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Chapter #4
Entrepreneurship
1
10 Jobs That Pay $90,000 to $99,000
While that may be true for many people, you probably wouldn't brush away the chance to receive a bigger paycheck. With a national median income of $42,504 a salary more than double that amount would be a big financial boost for many Americans.
To give you an overview of who's earning these salaries we put together a list of 10 jobs with salaries in the $90,000* range.
Here are 10 jobs that earn between $90,000 and $99,999:
10 Jobs That Pay $90,000 to $99,000
Computer Hardware Engineers are invested in the research, conception and manufacturing of computer hardware, which includes computer monitors, keyboards, chips and other similar items.**
Requirements: Computer Hardware Engineers should have at least an undergraduate engineering degree with course work pertaining to their field.***
Top industries: Computer systems design and related services; semiconductor and other electronic component manufacturing; computer and peripheral equipment manufacturing.
Annual median salary: $91,860
10 Jobs That Pay $90,000 to $99,000
Post-secondary health specialties teachers specialize in a variety of medical fields, including veterinary medicine, dentistry, therapy, pharmacy and others.
Requirements: Most universities require a Ph.D. for permanent positions, but a master's degree is often acceptable for part-time or temporary teachers.
Top industries: Colleges, universities and professional schools; junior colleges; general medical and surgical hospitals.
Annual median salary: $98,234
10 Jobs That Pay $90,000 to $99,000
Computer and information research scientists use their research to address new problems in computer software and hardware. Research scientists working in universities might focus on theory more than those working for other employers.
Requirements: Research scientists need a Ph.D. (most likely in computer science), though you can find some lower-level jobs with a bachelor's or master's.
Top industries: Computer systems design and related services; federal executive branch (OES designation); scientific research and development services.
Annual median salary: $97,970
10 Jobs That Pay $90,000 to $99,000
Physicists study the principles of motion, energy, structure and matter. Whether they concentrate on applied sciences or take a more theoretical route, all physicists work toward understanding how the laws of physics impact the universe.
Requirements: A Ph.D. in physics and related work and research experience are necessary for teaching and research work.
Top industries: Scientific research and development services; federal executive branch (OES designation); colleges, universities and professional schools.
Annual median salary: $96,850
10 Jobs That Pay $90,000 to $99,000
Marketing managers formulate a marketing firm's strategy by targeting customers and appropriate markets and responding to competition. They work with other marketing professionals to publicize via radio, TV, the Internet and other outlets.
Requirements: Many employers require a four-year or graduate degree in business administration with course work related to your specific industry.
Top industries: Management of companies and enterprises; computer systems design and related services; management, scientific and technical consulting services.
Annual median salary: $95,320
10 Jobs That Pay $90,000 to $99,000
Petroleum engineers look for drilling locations that contain natural gas or oil. They study the geographic traits of the sites and work with other specialists to find the most efficient way to pump out the oil or gas.
Requirements: Entry-level engineering positions require at least a bachelor's degree in engineering, though academic work in other sciences can be helpful.
Top industries: Oil and gas extraction; support activities for mining; petroleum and coal products manufacturing.
Annual median salary: $94,330
10 Jobs That Pay $90,000 to $99,000
Optometrists provide eye care to patients who need exams, glasses, contact lenses or other vision-related services. They test and treat patients for vision problems and diseases, such as color blindness and glaucoma.
Requirements: A doctorate in optometry is required to be a practicing optometrist, and a residency can boost your chances of landing a job.
Top industries: Offices of other health practitioners; offices of physicians; health and personal care stores.
Annual median salary: $93,800
10 Jobs That Pay $90,000 to $99,000
Post-secondary atmospheric, earth, marine and space sciences teachers teach courses on various physical sciences, excluding chemistry and physics. They divide their time between the teaching in the classroom and researching their specialty.
Requirements: Post-secondary teachers will need at least a master's degree in order to teach, part time or temporarily, while full-time, tenure-track positions require a Ph.D.
Top industries: Colleges, universities and professional schools; junior colleges.
