EntrepreneurshipEntrepreneurship

What is Entrepreneurship?What is Entrepreneurship?

TerminologyTerminology

EntrepreneurEntrepreneur• A person who takes risks and organizes A person who takes risks and organizes

resources in order to satisfy needsresources in order to satisfy needs

NeedsNeeds• Items that are essential for human survivalItems that are essential for human survival

WantsWants• Items that are not essential for human survivalItems that are not essential for human survival

EntrepreneurshipEntrepreneurship

• Is about seeing opportunities and bringing Is about seeing opportunities and bringing about changeabout change

• It is the search for new products, new It is the search for new products, new production methods, new markets, and production methods, new markets, and new forms of an organizationnew forms of an organization

• It is based on innovation and the desire for It is based on innovation and the desire for change change

• It is looking at the world the way you want It is looking at the world the way you want it to be, rather than the way it isit to be, rather than the way it is

EntrepreneurshipEntrepreneurship

Entrepreneurship does the following:Entrepreneurship does the following:

• Satisfies needs / wants in societySatisfies needs / wants in society

• Generates new & innovative ways of doing Generates new & innovative ways of doing thingsthings

• Creates a wider variety of goods and Creates a wider variety of goods and servicesservices

• Lowers prices as there is more competitionLowers prices as there is more competition

• Generates more opportunities for Generates more opportunities for employmentemployment

EntrepreneurshipEntrepreneurship

Entrepreneurship does the following:Entrepreneurship does the following:

• Encourages women, youth, minority Encourages women, youth, minority groups, and the elderly to participate in groups, and the elderly to participate in venturesventures

• Causes more wealth to be distributed Causes more wealth to be distributed (eg. Computers opened opportunities for (eg. Computers opened opportunities for software, hardware, repairs, magazines, software, hardware, repairs, magazines, TV shows, etc)TV shows, etc)

EntrepreneurshipEntrepreneurship

• The most important factor in The most important factor in entrepreneurship is the ability to recognize entrepreneurship is the ability to recognize an opportunityan opportunity

Opportunity Knocks?Opportunity Knocks?

• Think – Pair - ShareThink – Pair - Share

• Identify some opportunities for new Identify some opportunities for new businessesbusinesses

• Think of the Internet, cell phones, I-Think of the Internet, cell phones, I-Pods, computers, school events, your Pods, computers, school events, your local community, etc.local community, etc.

EntrepreneurshipEntrepreneurship

1.1. Identify an opportunityIdentify an opportunity

2.2. Pursue that opportunity beyond Pursue that opportunity beyond your current resourcesyour current resources

3.3. Believe that opportunity can be Believe that opportunity can be achievedachieved

The Process of The Process of Entrepreneurship:Entrepreneurship:

Why Learn About Why Learn About EntrepreneurshipEntrepreneurship

• The goal of entrepreneurial education is to The goal of entrepreneurial education is to teach young people to see opportunities and teach young people to see opportunities and act on them act on them

• Many people choose to leave problem solving Many people choose to leave problem solving and innovation to others - Entrepreneurs do and innovation to others - Entrepreneurs do notnot

• Students should understand that Students should understand that entrepreneurial education and spirit applies entrepreneurial education and spirit applies to everyone regardless of what position, to everyone regardless of what position, occupation or profession an individual occupation or profession an individual selects.selects.

Importance of Importance of Entrepreneurial Entrepreneurial

EducationEducation• To respond to changeTo respond to change

• Adjust to global, competitive Adjust to global, competitive economyeconomy

• To stimulate new business and the To stimulate new business and the economyeconomy

• To help reduce the number of failed To help reduce the number of failed business venturesbusiness ventures

Why Do Businesses Why Do Businesses Fail?Fail?

• The number one reason businesses The number one reason businesses fail is because of fail is because of poor planningpoor planning

• Too much competitionToo much competition

• Poor locationPoor location

• Improper marketingImproper marketing

• Inadequate fundingInadequate funding

• Poor managementPoor management

Advantages / Advantages / Disadvantages?Disadvantages?

• Working with a partner, make a list Working with a partner, make a list of the advantages and of the advantages and disadvantages of Entrepreneurship disadvantages of Entrepreneurship on your sheeton your sheet

Rewards of Rewards of EntrepreneurshipEntrepreneurship

• Be your own bossBe your own boss

• Financial freedomFinancial freedom

• Set your own scheduleSet your own schedule

• Enjoyment of workEnjoyment of work

• Learn all aspects of a businessLearn all aspects of a business

• Become a leader in the Become a leader in the communitycommunity

• Can be excitingCan be exciting

Drawbacks of Drawbacks of EntrepreneurshipEntrepreneurship

• Long hoursLong hours

• Emotional energyEmotional energy

• Responsibility is on your shouldersResponsibility is on your shoulders

• StressStress

• Time away from family and friendsTime away from family and friends

• Risk of business failureRisk of business failure