do now: in your notebook: if you had the opportunity to start your own small business: what type of...
TRANSCRIPT
DO NOW:
In your notebook:• If you had the opportunity to start your own
small business:• What type of business would it be?
• Do you see a need for it in the community?
• How many hours a week would you work?
• How much start up money would you need?
• How many years would it take to be profitable?
• Do you know anyone who has started their own business?
Do you have the entrepreneurial qualities to make a small business work?
Research shows that successful entrepreneurs have common characteristics. Are you in that group?
• Activity: How Entrepreneurial Are You?• Are you Santa or an elf? Why?• If I gave you $100, how would you spend it?• Are you comfortable flying blind?
• Share your results with 2 or 3 around you• Compare your results• Afterward, as a class, create a word web on the front board highlighting characteristics you feel an entrepreneur may possess
Word Web
Create word web on board using adjectives to describe entrepreneur• Class Discussion to follow
Using these words, how can we define “entrepreneur” & how is this different from “entrepreneurship”?
Entrepreneurs Can Change the World
So, what is an entrepreneur?
Entrepreneurs are usually:• take charge people• self-directed people• want to work for themselves• often risk takers
An entrepreneur is a person who recognizes a business opportunity and organizes, manages, and assumes the risk of a business enterprise, with the intent of increasing the market value of a business.
What are your entrepreneurial ideas?
Numbered Heads Together
What are the advantages and disadvantages of entrepreneurship?
Brainstorm with group and write down as many as you can think of in two minutes
Then categorize and prioritize your answers Be prepared to discuss Ten minutes alloted
Advantages of an Entrepreneurship
A business started by someone who notices a need for a product or service is an entrepreneurship.
5 Advantages of an Entrepreneurship• 1. Satisfaction in taking a risk• 2. Becoming successful• 3. Showing expertise and skills• 4. Working from home• 5. Gaining profit
Disadvantages of an Entrepreneurship
3 Disadvantages of an Entrepreneurship• 1. Total responsibility for the
business
• 2. Long hours
• 3. Financial risk
Turn & Talk: greatest advantage and worst disadvantage?
The main reason that an entrepreneurship fails is the need for money
Small Business SBA is the Small Business Administration
• THE SBA
• Defines a small business as an independently owned business that usually has the owner as its manager.
A small business
• Serves a limited geographic area
• Employs fewer than 500 people
• Is not dominant in its industry• A virtual business or a dot-com company is a business that operates on the internet
• Accounts for over 50% of total workforce in U.S. in small businesses
Can you name some small businesses?
Advantages/Disadvantages of a small business 3 advantages of a small business
• 1. Being the boss• 2. Opportunity to offer services that
large companies cannot• 3. Ease of formation
3 disadvantages of a small business• 1. Effect of change (economics)• 2. Managerial skills needed
o Juggling finances, employees, production and customer relations
• 3. Inadequate financial planningo Four of five small businesses fail in the first
five yearso Those that require advanced training prior to
opening are usually most successful (dentist, physician)
• Greatest advantage/disadvantage?
Jigsaw: Business Plans
Find information in groups about your assigned section of a business plan
Educate fellow classmates on your respective section after research
Apply those parts of a business plan to your own RA business
This “rough draft” should have bullet points of ideas to include in each respective section