Annual median salary: $93,606
20 Low-Stress Jobs
1. Computer software engineers, applications Annual salary: $79,780
2. Computer systems analysts Annual salary: $69,760
3. Sales managers Annual salary: $91,560
4. Civil engineers Annual salary: $68,600
5. Environmental scientists and specialists, including health Annual salary: $56,100
6. Construction and building inspectors Annual salary: $46,570
7. Environmental engineers Annual salary: $69,940
8. Carpenters Annual salary: $36,550
9. Bus and truck mechanics and diesel engine specialists Annual salary: $37,660
10. Environmental science and protection technicians, including health Annual salary: $38,090
11. Painters, construction and maintenance Annual salary: $31,190
12. Mobile heavy equipment mechanics, except engines Annual salary: $40,440
13. Cement masons and concrete finishers Annual salary: $32,650
14. Natural sciences managers Annual salary: $100,080
15. Industrial machinery mechanics Annual salary: $41,050
16. Tile and marble setters Annual salary: $36,590
17. Brickmasons and blockmasons Annual salary: $42,980
18. Maintenance and repair workers Annual salary: $31,910
19. Operations research analysts Annual salary: $64,650
20. Water and liquid waste treatment plant and system operators Annual salary: $36,070
CHAPTER #4 OBJECTIVES
Define Entrepreneur and name the traits that
most successful entrepreneurs share.
Summarize the advantages and disadvantages
of entrepreneurship.
Identify the four main ways to become a
business owner and explain the advantages and disadvantages of
each.
Identify the different forms of legal business
ownership.
Explain how to prepare to finance a new
business.
Identify factors that can affect business
success.
6 RETAIL CHAINS IN TROUBLE, WHY?
• BARNES & NOBLE - EBOOKS!!! WILL COUCHES AND
COFFEE SAVE THEM? BORDERS IS GONE, ARE THEY NEXT?
• SEARS & KMART- DECEMBER 2011 CLOSING 120
STORES
• BEST BUY- BETTER ELECTRONIC ONLINE PRICES ARE
TAKING CUSTOMERS AWAY. CD’S, BOOKS, DVD’S BECOMING OBSOLETE
• RADIO SHACK- MARKET IS CHANGING-PEOPLE BUY
BATTERIES AND CELL PHONES ELSEWHERE. CLOSING 650 STORES NATIONWIDE AS OF FEB 2014
• GAME STOP- CONSOLE MAKERS WILL SHIFT TO DIGITAL
DELIVERY OF GAME SOFTWARE. BEST BUY AND AMAZON TAKE TRADE INS
J.C. PENNEYS-40% PRICE CUTS ACROSS STORE
Key components of Chapter #4
KEY AREAS MAIN IDEA:
Gaining knowledge about
entrepreneurship and its
advantages and disadvantages will
help you decide if this is a good
career option for you.
Knowing the factors that affect a
business’s success will help you to
launch a successful business.
KEY CONCEPTS:
What is an Entrepreneur?
Going into Business
Owning a Business
Operating Your Business
KEY TERMS • Entrepreneur
• Start-up Costs
• Lease
• Goodwill
• Market Outlook
• Franchise
• Sole Proprietorship
• Partnership
• Corporation
• Operating Expenses
You don’t
have to
write down
these
terms!!
Workplace Stats • In 1950, there were seven working age people for every
elderly person in the United States.
• By 2030, there will be only three.
• Life expectancy in 2001 extended to 77.2 years.
• In 1900 a newborn American could expect to live
47.3 years.
• In 1980, life expectancy was 68.2 years.
• 52% of high school graduates lack the basic skills
required to do their jobs adequately; only 25% are
considered to have excellent skills.
• 65% of all American jobs now require
specific job skills.
DICTIONARY OF OCCUPATION TITLES:
Describes 20,000 jobs in detail
15
WHAT IS ENTREPRENEURSHIP? Try to think of businesses owned by individuals:
Ice Cream Shops
Video Stores
Music Stores
Shoes Stores
Have you ever thought about how someone starts their own business?
Small businesses range from 1 – 500 employees.
Small businesses represents more than 99% of all U.S. businesses.
Small businesses employ more than 50% of the non-military workforce.
ENTREPRENEUR- someone who organizes and runs a business.
Entrepreneur comes from the word “enterprise.”
It is a French word that means to “to take action,
take risks, take responsibility.”
