Should You Become an Entrepreneur?

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Should You Become an Entrepreneur?

• Chapter 1.1

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Making Job Connections - page 3

• Who do you think was one of the most important
  entrepreneurs of the past?
• Walt Disney (animated film/amusement parks)
• Henry Ford (automobiles)
• Who do you think is one of the most important
  entrepreneurs of the twenty-first century?
• Donald Trump (real estate)
• Debbie Fields (cookies)
• Michael Dell (computers)
• Simon Cowell (music)
• Oprah Winfrey (television)
• Bill Gates (software)

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Good business ideas often result of an unmet need!

• Can you identify a need in your school or
  community that might be met by the creation of a
  new business?

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Should You Be Your Own Boss

• How do you feel about working for someone else?
• Think of a business near school that is probably
  owned and operated by one person?
• Write down on paper 3 reasons why people want to
  start their own business.
• Decide most important as a class.

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What is an Entrepreneur?

• Entrepreneurs people who own, operate, and take
  the risk of a business venture.
• Entrepreneurship Process of running a business
  of ones own.
• Employees are people who work for someone else.

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Types of Entrepreneurial Business

• Manufacturing Business produces the products
  they sell. Ex. Automobiles to Paper
• Wholesaling Business sell products to other
  businesses rather than the final consumer. Ex.
  Greeting cards
• Retailing Business sells products directly to
  those who use them. Ex. Clothing store

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Continue Types of Businesses pg 6

• Service Business sell services rather than
  products. Ex. Hotels, hairdressers and repair
  shops.
• Agricultural Business generate fresh produce
  and other farm products. Ex. Wheat
• Mining and extracting Business take resources
  out of the ground so they can be consumed. Ex.
  coal

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Recognizing Opportunity

• Entrepreneurship benefits a country by
  strengthening its economy, by providing new and
  improved ways of doing things, by filling unmet
  needs, and by increasing productivity.
• 25.8 million businesses in the US in 2005
• 5.8 million firms with employees
• 18.6 million without employees
• 99.9 have less than 500 employees

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Entrepreneurs Who Changed America

• In most cases entrepreneurs start out as small
  businesses that grow to large corporations.
• Starbucks Coffee Company Read page 7
• The Home Depot Read page 7

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Who is Madam C. J. Walker??

• Read bottom of page 6.
• Why is it important for entrepreneurs to make
  contributions to their community in addition to
  offering a product or service?
• Why do you think Madam C.J. Walker became such a
  successful entrepreneur?

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Major Factor in a Firms Success

• Having enough Capital
• Providing a product or service to meet customers
  needs
• Owners education and experience
• Owners motivation
• 2/3 of new business only survive 2 years and 44
  survive 4 years

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• What business do you think has the highest
  failure rate?

Restaurant
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Think About It

1. What are your reasons for wanting to become an
   entrepreneur?
2. Why do you think entrepreneurship is important to
   the U.S. economy?
3. What do you think is the most important thing an
   entrepreneur should do before starting a business?

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MATH

• Suppose there are exactly 5,812,000 small
  businesses in the economy today. Approximately
  27 of those businesses are service businesses.
  What is the number of service businesses in the
  economy?

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Answer

• 1,569,240

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Communication Assignment

• Entrepreneurs can be of any age. Research a
  teen entrepreneur. Write a ½ page DS paper about
  his or her business. Discuss whether or not your
  think the business idea is a good one.
• Make recommendations for expanding the business.