Chapter 1 Should You Become an Entrepreneur 1

Chapter 1 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 Chapter 1 Slide Entrepreneurship: Ideas in Action © Cengage Learning/South-Western

Ideas in Action Making Job Connections n After identifying an unmet need in the marketplace, 4 Teens Network was established to match employers and teen employees. n After business model testing was completed, external financing was obtained. n The company continues to be successful. Chapter 1 2 Entrepreneurship: Ideas in Action © Cengage Learning/South-Western

Lesson 1. 1 All About Entrepreneurship Goals n Define entrepreneurship. n Recognize the role entrepreneurs play in the U. S. economy. n Examine the reasons that businesses succeed or fail. Chapter 1 3 Entrepreneurship: Ideas in Action © Cengage Learning/South-Western

Terms n entrepreneurship n employees Chapter 1 4 Entrepreneurship: Ideas in Action © Cengage Learning/South-Western

What is an Entrepreneur? n entrepreneurs n people who own, operate, and take the risk of a business venture n entrepreneurship n running a business of one’s own Chapter 1 5 Entrepreneurship: Ideas in Action © Cengage Learning/South-Western

n Entrepreneurs identify unmet needs in the marketplace. n They provide a service or product to meet those needs. Chapter 1 6 Entrepreneurship: Ideas in Action © Cengage Learning/South-Western

n employees n people who work for someone else n are subjected to neither the risks nor benefits of business ownership Chapter 1 7 Entrepreneurship: Ideas in Action © Cengage Learning/South-Western

n Reasons for becoming an entrepreneur include: n the desire to set your own schedule n the need to work out of your home n the wish to pursue a personal dream Chapter 1 8 Entrepreneurship: Ideas in Action © Cengage Learning/South-Western

Types of Entrepreneurial Businesses n n manufacturing wholesaling retailing service Chapter 1 9 Entrepreneurship: Ideas in Action © Cengage Learning/South-Western

Chapter 1 10 Entrepreneurship: Ideas in Action © Cengage Learning/South-Western

Other Entrepreneurial Businesses n agricultural n mining and extracting Chapter 1 11 Entrepreneurship: Ideas in Action © Cengage Learning/South-Western

Describe different types of entrepreneurial businesses. Chapter 1 12 Entrepreneurship: Ideas in Action © Cengage Learning/South-Western

Recognizing Opportunity n Many companies began with one person who started a business based on a single opportunity. n Small businesses employ more workers than all of the country’s large corporations combined. Chapter 1 13 Entrepreneurship: Ideas in Action © Cengage Learning/South-Western

Entrepreneurs Who Changed America n Starbucks Coffee Company n retailer of coffee products n introduced new product, Espresso n became international coffeehouse franchise Chapter 1 14 Entrepreneurship: Ideas in Action © Cengage Learning/South-Western

n The Home Depot n corporate vision was to provide home improvement products n at the lowest price n with the best customer service n within 30 years, has expanded to 2, 100 stores Chapter 1 15 Entrepreneurship: Ideas in Action © Cengage Learning/South-Western

n HARPO Productions, Inc. n founded in 1986 n Oprah Winfrey is the first woman in history to own and produce her own talk show n HARPO Entertainment Group n HARPO Films n HARPO Video Chapter 1 16 Entrepreneurship: Ideas in Action © Cengage Learning/South-Western

Describe how one of the entrepreneurs discussed above recognized an opportunity to develop a successful business. Chapter 1 17 Entrepreneurship: Ideas in Action © Cengage Learning/South-Western

Business Success or Failure n Over half of all new businesses fail within their first four years. n Success requires a firm understanding of how to run a business. n Perseverance is a requirement for success. Chapter 1 18 Entrepreneurship: Ideas in Action © Cengage Learning/South-Western

What factors contribute in helping a business to succeed? Chapter 1 19 Entrepreneurship: Ideas in Action © Cengage Learning/South-Western