Entrepreneurship - Mr. SherpinskyCouncil Rock North High School
ENTREPRENEURENTREPRENEUR
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
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
Trade Shows: Special shows or meetings to display products used by businesses. Often held multiple times per year Highlights the latest or newest
innovations
Many Reasons People Do it!1. Pursue personal
dreams2. Change from
corporate environment
3. Life Impacts-Fired, Lay Off, Stay home earn paycheck
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.
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.
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
Thoughts or concepts that come from creative thinking are called ideas. Possibilities that arise from
existing conditions are considered opportunities…
Brainstorming: a problem solving technique used to generate fresh ideas by working together.
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
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
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
Different jobs require different job aptitudes.
Aptitude is the ability to learn a particularly kind of job.
Advantages of EntrepreneursOwn bossChoose a business of your interestCan be creativeCan make lots of money
Disadvantages of EntrepreneursRiskyFace uncertain and irregular incomesWork long hoursMake all decisions by themselves
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
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
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
S – SpecificM – MeasurableA – Action-OrientedR – RealisticT – Timed
Top Related