Entrepreneurship

1
Entrepreneurship
2
The American Dream

• Is being able to own your own business. Calling
  all the shots, being your own boss. The downside
  is that more than 50 of all new businesses fail
  in the first year. Lack of sufficient capital
  and business knowledge is most often cited as the
  reasons for failure.

3
What is an entrepreneur?

• Entrepreneur is a person who recognizes a
  business opportunity and organizes, manages, and
  assumes the risk of starting and operating a
  business.

4
Discussion

• What are the benefits of working for someone
  else?
• Creating your own business and being your own
  boss?
• Entrepreneurship vs. self-employed

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What Entrepreneur do you know?

• Bill Gates
• Henry Ford
• Milton Hershey
• Forrest Mars

6
Characteristics to be successful

• independence
• creativity and talent
• good work ethics and honesty
• organization and planning skills
• decision maker

• good listener
• positive attitude
• risk-taker
• hard worker
• self-confidence
• motivated
• team worker

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Rewards of Entrepreneurship

• Being the boss
• This is why most people go into this business.
• Doing What You Enjoy
• Someone who likes to cook will open up a cooking
  shop
• Having the opportunity to be creative
• You make the procedures in your business, you can
  do what you want
• Building an Enterprise
• You have to decide if you want to buy an existing
  company or start a new one. You must research the
  viability of the venture and choose the form of
  the business to start.

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Challenges of Entrepreneurship

• Getting funds to start the business
• It is hard to get loans from a bank because they
  are afraid if the business will be successful.
• 9 out of 10 businesses dont succeed
• Being Fully responsible for the business
• Paying bills, hiring employees, making repair,
  training employees
• Alone and unsure, afraid you will make the wrong
  choice
• Working long hours
• Uncertain income levels

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Steps to being an entrepreneur

• 1. Self-assess your interests, talents, and
  skills.
• 2. Research as much information as you can.
• Find out all you can about what is already
  available. How much does it cost for this
  service or product? How much are people willing
  to pay? How many people are already involved in
  this area of work in your community?
• What will it take to provide your service or
  product? Can you provide it for less money or
  better than anybody else?
• Interview people who might be interested in your
  product or service.
• Gather information from libraries on people,
  magazines, organizations, that you can call for
  help.
• 3. Develop a business plan
• Description of the type of business

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Decisions

• A. Will you provide a product or service?
• B. Who/what will be your target market?
• C. Will you be a retail, wholesale, or a
  manufacturing business?
• D. Will you sell locally, regionally, nationally,
  or internationally?
• E. Will you buy a company or start your own?

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Young Entrepreneurs

• Adora Svitak, 12
• Tiny Literary Giant
• Adora is a 12-year-old who has published two
  books and transformed her writing success into
  speaking and teaching success. She has spoken at
  over 400 schools and presented at the annual TED
  conference. She has been featured on Good Morning
  America and on CNN.

12
Philip Hartman, 15

• Philip is a home-schooled high school senior at
  the ripe age of 15. He won the 2008 Young
  Inventor of the Year award for inventing a new
  system for fusing optical fibers. His latest
  invention emits steam onto a windshield and is
  capable of defrosting a frost-covered windshield
  in about 15 seconds.

13
Famous Entrepreneurs

• Dominos Pizza
• In 1960, brothers Tom and James Monaghan borrowed
  500 to purchase DomiNick's, a pizza store in
  Ypsilanti, Michigan. The next year, James traded
  his half of the business to Tom for a Volkswagen
  Beetle. In 1965, Tom Monaghan renamed the company
  Domino's Pizza LLC. The first Domino's Pizza
  franchise store opened in Ypsilanti, Michigan, in
  1967. Tom Monaghan retired in 1998, selling 93
  percent of the company to Bain Capital.

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Tom Monaghan

• What entrepreneurship traits did Tom Monaghan
  portray?
• Dropped sub sandwiches off the menu
• Focused on delivery to college campuses
• Invented a new insulated pizza box to improve
  delivery
• Box could be stacked to avoid squishing
• Sold company in 1998 to Bain Capital for
  1billion
• Returned in 2001 after its fortunes worsened and
  helped the company recover.

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Activity

• Fold a piece of paper in half and on the left
  side write 10 activities you enjoy doing.
• After listing their 10 activities, write the
  kind of business you could create from each
  activity.
• Share one idea with the class.

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Formula for success

• Establish and write down a believable goal.
• Visualize yourself already having accomplished
  your goal.
• Maintain a positive attitude.
• Persevere dont allow yourself to give up.
• Be ready and willing to WORK!!!
• Do the best you can do.
• Time is money save it!!