Entrepreneurs

1
Entrepreneurs

• Take out a pen and paper to take notes!!!

2
Definitions

• Entrepreneurs- people who own, operate, and take
  the risk of a business venture
• Entrepreneurship- The process of running a
  business of ones own
• Employee- people who work for someone else

3
6 Types of Entrepreneurial Business

• Manufacturing- actually produce the products they
  sell
• Wholesaling- sell the products to people other
  than the final customer

• Retailing- selling products to people
• Service- sell services

4
6 Types of Entrepreneurial Businesses cont

• Agricultural- generate fresh produce other farm
  products
• Mining extracting- take resources like coal out
  of the ground so they can be consumed

5
Small Business Employ fewer than 20 people!
6
Characteristics of successful Entrepreneurs

• Independence
• Self-confident
• Determination perseverance
• Goal-orientated
• The need to achieve set high standards for
  themselves
• Are able to act quickly

7
Advantages of Entrepreneurship

• They are their own boss
• They can choose a business that interest them
• They can be creative
• They can make lots of money

8
Disadvantages of Entrepreneurship

• Entrepreneurship is risky
• Entrepreneurs face uncertain an irregular incomes
• Entrepreneurs work long hours
• Entrepreneurs must make all decisions by
  themselves

9
THINK CRITICALLY!!

• Entrepreneurs can fail even if they are committed
  and have the characteristics needed to be
  successful. Why do you think this can happen?
• Why is it important for entrepreneurs to choose a
  field that they will enjoy?
• Do you think the advantages of entrepreneurship
  outweigh the disadvantages? Why or why not?

10
Business Opportunities and Setting Goals

• The library has resources that can help you
  examine different opportunities. For example
• Books on entrepreneurship
• Magazines for entrepreneurs
• Trade magazines
• Government publications
• Small Business Administration (SBA) is an
  organization that exists to help small businesses
  and their owners.

11
THINK CRITICALLY!!

• Choose a business idea that appeals to you. For
  this business, answer the six assessment
  questions listed in this lesson on a sheet of
  paper. Is this a realistic choice for you? Why or
  why not?
• In terms of annual income, what financial goals
  have you set for yourself for five years after
  you graduate? What non-financials goals have you
  set that becoming an entrepreneur can help you
  achieve? Are financial or non-financial goals
  more important to you? Why?

12
MATH CONNECTIONS!!!

• You live near the beach and have a passion for
  snorkeling. Your dream is to give snorkeling
  lessons. You estimate that after expenses, you
  earn 10 per lesson. Your income goal is 15,000
  per year. How many lessons do you need to give to
  achieve this goal? Is this goal realistic?

13
COMMUNICATION!!!

• Make a list of personal non-financial goals you
  would like to achieve through entrepreneurship.