An entrepreneur’s life is challenging.
The risks are high, but the rewards can also be great.
16
Planning a New Business / Company
Planning a new business is not easy.
Things involved: Financing, Location, Competition,
Management Style
CHARACTER TRAITS: SMART, MOTIVATED,
LEADERS, CREATIVE, BOLD
An Entrepreneurs life is challenging:
Making every day decisions: HIRING, FIRING, PRODUCT,
PRICE, INVENTORY, MOTIVATION, ADVERTISE???
PROBLEM SOLVE
Inventive solutions to problems
Risk can be high
Rewards can be even higher 17
ADVANTAGES OF ENTREPRENEURSHIP
• YOU’RE THE BOSS!!! • GREAT JOB SATISFACTION!
• GOOD INCOME. SECURITY, FLEXIBILITY
DISADVANTAGES OF ENTREPRENEURSHIP
• FINANCIAL RISK
• LONG HOURS
• STIFF COMPETITION.
. STRESS, NO STEADY INCOME
The American Dream --- Owning Your Own Business
25% of new businesses fail within 2 years.
75% of new businesses fail within 5 years.
18
TYPES OF SELF-EMPLOYED AND ENTREPRENEURS
• Air Conditioning
• Heating
• Refrigeration
• Plumbing
• Electricians
• Automotive Trades
• Barber Shops
• Beauty Salons
• Boat Building and
Marinas
• Bookstores
• Construction Companies
• Cement and Concrete
• Communications
• Arts and Crafts
• Electronics
• E-commerce
• Export and Import trade
• Farms and Ranches
• Financial Firms
• Florists
• Food Industries
19
BUSINESS IDEAS FOR YOUNG ENTREPRENEURS
BABY SITTING TUTORING
PARTY PLANNING HOUSE-SITTING
OBEDIENCE TRAINING VIDEOTAPING EVENTS
RAISING ANIMALS FOR SALE CATERING
CAR WASHING AND CLEANING PLANT-SITTING
LAWN OR GARDEN CARE PET BATHING AND GROOMING
GROCERY SHOPPING HOUSE KEEPING
REPAIRING BIKES MAKING AND SELLING CRAFTS
DESIGNING T-SHIRTS SNOW SHOVELING
WASHING AND IRONING CLOTHING REPAIR
TYPING SERVICE COMPUTER TRAINING
WAKE-UP SERVICE BAKING SERVICES
GROWING AND SELLING FLOWERS AND VEGETABLES
20
ENDLESS POSSIBILITIES: Have you ever done any of the jobs listed
below? Which ones? Which ideas would you like to pursue as a
business of your own?
Four Ways of Becoming
A Business Owner
Four Ways of Becoming A Business Owner These will appear on the next slides
1. START A BRAND NEW BUSINESS
2. BUY AN EXISTING BUSINESS
3. BUY A FRANCHISE
4. JOIN THE FAMILY BUSINESS
1. START A NEW BUSINESS
There will be challenges and rewards when starting a new business.
The Challenges
• A new business requires more time and effort.
• Start-up up costs are often high.
• Borrowing money from financial lenders.
• It’s risky
START-UP COSTS- expenses involved in going into business.
REVENUE- Income from sales The Rewards
• You don’t inherit a previous owner’s mistakes.
• You can build your business your way.
• You get personal satisfaction from knowing you built the business.
22
BASIC BUSINESS TERMS
• GROSS PROFIT= SELLING
PRICE -COST
• NET PROFIT= GROSS PROFIT
-OPERATING COST
• NET WORTH= MONEY MADE -
MONEY OWED
2. BUY AN EXISTING BUSINESS
Reasons why an existing business is for sale:
• Someone retiring
• Starting a another business
• Someone wants more free time
A Fast Start
Buying an existing business can put you several steps ahead.
LEASE- contract to use something for a specified period of time.
The person selling the business might be a good source of advice.
Customer loyalty or goodwill is one of a business’s most valuable assets.
GOODWILL- loyalty of existing customers is one of a business’s most valuable assets.
You may also benefit from an established reputation and staff.
MARKET OUTLOOK- potential for future sales. Buying an existing business requires analyzing the location,
competition, and market outlook.
