Transcript PowerPoint: Should You Become an Entrepreneur?

Chapter 1
SHOULD YOU BECOME AN
ENTREPRENEUR?
LESSONS
1.1 Entrepreneurs: Present and Past
1.2 Is Entrepreneurship Right for You?
1.3 Identify Business Opportunities
and Set Goals
ENTREPRENEURSHIP: Ideas in Action
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Chapter 1
Slide 2
Lesson 1.1
ENTREPRENEURS:
PRESENT AND PAST
GOALS
Define entrepreneurship.
Learn about
entrepreneurship in history.
Identify the impact of
entrepreneurs and small
business today.
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Chapter 1
Slide 3
WHAT IS AN ENTREPRENEUR?
 Definitions
 People who own, operate, and take the risk
of a business venture are called
entrepreneurs.
 Entrepreneurship is the process of running
a business of one’s own.
 Employees vs. entrepreneurs
 Why do people become entrepreneurs?
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TYPES OF
ENTREPRENEURIAL BUSINESSES
Chapter 1
Slide 4
Manufacturing
Wholesaling
Retailing
Service
Agricultural
Mining and extracting
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EXAMPLES OF
MANUFACTURING BUSINESSES
Chapter 1
Slide 5
 Apparel and other textile products
 Chemicals and related products
 Electronics and other electrical equipment
 Fabricated metal products
 Food products
 Industrial machinery and equipment
 Printing and publishing
 Rubber and miscellaneous plastic products
 Stone, clay, and glass products
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EXAMPLES OF
WHOLESALING BUSINESSES
Chapter 1
Slide 6
 Apparel
 Electrical goods
 Groceries and related products
 Hardware, plumbing, heating equipment
 Lumber, construction materials
 Machinery, equipment, supplies
 Motor vehicles, automotive equipment
 Paper, paper products
 Petroleum, petroleum products
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EXAMPLES OF
RETAILING BUSINESSES
 Auto and home
supply stores
 Building materials
and supply stores
 Clothing stores
 Florists
 Furniture stores
 Gift, novelty, and
souvenir stores
ENTREPRENEURSHIP: Ideas in Action
Chapter 1
Slide 7
 Grocery stores
 Hardware stores
 Jewelry stores
 Retail bakeries
 Shoe stores
 Sporting goods and
bicycle stores
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EXAMPLES OF
SERVICE BUSINESSES
 Appliance repair
 Automotive repair
 Babysitting
 Bookkeeping
 Consulting
 Dance instruction
 Electrical services
 Exterminators
ENTREPRENEURSHIP: Ideas in Action
Chapter 1
Slide 8
 Flower decorating
 House cleaning
 Lawn care
 Painting
 Plumbing
 Translating
 Travel agency
 Tutoring
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ENTREPRENEURS IN
UNITED STATES HISTORY
Chapter 1
Slide 9
Entrepreneurs who changed America
Nineteenth century entrepreneurs
Early 20th century entrepreneurs
Entrepreneurs today
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Chapter 1
Slide 10
Lesson 1.2
IS ENTREPRENEURSHIP
RIGHT FOR YOU?
GOALS
Identify the characteristics
of successful entrepreneurs.
Assess whether you have
what it takes to succeed in
your own business.
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CHARACTERISTICS OF
SUCCESSFUL ENTREPRENEURS
Chapter 1
Slide 11
Successful entrepreneurs
 are independent
 are self-confident
 have determination and perseverance
 are goal-oriented
 have a need to achieve and to set high
standards for themselves
 are creative
 are able to act quickly
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SMALL BUSINESSES DOMINATE
THE U.S. ECONOMY
Percentage of all U.S. businesses
100%
90%
Chapter 1
Slide 12
89.0%
80%
70%
Fewer than 20 employees
60%
0 to 499 employees
50%
40%
More than 500 employees
30%
20%
10%
0%
10.7%
3.0%
Number of employees
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ASSESS YOUR SUITABILITY FOR
ENTREPRENEURSHIP
Chapter 1
Slide 13
Assess your interests
 Hobbies and interests
 Past experiences
Assess your aptitude
Assess the advantages of
entrepreneurship
Assess the disadvantages of
entrepreneurship
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Chapter 1
Slide 14
JOB ATTRIBUTES CHECKLIST
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I enjoy working with numbers.
I enjoy working outdoors.
I enjoy working with my hands.
I enjoy selling.
I like working with people.
I prefer to work alone.
I like supervising other people.
I like knowing exactly what it is I am
supposed to do.
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ADVANTAGES OF
ENTREPRENEURSHIP
Chapter 1
Slide 15
Entrepreneurs are their own bosses.
Entrepreneurs can choose a business
that interests them.
Entrepreneurs can be creative.
Entrepreneurs can make lots of money.
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DISADVANTAGES OF
ENTREPRENEURSHIP
Chapter 1
Slide 16
Entrepreneurship is risky.
Entrepreneurs face uncertain and
irregular incomes.
Entrepreneurs work long hours.
Entrepreneurs must make all decisions
by themselves.
ENTREPRENEURSHIP: Ideas in Action
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Chapter 1
Slide 17
Lesson 1.3
IDENTIFY BUSINESS
OPPORTUNITIES AND SET GOALS
GOALS
Recognize different
businesses you could start.
Identify your own personal
goals.
ENTREPRENEURSHIP: Ideas in Action
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Chapter 1
Slide 18
INVESTIGATE OPPORTUNITIES
Library
Small Business Administration
Trade shows
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COMPARE DIFFERENT
OPPORTUNITIES
Chapter 1
Slide 19
 Is there a market? Will people buy?
 How much money would it take? Will I be able to
borrow that much?
 How many hours a week are required? Am I willing to
commit that much time?
 What are the risks? What is the rate of business
failure?
 Do I have the right background? Do others who own
this kind of business have more experience?
 How much money could I make?
ENTREPRENEURSHIP: Ideas in Action
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Chapter 1
Slide 20
SETTING GOALS
Financial goals
Nonfinancial goals
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