Choosing the Best Career for You

1
Choosing the Best Career for You

• CHAPTER 9
• CAREER FINANCIAL MANAGEMENT

2
Overview

• Entrepreneurship
• Why be an entrepreneur?
• Characteristics of an entrepreneur
• Successful entrepreneurs

3
Entrepreneurs

• Self-employed businesspeople who take the risks
  and benefit from the rewards of business
  ownership.
• Sole proprietors- entrepreneurs in business for
  themselves.
• Can hire others to work for them!

4
Examples of Entrepreneurs

• Doctors
• Lawyers
• Plumbers
• Writers
• Hairstylists and more!!!
• List another example of an entrepreneur___________
  _________________

5
Why be an entrepreneur?

• Be your own boss
• Independence
• Financial rewards
• Variable income?Profit
• Decision-Making
• Leadership
• Supervisor
• Hire/Manage personnel

6
Physical Emotional Stress

• May require 12-16 hr. work day
• Prepared to lose your savings?
• Family/Friends prepared?
• Develop a plan!
• Product/Service to sell
• Need for product/service?
• Competitive approach?

7
Entrepreneur vs. Employee

• Work regular hours
• Predictable income
• No financial risk
• Paid vacations benefits
• Must follow orders

• Set own hours
• Financial gain or loss
• Risk-taker
• Irregular income, vacation, benefits
• Freedom-decision making
• Ultimate responsibility

8
To be a successful entrepreneur

• Own a business you enjoy ?
• Be a self-starter
• Organized
• Delegate
• Know the market!

• Work long hours
• Financial earnings low at start of business
• Start-up Capital Money to start your business
  and support you until reaching profit
• A.K.A. Seed money

9
Why fail?

• Most entrepreneurs businesses fail within the
  first 3 years of operation
• Fail b/c of FINANCIAL MANAGEMENT LOCATION!
• Many still become entrepreneurs
• Why?

10
Successful entrepreneurs

• Earn unlimited amounts of
• Well-respected
• Contribute to society

11
Review

• Characteristics of an entrepreneur
• Employee vs. entrepreneur
• Failing businesses
• Successful entrepreneurs