24
Advantages
Steps ahead
Save on start-up costs
Lease of property
Buying equipment / furniture
Customer goodwill
Positive reputation
Already trained staff
Disadvantages
Poor location
Competition
Market Outlook poor
Poor Building
Poor Equipment
Poor Reputation
Poorly trained staff
25
3. BUY A FRANCHISE
Buying an existing franchise has specific
advantages.
FRANCHISE- legal right to sell a company’s goods or services in a particular area.
MCDONALDS FRANCHISE FEE $750,000 CASH ONLY!!!!!!!!
Many fast foods restaurants and real estate offices are franchises.
When you buy a franchise, you are actually buying the right to sell another company’s products.
You will also pay the parent company, a % of your profits.
26
BUYING A FRANCHISE
Advantages
Sell a recognized product name
Established management system
A business reputation and customer goodwill
Training and support services
Advertising
Financing
Disadvantages
Buying a franchise is not for everyone.
You do not get the individual satisfaction from building something on your own.
Your potential earning power will always have a percentage taken out of it from the parent company.
27
28
4. JOIN THE FAMILY BUSINESS
DUCK DYNASTY!!!!!!!
This might be a shortcut to owning your own business.
Taking over the family business can have the advantages of the franchise without the fees.
ADVANTAGES
Your relatives might help you finance the business.
Family members tend to be loyal and to trust each other.
Family members working as a team can achieve more than individuals.
Relatives can teach you the business.
Customers are likely to give the same trust and goodwill to a new owner who is part of the family they are accustomed to doing business with.
DISADAVATNAGES
A family business can present special issues.
Some families work well together, others DO NOT.
Difficulties at work can affect family relationships.
29
THE 3 FORMS OF BUSINESS OWNERSHIP
SOLE
PROPRIETORSHIP---
BUSINESS owned
by one person.
Make up 75% of all
U.S. Businesses
Owner makes all decisions
Easiest form of business to
set up
Least regulated of the 3
forms of business
Limited by skills, abilities, and
financial resources of one person.
Difficult to raise funds to finance
business.
Owner has sole financial
responsibility for company.
PARTNERSHIP---
two or more
people share
ownership.
Can draw on the skills,
abilities, and financial
resources of more than one
person.
Easier to raise funds than
in sole proprietorship.
More complicated than sole
proprietorship.
Tension and conflicts may
develop among partners.
Owners are liable for all business
loses: personal property
sometimes in jeopardy.
CORPORATION---
business owned by
people who buy
shares in the
company.
Easier to finance than
other forms of business.
Financial liability of
shareholders limited.
Expensive setup
Record keeping often time-
consuming and costly.
Often pays more taxes than other
forms of business.
FORMS ADVANTAGES DISADVANTAGES
30
Factors that will affect your business
type of businesses in the area.
condition of streets and buildings.
cost of the property.
location of the competition.
location of your customers.
31
FINANCING
You may need to borrow money from a commercial lender.
To apply for a loan, you’ll need a business description and financial plan.
A business plan - gives specific information about your business.
It describes your business, product, and where you will be located.
A financial plan - spells out your starting costs, operating expenses, (cost of doing business, etc).
32
OPERATING YOUR OWN BUSINESS
Whatever business you choose to enter,
you will need a variety of skills and
competencies.
These skills include:
Reading
Math-
Listening
Speaking
BALANCE SHEET: Keeping track of your
assets, liabilities, and owner equity.
33
WHO ARE THESE
PEOPLE?
A $1000 investment in MICROSOFT, in
1978, would have made you a multi-
millionaire today!!!
Chapter #4 Summary
Define Entrepreneur and name the traits that most successful entrepreneurs share.
Summarize the advantages and disadvantages of entrepreneurship.
Identify the four main ways to become a business owner and explain the advantages and disadvantages.
Identify the different forms of legal business ownership.
Explain how to prepare to finance a new business.
Identify factors that can affect business success.
TEST INFORMATION---Know These Key Concepts
Review Key Concepts:
Chapter Reference Materials
• Succeeding in the World of Work
• Preparing for Career Success
• Exploring Career
• Entering the World of Work
• Job Savvy
• Teenagers Guide to the Real World
