Final Exam Review PPT
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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