Chapter 1 SHOULD YOU BECOME AN ENTREPRENEUR LESSONS

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 © SOUTH-WESTERN PUBLISHING

Lesson 1. 1 ENTREPRENEURS: PRESENT AND PAST GOALS Chapter 1 2 n Define entrepreneurship. n Learn about entrepreneurship in history. n Identify the impact of entrepreneurs and small business today. ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

Chapter 1 3 WHAT IS AN ENTREPRENEUR? n Definitions n People who own, operate, and take the risk of a business venture are called entrepreneurs. n Entrepreneurship is the process of running a business of one’s own. n Employees vs. entrepreneurs n Why do people become entrepreneurs? ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

TYPES OF ENTREPRENEURIAL BUSINESSES Chapter 1 4 n Manufacturing n Wholesaling n Retailing n Service n Agricultural n Mining and extracting ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

EXAMPLES OF MANUFACTURING BUSINESSES Chapter 1 5 n Apparel and other textile products n Chemicals and related products n Electronics and other electrical equipment n Fabricated metal products n Food products n Industrial machinery and equipment n Printing and publishing n Rubber and miscellaneous plastic products n Stone, clay, and glass products ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

EXAMPLES OF WHOLESALING BUSINESSES Chapter 1 6 n Apparel n Electrical goods n Groceries and related products n Hardware, plumbing, heating equipment n Lumber, construction materials n Machinery, equipment, supplies n Motor vehicles, automotive equipment n Paper, paper products n Petroleum, petroleum products ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

EXAMPLES OF RETAILING BUSINESSES n Auto and home supply stores n Building materials and supply stores n Clothing stores n Florists n Furniture stores n Gift, novelty, and souvenir stores ENTREPRENEURSHIP: Ideas in Action Chapter 1 7 n Grocery stores n Hardware stores n Jewelry stores n Retail bakeries n Shoe stores n Sporting goods and bicycle stores © SOUTH-WESTERN PUBLISHING

EXAMPLES OF SERVICE BUSINESSES n Appliance repair n Automotive repair n Babysitting n Bookkeeping n Consulting n Dance instruction n Electrical services n Exterminators ENTREPRENEURSHIP: Ideas in Action Chapter 1 8 n Flower decorating n House cleaning n Lawn care n Painting n Plumbing n Translating n Travel agency n Tutoring © SOUTH-WESTERN PUBLISHING

ENTREPRENEURS IN UNITED STATES HISTORY Chapter 1 9 n Entrepreneurs who changed America n Nineteenth century entrepreneurs n Early 20 th century entrepreneurs n Entrepreneurs today ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

Lesson 1. 2 IS ENTREPRENEURSHIP RIGHT FOR YOU? GOALS Chapter 1 10 n Identify the characteristics of successful entrepreneurs. n Assess whether you have what it takes to succeed in your own business. ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS Chapter 1 11 Successful entrepreneurs n are independent n are self-confident n have determination and perseverance n are goal-oriented n have a need to achieve and to set high standards for themselves n are creative n are able to act quickly ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

SMALL BUSINESSES DOMINATE THE U. S. ECONOMY ENTREPRENEURSHIP: Ideas in Action Chapter 1 12 © SOUTH-WESTERN PUBLISHING

ASSESS YOUR SUITABILITY FOR ENTREPRENEURSHIP Chapter 1 13 n Assess your interests n Hobbies and interests n Past experiences n Assess your aptitude n Assess the advantages of entrepreneurship n Assess the disadvantages of entrepreneurship ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

Chapter 1 14 JOB ATTRIBUTES CHECKLIST q q q q 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. ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

ADVANTAGES OF ENTREPRENEURSHIP Chapter 1 15 n Entrepreneurs are their own bosses. n Entrepreneurs can choose a business that interests them. n Entrepreneurs can be creative. n Entrepreneurs can make lots of money. ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

DISADVANTAGES OF ENTREPRENEURSHIP Chapter 1 16 n Entrepreneurship is risky. n Entrepreneurs face uncertain and irregular incomes. n Entrepreneurs work long hours. n Entrepreneurs must make all decisions by themselves. ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

Lesson 1. 3 IDENTIFY BUSINESS OPPORTUNITIES AND SET GOALS Chapter 1 17 n Recognize different businesses you could start. n Identify your own personal goals. ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

Chapter 1 18 INVESTIGATE OPPORTUNITIES n Library n Small Business Administration n Trade shows ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

COMPARE DIFFERENT OPPORTUNITIES Chapter 1 19 n Is there a market? Will people buy? n How much money would it take? Will I be able to borrow that much? n How many hours a week are required? Am I willing to commit that much time? n What are the risks? What is the rate of business failure? n Do I have the right background? Do others who own this kind of business have more experience? n How much money could I make? ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

Chapter 1 20 SETTING GOALS n Financial goals n Nonfinancial goals ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING