SHOULD YOU BECOME AN ENTREPRENEUR?

1.1Entrepreneurs: Present and Past 1.2Is Entrepreneurship Right for You? 1.3Identify Business Opportunities and Set Goals

Lesson 1.1 ENTREPRENEURS: PRESENT AND PAST

GOALS

Define entrepreneurship. Learn about entrepreneurship in history. Identify the impact of entrepreneurs and small business today.

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 ones own.

Employees vs. entrepreneurs Why do people become entrepreneurs?

TYPES OF ENTREPRENEURIAL BUSINESSES

Manufacturing Wholesaling Retailing Service Agricultural Mining and extracting

EXAMPLES OF MANUFACTURING BUSINESSES

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

EXAMPLES OF WHOLESALING BUSINESSES

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

EXAMPLES OF RETAILING BUSINESSES

Auto and home supply stores Building materials and supply stores Clothing stores Florists Furniture stores Gift, novelty, and souvenir stores Grocery stores Hardware stores Jewelry stores Retail bakeries Shoe stores Sporting goods and bicycle stores

EXAMPLES OF SERVICE BUSINESSES

Appliance repair Automotive repair Babysitting Bookkeeping Consulting Dance instruction Electrical services Exterminators Flower decorating House cleaning Lawn care Painting Plumbing Translating Travel agency Tutoring

ENTREPRENEURS IN UNITED STATES HISTORY

Entrepreneurs who changed America
Nineteenth century entrepreneurs Early 20th century entrepreneurs

Entrepreneurs today

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.

CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS

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

SMALL BUSINESSES DOMINATE THE U.S. ECONOMY

100%

Percentage of all U.S. businesses

90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

89.0%

Fewer than 20 employees 0 to 499 employees More than 500 employees

10.7%
Number of employees

3.0%

ASSESS YOUR SUITABILITY FOR ENTREPRENEURSHIP

Assess your interests
Hobbies and interests Past experiences

Assess your aptitude Assess the advantages of entrepreneurship Assess the disadvantages of entrepreneurship

JOB ATTRIBUTES CHECKLIST

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.

ADVANTAGES OF ENTREPRENEURSHIP
Entrepreneurs are their own bosses. Entrepreneurs can choose a business that interests them. Entrepreneurs can be creative. Entrepreneurs can make lots of money.

DISADVANTAGES OF ENTREPRENEURSHIP
Entrepreneurship is risky. Entrepreneurs face uncertain and irregular incomes. Entrepreneurs work long hours. Entrepreneurs must make all decisions by themselves.

Lesson 1.3 IDENTIFY BUSINESS OPPORTUNITIES AND SET GOALS

GOALS

Recognize different businesses you could start. Identify your own personal goals.

INVESTIGATE OPPORTUNITIES
Library Small Business Administration Trade shows

COMPARE DIFFERENT OPPORTUNITIES

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?

SETTING GOALS
Financial goals Nonfinancial goals