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Learn about the advantages and disadvantages of self-employment, the rewards of entrepreneurship, the risks involved, and the capital and investment required to start your own business.

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  1. PowerPoint Presentation • Section 2.1 • Pages 19-22

  2. 2.1Why Be an Entrepreneur? What you’ll learn • The rewards of starting your own business • The risks involved in starting your own business • How capital and investment are required to start an enterprise

  3. 2.1Why Be an Entrepreneur? Why it’s important • You should know what to expect when going into business for yourself. • You should understand the advantages and disadvantages of self-employment.

  4. 2.1Why Be an Entrepreneur? Key Terms competition investment capital enterprise

  5. 2.1Why Be an Entrepreneur? Springboard What are the rewards and drawbacks of babysitting, mowing lawns, and doing other small jobs? ?

  6. 2.1Why Be an Entrepreneur? I. REWARDS OF ENTREPRENEURSHIP A. Independence B. Personal satisfaction C. Prestige

  7. 2.1Why Be an Entrepreneur? II. BEING YOUR OWN BOSS A. Business owners are free to make their own business decisions.

  8. 2.1Why Be an Entrepreneur? B. Business owners set their own business hours, decide what products and services to offer, and choose what directions to take.

  9. 2.1Why Be an Entrepreneur? III. DOING SOMETHING YOU ENJOY

  10. 2.1Why Be an Entrepreneur? IV. HAVING THE OPPORTUNITY TO BE CREATIVE • Your ideas will directly affect your business. • Entrepreneurs can shape their businesses in ways that employees cannot.

  11. 2.1Why Be an Entrepreneur? V. FREEDOM TO SET YOUR OWN SCHEDULE A. Entrepreneurs face great demands B. Entrepreneurs have the flexibility to determine their own hours.

  12. 2.1Why Be an Entrepreneur? C. Entrepreneurs have the option of working at home or at the place of business.

  13. 2.1Why Be an Entrepreneur? VI. CONTROLLING YOUR SALARY An entrepreneur’s earnings are limited only by the potential of the business.

  14. 2.1Why Be an Entrepreneur? VII. CONTRIBUTING TO THE COMMUNITY A. Business owners provide goods and services that people need. B. Business owners create jobs and income for the community.

  15. 2.1Why Be an Entrepreneur? VIII. ENTREPRENEURIAL RISKS A. In an economy where businesses are in competition, striving for the same customer market, an entrepreneur faces risks and costs.

  16. 2.1Why Be an Entrepreneur? B. Working long hours. 1.Entrepreneurs work long hours, especially during start-up.

  17. 2.1Why Be an Entrepreneur? 2. During start-up, survival often depends on daily decisions and there is little in the way of paid help. 3. Entrepreneurs often work seven days a week.

  18. 2.1Why Be an Entrepreneur? C. Having an uncertain income. • As a rule owners make more money than employees, but only when business is good. • When business is slow, earnings can be low or even nonexistent.

  19. 2.1Why Be an Entrepreneur? D. Being fully responsible. 1. The owner of a business must see that everything gets done. 2. The success or failure of a venture rests entirely on the owner.

  20. 2.1Why Be an Entrepreneur? E. Risking one’s investment. 1. The biggest risk of being in business for one’s self is the possibility of losing one’s investment. 2.Investment is the amount of money that one puts into a business as capital.

  21. 2.1Why Be an Entrepreneur? 3.Capital includes the buildings, equipment, and other goods needed to produce a product, or the money to buy these things.

  22. 2.1Why Be an Entrepreneur? 4. An enterprise is a company that is organized for commercial business.

  23. 2.1Why Be an Entrepreneur? End of Section 2.1

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