2. What is an entrepreneur?
• Someone who takes a risk in starting a
business to earn a profit.
What do you need to be an entrepreneur?
– Desire to be your own boss
– An initial plan
– Ability to come up with innovative ideas
3. Entrepreneurship
• The process of starting, organizing, managing,
and assuming the responsibility for a business.
Example Entrepreneur:
4. The Risk
In your journal –
1. Write down the type of business you would
like to start.
2. Write down the first 10 things you would do
when starting that business.
5. Business Plan
A written description of the business idea and
how it will be carried out, including all major
business activities.
7. What does it take?
Persistent
Inquisitive
Energetic
Goal oriented
Independent
Self-confident
Creative
Reliable
Competitive
• Problem Solving Skills
• Tolerance
• Strong integrity
• Personal initiative
• Ability to secure resources
• Capability to learn from
failure
• Willingness to work hard
8. THE ECONOMY
• How do small businesses help the economy?
Venture Capital – money provided by large
investors to finance new products and new
businesses that have a good chance of to be
very profitable.
9. THE ECONOMY
• How do small businesses help the economy?
Venture Capital – money provided by large
investors to finance new products and new
businesses that have a good chance of to be
very profitable.
10. Small Business
• An independent business with fewer than 500
employees.
• 99.7% of roughly 24 million US businesses are
small businesses.
• Employ nearly 50% of US workers.
11. Small Business Problems
• Reasons for Failure:
– Not keeping adequate records
– Not having enough start up money
– Lack of management experience
– Lack of experience with the type of business
– Not controlling operating expenses
– Poor location
12. Small Business Administration
• Government agency that helps small business
owners develop business plans and obtain
financing and other support for their
companies.
• SBA.gov
