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All About Entrepreneurship

All About Entrepreneurship. CTAE-FS-11: Entrepreneurship - Learners demonstrate understanding of concepts, processes, and behaviors associated with entrepreneurial performance.

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All About Entrepreneurship

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  1. All About Entrepreneurship CTAE-FS-11: Entrepreneurship - Learners demonstrate understanding of concepts, processes, and behaviors associated with entrepreneurial performance

  2. Many of the thousands of small businesses that make up the U.S. economy are owned and operated by women and men who created their own companies. Entrepreneurship

  3. Entrepreneurs Entrepreneurship • People who own, operate, and take the risk of a business venture • The process of running a business of one’s own Vocabulary

  4. Example: Sam Jones manages a record store owned by Felipe Santiago. Sam decides to keep the store open until midnight on weekdays. • If the additional hours bring in more customers and profit, Sam may get a raise but the extra earnings will flow to Felipe, the owner. Employees vs. Entrepreneurs

  5. Why do people become entrepreneurs? Integrity & Ethical Behavior • People have completely different personal and professional reasons • Such as, leaving the fast paced corporate world to set their own schedules • Such as, pursuing a personal dream • Such as, working from home to raise a family yet still earn an income • Operate with integrity & exhibit ethical behavior in all areas of business to ensure the highest standards of conduct are observed in the relationships with everyone affect by the business activities. • When considering whether or not behavior is ethical, both the actions taken by the business owner & the possible results should be considered.

  6. 1. Manufacturing Businesses 5. Other Business Areas • Produce the products they sell; usually resources and supplies • Food products 2. Wholesale Businesses • Sell products to other businesses rather than the final consumer • Apparel 3. Retail Businesses • Sell products directly to the people who use them or consume them • Florists • Service Businesses • Sell services rather than products • Babysitting • Agricultural businesses generate fresh produce and other farm products • Mining & Extracting businesses take resources like coal out of the ground so that they can be consumed • Green Entrepreneurship: Being “green” or organic is a growing movement toward environmentally friendly products. • Advantage: often favored by customers because consumers benefit the earth & conserve resources by using their products/ services Types of Entrepreneurial Businesses

  7. Entrepreneurs have played an important role in the history of America’s economy & will continue to shape our economy in the future. • Small firms/ businesses with fewer than 500 employees make up the overwhelming majority of the existing 29.6 million jobs over the past 15 years compared with 1.8 million created by large businesses. • There are many businesses today that started small & have grown into large companies that are making a major impact in our economic system • Entrepreneurs Who Changed America: • Starbucks Coffee Company • The Home Depot • Harpo Productions, Inc. Recognizing Opportunity

  8. During economic downturns, small business owners have the flexibility to be more creative & take more risks than large companies. • The result is technological change & increased productivity which makes which makes small businesses a significant part of the economic recovery process. • The American Recovery & Reinvestment Act of 2009 was passed to stimulate the economy. • Click to read provisions of the ARRA for individuals and businesses. Entrepreneurial Opportunities in Economic Recovery

  9. Although there are many opportunities for entrepreneurial success, there is also a risk of failure. • 67% of new businesses survive for 2 years • 44% of new businesses survive for 4 years • Major factors in a firm’s success include but are not limited to: • Having adequate capital & being large enough to have employees • The owner’s education, experience, & knowledge of business • The reason for starting the firm • Must be sufficiently motivating • The owner’s ability to work with others • The owner’s ability to choose the right business & make sound decisions • The owner’s entrepreneurial characteristics Business Success or Failure

  10. Characteristics of Successful Entrepreneurs

  11. Characteristics of Good Team Members

  12. Advantages Disadvantages • Entrepreneurs are their own bosses • Entrepreneurs can choose a business that interests them • Entrepreneurs can be active • Entrepreneurs can make large sums of money • Entrepreneurship is risky • Entrepreneurs face uncertain and irregular incomes • Entrepreneurs work long hours • Entrepreneurs must make all decisions by themselves Dis/Advantages of Entrepreneurship

  13. Problem Solving Model

  14. Communicate • In order to solve problems, you may have to ask questions, request information, and express your ideas and opinions. • Brainstorming • A creative problem-solving technique that involves generating a large number of fresh ideas; often done in a group setting. • The point of brainstorming is not to judge your ideas as good or bad but to come up with as many ideas as possible. • Learn from Mistakes • View your mistakes as a learning experience Problem Solving Skills

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