What Is an Entrepreneur?

“A risk-taker who has the skills and initiative to establish a business.”(Wall Street Words by David L. Scott)

Why Become an Entrepreneur?

Have a great idea

Be your own boss

Want financial independence

Want creative freedom

Help with college admissions

Others…

Challenges of Being an Entrepreneur

About 1 out of 3 businesses fail within 4 years.(Michelle Singletary, 2007, Washington Post)

Do You Have What it Takes?

Are you a problem solver?

Do you have vision & goals?

Are you organized?

Are you a leader?

Are you willing to work hard?

Can you handle stress?

Are you comfortable with financial risk?

Exploring Business Ideas

The right business idea is something you are excited about and have a passion for.

Factors to Consider

Your personal skills & experiencesTime you have to invest in a businessSupport of family & friends Money you have to work withWhat products or service will you sell?Will your idea fill a need?

The Business Plan

Company name

Company description

Products & services

Marketing plan

Start-up expenses

Start-up expenses Purchase or rental of equipment Supplies Insurance Transportation costs Advertising & printing costs License, permit & tax fees Material or product costs Labor costs

Business Budget

A plan for spending and saving

Ensures your business does not run out of money

Making My Own Job Activities

1. To Be or Not to Be…an Entrepreneur

2. Coming Up with a Business Idea

3. Creating a Business Plan