Should You Become an

Entrepreneur???????

What is an Entrepreneur?? Entrepreneur- a person who

owns, operates, and takes the risk of a business venture Entrepreneurship- the process of

running ones own business Why do people become

entrepreneurs? Want to leave the corporate

world Be their own boss Personal dream

Types of Entrepreneurial Businesses Manufacturing Businesses

Actually produce the products they sell

Wholesaling Businesses Sell products to people other

than the final customer. Usually sell to other businesses

Retailing Businesses Sell products directly to the

customer Service Businesses

Sell services rather than products

EXAMPLES OF MANUFACTURING BUSINESSES Apparel and other textile products Chemicals and related products Electronics and other electrical equipment Fabricated metal products Food products Industrial machinery and equipment Printing and publishing Rubber and miscellaneous plastic products Stone, clay, and glass products

EXAMPLES OF WHOLESALING BUSINESSES Apparel Electrical goods Groceries and related products Hardware, plumbing, heating equipment Lumber, construction materials Machinery, equipment, supplies Motor vehicles, automotive equipment Paper, paper products Petroleum, petroleum products

EXAMPLES OF RETAILING BUSINESSES

Auto and home supply stores

Building materials and supply stores

Clothing stores Florists Furniture stores Gift, novelty, and

souvenir stores

Grocery stores Hardware stores Jewelry stores Retail bakeries Shoe stores Sporting goods and

bicycle stores

EXAMPLES OF SERVICE BUSINESSES

Appliance repair Automotive repair Babysitting Bookkeeping Consulting Dance instruction Electrical services Exterminators

Flower decorating House cleaning Lawn care Painting Plumbing Translating Travel agency Tutoring

Impact of Entrepreneurs on the Economy

The spirit of Entrepreneurialism has always been a highlight of the American Economy Some of today’s largest company started out as

one person responding to a need Hewlett-Packard, 3M, US Steel, Avon, Estee

Lauder, Microsoft

Impact of Entrepreneurs on the Economy 19th Century Entrepreneurs

Cyrus McCormick took the reaper and used it to mechanize the job of harvesting crops

Set up a factory with only $60 Company evolved into International Harvester Today the company is called Navistar

International Transportation Company James J Hill – Transportation Baron (railroad)

Quote about what it takes to be successful “ Work, hard work, intelligent work, and then

more work” Personal fortune of approx. $63 million

Impact of Entrepreneurs on the Economy Early 20th Century Entrepreneurs

Olive Ann Beech co-founded the Beech Aircraft Co. with her husband.

Handled all financial aspects of the company Took over the business when her husband became ill in

1940 until 1980 Clarence Birdseye developed packaged frozen foods in

the 1920’s. Major impact on eating habits Rose Knox- took over Knox Gelatine Company in 1908.

First to provide employees paid sick and vacation leave. And a five-day work week

Impact of Entrepreneurs on the Economy Entrepreneurs Today

More than 6.5 million small businesses contribute billions of dollars every year to the U.S. Economy

Employ more workers than all of the country’s large corporations combined

Found in every sector of the economy Small companies can be more creative and take more

risks This experimentation and innovation leads to change

Is Entrepreneurship Right For You Characteristics of Successful

Entrepreneurs Independence Self-confident Determination and

perseverance Goal-oriented Creative Act quickly…..but not too

quickly

Assess Your Suitability Assess your aptitude

Aptitude is the ability to learn a particular kind of job

Different types of “smarts” Assess your interest

Hobbies Past experiences Current experiences

Assess advantages/disadvantages of entrepreneurship

Identify Opportunities Where could you find information

Library Demographics/Businesses

City/County offices Trade Magazines

Questions To Ask Is there a market for this kind of

business? Will people buy my product or

service How much money would it take?

Where will I get the money How many hours will it take?

Can I commit that much time What are the risks?

What is the rate business failure Does my background prepare me

to run this type of business? Do most businesses have more or

less experience than I How much money can I make at

this business?

Setting Goals Financial Goals

Reinvestment Profit Revenue Expansion

Non Financial Goals Customer Service Special Programs Expansion