Chapter 1: Should You Become an Entrepreneur?. Entrepreneurs Past and Present: Section 1.1 Goals –...
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Transcript of Chapter 1: Should You Become an Entrepreneur?. Entrepreneurs Past and Present: Section 1.1 Goals –...
![Page 1: Chapter 1: Should You Become an Entrepreneur?. Entrepreneurs Past and Present: Section 1.1 Goals – Define entrepreneurship – Lean about entrepreneurship.](https://reader035.fdocuments.us/reader035/viewer/2022062321/56649f0b5503460f94c1eae5/html5/thumbnails/1.jpg)
Chapter 1: Should You Become an Entrepreneur?
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Entrepreneurs Past and Present: Section 1.1
• Goals– Define entrepreneurship
– Lean about entrepreneurship in history
– Identify the impact of entrepreneurs and small business today.
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Entrepreneurship
• Entrepreneurs are anyone who owns their own business.
• The processes of operating your own business is known as entrepreneurship.
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Employees vs. Entrepreneurs
• Employees are people who work for someone else.
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Why People Become Entrepreneurs
• The reasons people become entrepreneurs are varied.– Some people want to leave the corporate
environment.
– Some people want to pursue a personal dream.
– Others see a need in the market they feel they can fill.
– There are many varied reasons people become entrepreneurs.
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Common Types of Entrepreneurial Businesses.
• Manufacturing
• Wholesaling
• Retailing
• Service
• Agricultural
• Mining
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What do you think?
• List at least two examples of each type of entrepreneurial businesses in our area.– 2 Manufacturing
– 2 Wholesaling
– 2 Retailing
– 2 Service
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Entrepreneurs in U.S. History
• Many entrepreneurs helped spur the American Industrial Revolution.
• These entrepreneurs constantly change how things are done and contribute to the overall good of the nation.
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Cyris McCormick
• Used the reaper in 1831 to harvest crops.
• The company he founded eventually evolved into International Harvester; which today is now Navistar International Transportation which makes International brand trucks.
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John D. Rockefeller
• Founded Standard Oil.
• Eventually Rockefeller controlled almost all oil distribution in the United States.
• Eventually he became the richest man in the world for his time.
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Early Twentieth-Century Entrepreneurs
• Henry Ford developed and mass produced the Model-T automobile.
• Clarence Birdseye pioneered the development of packaged frozen foods in the 1920s.
• Rose Knox took over the Knox Gelatine Company in 1908. She was the first to provide employees paid sick and vacation leave and a five-day work week.
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Assessment 1.1 page 8
• Think Critically – Answer questions 1 and 2.
• Make Connections– Answer questions 3 and 4.
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Is Entrepreneurship Right for You?: Section 1.2
• Goals– Identify the characteristics of successful
entrepreneurs.
– Assess whether you have what it takes to success in you own business.
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Characteristics of Successful Entrepreneurs
• Successful entrepreneurs are independent.
• Successful entrepreneurs are self-confident.
• Successful entrepreneurs have determination and perseverance.
• Successful entrepreneurs are goal-oriented.
• Successful entrepreneurs have a need to achieve and set high standards for themselves.
• Successful entrepreneurs are able to act quickly.
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Assess Your Suitability for Entrepreneurship
• Entrepreneurship is not for everyone.
• It is important to perform a self assessment to see if you have what it takes to be a successful entrepreneur.
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Assess Your Interests
• Hobbies and Interests.– Look at your hobbies and interests to they may
turn into a career.
– You are more likely to invest the needed time and energy in a business if you have a passion for it.
• Past Experiences.– Previous jobs and experience can help you decide
on a business you may enjoy owning.
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Assess Your Aptitude
• Aptitude is the ability to learn a particular type of job.
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What do you think?
• Select three jobs for people who display an aptitude in each of the following categories.– 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 I am suppose to do.
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Assess the Advantages of Entrepreneurship.
• Many people see significant advantages in owning their own business.– Entrepreneurs are their own boss.
– Entrepreneurs can choose a business that interests them.
– Entrepreneurs can be creative.
– Entrepreneurs can make a lot of money.
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Assess the Disadvantages of Entrepreneurship
• There are many disadvantages of being an entrepreneur as well.– Entrepreneurship is risky.
– Entrepreneurs face uncertain and irregular incomes.
– Entrepreneurs work long hours.
– Entrepreneurs must make all decisions by themselves.
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Assessment 1.2 page 13
• Think Critically – Answer questions 1, 2, and 3.
• Make Connections– Answer questions 4 and 5.
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Identify Business Opportunities and Set Goals: Section 1.3
• Goals– Recognize different businesses you could start.
– Identify you own personal goals.
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Investigate Opportunities
• Small Business Administration.
• Trade Shows.
• Trade Publications.
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Compare Different Opportunities
• Once you find some appealing businesses you need to identify the best chance for success.
• Ask yourself:– Is there a market in my community for this kind of
businesses? Will people buy my product or service?
– How much money would it take to start this business? Will I be able to borrow or raise that much money?
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Compare Different Opportunities
• Ask yourself:– How many hours a week is it likely to take to run this
business? Am I willing to commit that much time?
– What are the particular risks associated with this business? What is the rate of business failure?
– Does my background prepare me to run this kind of business? Do most people who own this type of business have more experience than I do?
– How much money could I make running this business?
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Setting Goals
• Financial
• Non Financial Goals
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Financial Goals
• How much money do you expect to take in?
• What do you expect to be able to do with this business?
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Non Financial Goals
• What satisfaction do you receive in running this type of business?
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Assessment 1.3 page 13
• Think Critically – Answer questions 1, and 2..
• Make Connections– Answer questions 3, 4, and 5.
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Entrepreneurship Today• You have 10 minutes to find two statistics that
are surprising to you. You will report your findings to the class.
• http://www.entrepreneur.com/encyclopedia/businessstatistics/index115544.html