entrepreneurship: ideas in action 5e © 2011 cengage learning. all rights reserved. may not be...

Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Chapter 1Slide 1

Lesson 1.1

All About Entrepreneurship

Goals Define entrepreneurship. Recognize the role entrepreneurs play

in the U.S. economy. Determine the reasons that businesses

succeed or fail.

Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Entrepreneurship Many of the small businesses in the

U.S. are owned and operated by men and women who created their own companies.

Chapter 1Slide 2

Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Chapter 1Slide 3

What is an Entrepreneur? entrepreneurs

people who own, operate, and take the risk of a business venture

entrepreneurship running a business of one’s own

Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Employees vs. Entrepreneurs employees

people who work for someone else Additional earnings go to the business

owner, not to the employee.

Chapter 1Slide 4

Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Why Do People Become Entrepreneurs? to set your own schedule to work out of your home to pursue a personal dream

Chapter 1Slide 5

Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Chapter 1Slide 6

Business Success or Failure Sixty-seven percent of new businesses

survive at least two years. Forty-four percent of new businesses

survive at least four years. Success rates can be enhanced if

businesses have adequate capital are large enough to have employees

Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Chapter 1Slide 7

the owner lacks business knowledge Having an idea for a product or service

is different than knowing how to run a business.

Businesses may fail if

Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Chapter 1Slide 8

Characteristics of Successful Entrepreneurs Successful entrepreneurs are:

independent self-confident determined goal-oriented achievement-oriented with high

standards

Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Chapter 1Slide 9

able to act quickly technologically current

creative

Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Chapter 1Slide 10

Are You Right for Entrepreneurship? self-assessment

an evaluation of your strengths and weaknesses

Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Assess Your Interests choose a field that

interests you you will enjoy

Chapter 1Slide 11

Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Assess Your Aptitude aptitude

the ability to learn a particular type of job

Chapter 1Slide 12

Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Assess the Advantages of Entrepreneurship Entrepreneurs

are their own bosses can choose a business that interests them can be creative can make large sums of money

Chapter 1Slide 13

Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Chapter 1Slide 14

Assess the Disadvantages of Entrepreneurship Disadvantages of entrepreneurship

include: risk uncertain and irregular incomes long hours all decisions are made independently

Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Chapter 1Slide 15

Look for Ideas opportunities

possibilities that arise from existing conditions

ideas thoughts or concepts that come from

creative thinking

Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Chapter 1Slide 16

Financial Goals Financial goals should be:

realistic measurable easily attainable in the time allotted

Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Chapter 1Slide 17

Nonfinancial Goals Nonfinancial goals may include:

personal satisfaction serving a community need doing something you like enjoying personal independence

Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Use the Problem-Solving Model problem-solving model

helps people solve problems in a logical manner

Chapter 1Slide 18

Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Chapter 1Slide 19

Problem-Solving Skills Communicate

communicate clearly and confidently be a good listener

Brainstorming a creative problem-solving technique generates a large number of fresh ideas

Entrepreneurship: Ideas in Action 5e© 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Chapter 1Slide 20

Mistakes are a learning experience.

Learn from Mistakes