Entrepreneurs…..

WHAT IS AN
ENTREPRENEUR?
 Definitions
 People who take risks to create a new
product or develop a better way to operate a
business are called entrepreneurs.

 Entrepreneurship is the process of running

a business of one’s own.

Slide 2
TYPES OF
ENTREPRENEURIAL BUSINESSES

 Manufacturing
 Wholesaling
 Retailing
 Service
 Agricultural
 Mining and extracting

Slide 4
EXAMPLES OF
MANUFACTURING BUSINESSES

 Apparel and other textile products

 Chemicals and related products
 Electronics and other electrical equipment
 Fabricated metal products
 Food products
 Industrial machinery and equipment
 Printing and publishing
 Rubber and miscellaneous plastic products
 Stone, clay, and glass products
Slide 5
EXAMPLES OF
WHOLESALING BUSINESSES
 Apparel
 Electrical goods
 Groceries and related products
 Hardware, plumbing, heating equipment
 Lumber, construction materials
 Machinery, equipment, supplies
 Motor vehicles, automotive equipment
 Paper, paper products
 Petroleum, petroleum products
Slide 6
EXAMPLES OF
RETAILING BUSINESSES
 Auto and home supply  Grocery stores
stores  Hardware stores
 Building materials and  Jewelry stores
supply stores  Retail bakeries
 Clothing stores  Shoe stores
 Florists  Sporting goods and
 Furniture stores bicycle stores
 Gift, novelty, and
souvenir stores
Slide 7
EXAMPLES OF
SERVICE BUSINESSES
 Appliance repair  Flower decorating
 Automotive repair  House cleaning
 Babysitting  Lawn care
 Bookkeeping  Painting
 Consulting  Plumbing
 Dance instruction  Translating
 Electrical services  Travel agency
 Exterminators  Tutoring
Slide 8
CHARACTERISTICS OF
SUCCESSFUL ENTREPRENEURS

Successful entrepreneurs
 are independent
 are self-confident
 have determination and perseverance
 are goal-oriented
 have a need to achieve and to set high standards
for themselves
 are creative
 are able to act quickly
Slide 9
 SMALL BUSINESSES
DOMINATE
THE U.S. ECONOMY
100%
89.0%
90%
Percentage of all U.S. businesses

80%
70%
Fewer than 20 employees
60%
50% 0 to 499 employees
40%
30% More than 500 employees
20%
10.7%
10% 3.0%
0%
Number of employees

Slide 10
ADVANTAGES OF
ENTREPRENEURSHIP
 Entrepreneurs are their own bosses.
 Entrepreneurs can choose a business that
interests them.
 Entrepreneurs can be creative.
 Entrepreneurs can make lots of money.

Slide 11
DISADVANTAGES OF
ENTREPRENEURSHIP
 Entrepreneurship is risky.
 Entrepreneurs face uncertain and irregular
incomes.
 Entrepreneurs work long hours.
 Entrepreneurs must make all decisions by
themselves.

Slide 12
RISK & INCENTIVE

 RISK is the possibility of suffering harm or

loss, or following a course involving certain
danger.

 INCENTIVE is something inciting to action

or effort, which may cause an increase in
personal satisfaction.
Entrepreneurs are…

 Willing
to take risks when the possibility
of great profit (incentive) is possible.
INVESTIGATE
OPPORTUNITIES
 Library
 Small Business Administration
 Trade shows

Slide 15
COMPARE DIFFERENT
OPPORTUNITIES
 Is there a market? Will people buy?
 How much money would it take? Will I be able to borrow
that much?
 How many hours a week are required? Am I willing to
commit that much time?
 What are the risks? What is the rate of business failure?
 Do I have the right background? Do others who own this
kind of business have more experience?
 How much money could I make?

Slide 16
ASSESS YOUR SUITABILITY
FOR ENTREPRENEURSHIP
 Assess your interests
 Hobbies and interests
 Past experiences
 Assess your aptitude
 Assess the advantages of entrepreneurship
 Assess the disadvantages of
entrepreneurship

Slide 17
JOB ATTRIBUTES
CHECKLIST
 I enjoy working with numbers.
 I enjoy working outdoors.
 I enjoy working with my hands.
 I enjoy selling.
 I like working with people.
 I prefer to work alone.
 I like supervising other people.
 I like knowing exactly what it is I am supposed to
do.
Slide 18