Transcript Final Exam Review PPT

Entrepreneurship - Mr. Sherpinsky
Council Rock North High School
ENTREPRENEUR

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

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

Trade Shows: Special shows or meetings
to display products used by businesses.
 Often held multiple times per year
 Highlights the latest or newest innovations

Many Reasons
People Do it!
1. Pursue personal
dreams
2. Change from
corporate
environment
3. Life Impacts-Fired,
Lay Off, Stay home
earn paycheck
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.


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.

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

Thoughts or concepts that
come from creative thinking
are called ideas.
 Possibilities that arise from
existing conditions are
considered opportunities…

Brainstorming: a problem solving
technique used to generate fresh ideas by
working together.
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

Manufacturing Wholesaling Retailing
Service
Metal Products
Apparel
Florists
Appliance
Repair
Chemical
Products
Electrical
Goods
Jewelry
Babysitting
Food Products
Machinery
Shoes
Painting
Sporting
Goods
Plumbing
Stone, Clay, and Paper
Glass
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

Different jobs require
different job aptitudes.

Aptitude is the ability
to learn a particularly
kind of job.
Advantages of
Entrepreneurs
 Own boss
 Choose a business of your
interest
 Can be creative
 Can make lots of money
Disadvantages of Entrepreneurs
 Risky
 Face uncertain and irregular incomes
 Work long hours
 Make all decisions by themselves

As an entrepreneur, you will need to
set financial and nonfinancial
goals.
 Financial = Money= Profit, Debt, Margin,
etc…
 Non-Financial = Achievement,
Accomplishment

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

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
S – Specific
M – Measurable
– Action-Oriented
R – Realistic
T – Timed
A