an entrepreneur, you will need to set nonfinancial goals.  Most people who run own business do so for more than just money  Serve a community need  Do something they really like  Personal independence of being your own boss

21.  S – Specific  M – Measurable  A – Action-Oriented  R – Realistic  T – Timed