Objectives* Know the definition of entrepreneurship* Understand the advantages and risks of entrepreneurship* Know the characteristics and skills of entrepreneurs* See the value of small business in our economy

Entrepreneurship #1

The Goal of this unit is . . .To expand your possibilities

You

Where you’re going

Work forsomebody

else

Own yourown business

Write down the name of a businesses that was started

as an entrepreneurship. When finished, quietly

stand upLiterally every businessbegan as an

entrepreneurship

What is Entrepreneurship?

Entrepreneurship – the process of starting and operating your own businessEntrepreneur – the people who create, launch, organize and manage a new business and take the risk of business ownership What are the

risks?• Business failure• Financial loss• Loss of employment

• Loss of time Why do it?!!!

33% of all new businesses fail within 2 years. 50% fail within 4 years.

Advantages of Entrepreneurship?

1) Personal freedom & satisfaction2) Increased self-esteem and income

The driving reason?

Financial prosperity

Are you an Entrepreneur?

The entrepreneurial personality:

Self-Starter. Know what you want and get up every day and make it happenOutgoing Person. Enjoy meeting new people Lifelong Learner. Consistently looking for ways to improve yourself, your product and meet customer needsOptimist. Create your own self-fulfilling prophecy. You must truly believe regardless of the circumstances.

Entrepreneurs and our economy“Small businesses” (less than 500

employees) Make up 99% of all employers Provide 75% of all new jobs

Therefore, entrepreneurs are the driving force of the US economy

Take Entrepreneurial TestYes answers

30 – 27 You are a true independent spirit and becoming an entrepreneur is a likely path to success and happiness.26 – 20 You have the profile of an entrepreneur. You can succeed on your own. Consider this a definite option in your life.19 – 14 You have the potential to become an entrepreneur. However, there are still some aspects that you are not comfortable with. You should definitely investigate yourself further, before attempting to go off on your own.13 – 9 You are a borderline entrepreneur. You can become one, if you really work on yourself. You will want to thoroughly investigate all career options. 8 or less You will have to work with a partner who will complement your aptitudes and abilities. Truly going off on your own is likely not a good

choice for you.

Discussion

Name the disadvantages of EntrepreneurshipName the advantages of Entrepreneurship

“Roots of Entrepreneurship” DiscussionOne at a time, let’s name a company