Mr. Sherpinsky Business Management Class Council Rock School District ORGANIZING WORK Chapter 6.
Entrepreneurship - Mr. Sherpinsky Council Rock North High School.
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Transcript of Entrepreneurship - Mr. Sherpinsky Council Rock North High School.
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Entrepreneurship - Mr. SherpinskyCouncil Rock North High School
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ENTREPRENEURENTREPRENEUR
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Most large businesses today began as small business Small businesses are operated
by one or a few individuals Contribute billions every
year to the US economy▪ Famous small businesses that
turned into large businesses:▪ Subway, McDonalds, and Holiday Inn
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Small businesses (with less than 500 employees) represent more than 75% of all businesses in the U.S. Most new businesses (about ½ or
50%) fail within the first 4 years
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Trade Shows: Special shows or meetings to display products used by businesses. Often held multiple times per year Highlights the latest or newest
innovations
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Many Reasons People Do it!1. Pursue personal
dreams2. Change from
corporate environment
3. Life Impacts-Fired, Lay Off, Stay home earn paycheck
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What Do You Think An Entrepreneur Is? Defined: People who own, operate, and take
the risk of a business venture are called entrepreneurs.
These people are engaged in entrepreneurship: which is the process of running a business of one’s own.
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Entrepreneurs assume RISK!!!!
Employees are different than entrepreneurs Employees are people who
work for someone else.Entrepreneurs are directly
affected by the outcomes of their decisions.
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An Intrapreneur is an employee who is given funds and freedom to create a special unit or department within a company in order to develop a new product, process, or service 3M utilized intrapreneurship to
create Post-It notes
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Thoughts or concepts that come from creative thinking are called ideas. Possibilities that arise from
existing conditions are considered opportunities…
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Brainstorming: a problem solving technique used to generate fresh ideas by working together.
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Manufacturing- produce products they sell
Wholesale-Sell products to people other than the final customer
Retail-Sell products directly to the people who use or consume them
Service-Sell services rather than products
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Manufacturing Wholesaling Retailing Service
Metal Products Apparel Florists Appliance Repair
Chemical Products
Electrical Goods
Jewelry Babysitting
Food Products Machinery Shoes Painting
Stone, Clay, and Glass
Paper Sporting Goods
Plumbing
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Researchers have identified several characteristics that distinguish successful entrepreneurs.
Successful Entrepreneurs are/have: Independent Self-Confident Determination and Perseverance Goal-Oriented A need to achieve and set high standards Creative Able to act quickly
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Different jobs require different job aptitudes.
Aptitude is the ability to learn a particularly kind of job.
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Advantages of EntrepreneursOwn bossChoose a business of your interestCan be creativeCan make lots of money
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Disadvantages of EntrepreneursRiskyFace uncertain and irregular incomesWork long hoursMake all decisions by themselves
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As an entrepreneur, you will As an entrepreneur, you will need to set need to set financial and financial and nonfinancial goalsnonfinancial goals. . Financial Financial = Money= Profit, Debt,
Margin, etc… Non-FinancialNon-Financial = Achievement,
Accomplishment
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Most businesses begin operations by borrowing money. Banks require a financial plan
to borrow money for a business purpose.
Example of Financial Goals: Reduce our debt by 50% in 2 years Borrow $10,000, at 3% for 2 years Earn profits of $50,000 in 6 months
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As an entrepreneur, you will need to set nonfinancial goals. Most people who run own business
do so for more than just money Serve a community need Do something they really like Personal independence of being your
own boss
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S – SpecificM – MeasurableA – Action-OrientedR – RealisticT – Timed