““The American Dream”The American Dream”

Is being able to own your own Is being able to own your own business. Calling all the shots, being business. Calling all the shots, being your own boss. The downside is that your own boss. The downside is that more than 50% of all new businesses more than 50% of all new businesses fail in the first year. Lack of sufficient fail in the first year. Lack of sufficient capital and business knowledge is capital and business knowledge is most often cited as the reasons for most often cited as the reasons for failure. failure.

Discussion:Discussion:

► What are the benefits of Working for What are the benefits of Working for someone else?someone else?

► Creating your own business and being Creating your own business and being your own boss?your own boss?

► What is an Entrepreneur?What is an Entrepreneur? A person who creates a business from a A person who creates a business from a

need or personal expertise, and puts need or personal expertise, and puts creativity and ingenuity into action to creativity and ingenuity into action to provide either a service or a product. Being provide either a service or a product. Being an entrepreneur is not the same as being an entrepreneur is not the same as being self-employed.self-employed.

What Entrepreneur do you know?

• Bill Gates

• Henry Ford

• Milton Hershey

• Forrest Mars

Characteristics to be Characteristics to be successful:successful:

► independenceindependence► creativity and talentcreativity and talent► good work ethics good work ethics

and honestyand honesty► organization and organization and

planning skillsplanning skills► decision makerdecision maker

► good listenergood listener► positive attitudepositive attitude► risk-taker risk-taker ► hard workerhard worker► self-confidenceself-confidence► motivated motivated ► team workerteam worker

Steps to being an entrepreneur:Steps to being an entrepreneur:1.1. Self-assess your interests, talents, and skills.Self-assess your interests, talents, and skills.2.2. Research as much information as you can.Research as much information as you can.

Find out all you can about what is already available. Find out all you can about what is already available. How much does it cost for this service or product? How much does it cost for this service or product? How much are people willing to pay? How many How much are people willing to pay? How many people are already involved in this area of work in your people are already involved in this area of work in your community?community?

What will it take to provide your service or product? What will it take to provide your service or product? Can you provide it for less expensive or better than Can you provide it for less expensive or better than anybody else?anybody else?

Interview people who might be interested in your Interview people who might be interested in your product or service.product or service.

Gather information from libraries on people, Gather information from libraries on people, magazines, organizations, that you can call for help.magazines, organizations, that you can call for help.

3. Develop a business plan3. Develop a business plan Description of the type of business Description of the type of business

Decisions:Decisions:

A. Will you provide a product or service?A. Will you provide a product or service?B. Who/what will be your target marker?B. Who/what will be your target marker?C. Will you be a retail, wholesale, or C. Will you be a retail, wholesale, or

manufacturingmanufacturing business?business?D. Will you sell D. Will you sell locallylocally, , regionallyregionally, ,

nationallynationally, or , or internationallyinternationally (MC)(MC)??E. Will you buy a company or start your E. Will you buy a company or start your

own?own?F. Will you retain ownership, obtain private F. Will you retain ownership, obtain private

financing, or obtain public financing?financing, or obtain public financing?

Activity:

• Fold a piece of paper in half and on the left side write 10 activities you enjoy doing.

• After listing their 10 activities, write the kind of business you could create from each activity.

• Share one idea with the class.

Group Activity:• Divide into groups of 4-5. Using the list of

businesses each group needs to choose one business to develop and create.

• Design a flyer or an advertisement to go with their service or product.

• Must also decide on the following questions:– product or service?– your target marker? – retail, wholesale, or manufacturing business?– sell locally, regionally, nationally, or internationally – buy a company or start your own? – retain ownership, obtain private financing, or obtain

public financing?

Formula for success:Formula for success:

Establish and write down a believable Establish and write down a believable goal.goal.

Visualize yourself already having Visualize yourself already having accomplished your goal.accomplished your goal.

Maintain a positive attitude.Maintain a positive attitude. Persevere – don’t allow yourself to give Persevere – don’t allow yourself to give

up.up. Be ready and willing to WORK!!!Be ready and willing to WORK!!! Do the best you can do.Do the best you can do. Time is money – save it!!Time is money – save it!!