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Business Concepts/Entrepreneurial Discovery Part I

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Business Concepts/Entrepreneurial Discovery Part I BCS-BE-6: The student demonstrates and understanding of basic business concepts and how they are applied to ... – PowerPoint PPT presentation

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Title: Business Concepts/Entrepreneurial Discovery Part I


1
Business Concepts/Entrepreneurial Discovery Part I
  • BCS-BE-6 The student demonstrates and
    understanding of basic business concepts and how
    they are applied to business activities.
  • BCS-BE-10 The student recognizes and
    demonstrates an understanding of the unique
    characteristics, traits and concepts of the
    successful entrepreneur

2
Entrepreneurship
  • An entrepreneur is a person who
  • Recognizes an ___________
  • ____________
  • ___________
  • Assumes the risks of starting and operating a
    business

3
Entrepreneurship
  • Entrepreneurship is
  • The ________ of recognizing an opportunity
  • _________ testing
  • Gathering the resources ___________ to go into
    business.

4
Entrepreneurship
  • A ___________ is a new business undertaking that
    involves risk.

5
Personal Characteristics of Entrepreneurs
  • The ___________________ (SBA) created a checklist
    to help people see if they have the recommended
    traits for a career in entrepreneurship.

6
Personal Characteristics of Entrepreneurs
Figure 5.1
7
Small Businesses
  • A __________serves a limited ________ area and
    employs fewer than 500 people.

small business an independently owned ________
that usually has the owner as its manager
8
Small Businesses
  • The SBA is a U.S. _________ agency that protects
    the interests of small businesses.

9
Internet Businesses
  • A virtual business or __________________can make
    shopping easier and more efficient for consumers.

virtual business or dot-com company a business
that operates on the ____________
10
Internet Businesses
  • According to the _______ City Business Journals,
    small businesses that use the _________ have
    grown more than 45 percent faster than those that
    do not.

11
Graphic Organizer
Number OneReason PeopleBecomeEntrepreneurs
Being the Boss
Doing What You Enjoy
Rewards of Entrepreneurship
Having the Opportunity to Be Creative
Building an Enterprise
12
Young Entrepreneurs
More than ever, teens are starting businesses
across the country. The SBA even offers a teen
business link at its Web site. The link helps
teens determine if their ideas have potential.
13
Other Reasons for Entrepreneurship
  • Entrepreneurs develop their own ________.
  • Many entrepreneurs run home-based _______
  • Entrepreneurs _________ to the economy and help
    create jobs.
  • Entrepreneurs are ________ for assuming risk.

14
Home-Based Businesses
Some home-based business experts say the best
opportunities to start a home-based business stem
from tasks employees do for their employer.
15
Challenges of Entrepreneurship
Challenges of Entrepreneurship
Getting Funds to Start the Business
Being Fully Responsible for the Business
Financial institutions are concerned about
whether the business would succeed and they would
be repaid.
Business owners must see that everything gets
donefrom sweeping the floors to handling
financial records.
16
Other Challenges for Entrepreneurs
  • Feeling alone and _______ about making the right
    decisions
  • ____ work hours
  • Uncertain _______ levels
  • Risk of ________

17
The Impact of Small Business
  • More than ____________of U.S. firms are small
    businesses.
  • Small businesses employ more than __percent of
    the U.S. workforce.
  • Small businesses are the _________source of new
    jobs.
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