LESSONSLESSONS

ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

Chapter 1Chapter 1SHOULD YOU BECOME AN ENTREPRENEUR?

1.11.1 Entrepreneurs: Present and Past

1.21.2 Is Entrepreneurship Right for You?

1.31.3 Identify Business Opportunities and Set Goals

ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

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Lesson 1.1ENTREPRENEURS: PRESENT AND PAST

Define entrepreneurship.Learn about

entrepreneurship in history.Identify the impact of

entrepreneurs and small business today.

GOALSGOALS

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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 one’s own.

Employees vs. entrepreneursWhy do people become entrepreneurs?

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Slide 4TYPES OF ENTREPRENEURIAL BUSINESSESManufacturingWholesalingRetailingServiceAgriculturalMining and extracting

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Slide 5EXAMPLES 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

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Slide 6EXAMPLES 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

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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

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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

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ENTREPRENEURS IN UNITED STATES HISTORYEntrepreneurs who changed America

Nineteenth century entrepreneursEarly 20th century entrepreneurs

Entrepreneurs today

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Lesson 1.2IS ENTREPRENEURSHIP RIGHT FOR YOU?

Identify the characteristics of successful entrepreneurs.

Assess whether you have what it takes to succeed in your own business.

GOALSGOALS

ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

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Slide 11CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURSSuccessful 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

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Slide 12SMALL BUSINESSES DOMINATE THE U.S. ECONOMY

90%

9%1%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Number of employees

Perc

enta

ge o

f all

U.S

. bus

ines

ses

20 or fewer employees

21 to 500 employees

More than 501 employees

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ASSESS YOUR SUITABILITY FOR ENTREPRENEURSHIPAssess your interests

Hobbies and interests Past experiences

Assess your aptitudeAssess the advantages of

entrepreneurshipAssess the disadvantages of

entrepreneurship

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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.

ENTREPRENEURSHIP: Ideas in Action © SOUTH-WESTERN PUBLISHING

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ADVANTAGES OF ENTREPRENEURSHIPEntrepreneurs are their own bosses.Entrepreneurs can choose a business

that interests them.Entrepreneurs can be creative.Entrepreneurs can make lots of money.

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DISADVANTAGES OF ENTREPRENEURSHIPEntrepreneurship is risky.Entrepreneurs face uncertain and

irregular incomes.Entrepreneurs work long hours.Entrepreneurs must make all decisions

by themselves.

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Slide 17Lesson 1.3IDENTIFY BUSINESS OPPORTUNITIES AND SET GOALS

Recognize different businesses you could start.

Identify your own personal goals.

GOALSGOALS

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INVESTIGATE OPPORTUNITIESLibrarySmall Business AdministrationTrade shows

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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?

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SETTING GOALSFinancial goalsNonfinancial goals