Entrepreneurs, take a pen and paper out and make some handy notes. Let’s get right into it. Do share this lesson so it can benefit others as well.
DEFINITIONS
Entrepreneurs - people who own, operate, and take the risk of a business venture.
Entrepreneurship - The process of running a business of one’s own.
Employee - people who work for someone else.
6 TYPES OF ENTREPRENEURIAL BUSINESS
1. Manufacturing - actually produce the products they sell
2. Wholesaling - sell the products to people other than the final customer
3. Retailing - selling products to people
4. Service - sell services
5. Agricultural - generate fresh produce & other farm products
6. Mining and Extracting - take resources like coal out of the ground so they can be consumed
Can you think of any local examples for each of the above?
6 CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS
- Independence
- Self-confident
- Determination & perseverance
- Goal-orientated
- The need to achieve & set high standards for themselves
- Are able to act quickly
4 ADVANTAGES OF ENTREPRENEURSHIP
- They are their own boss
- They can choose a business that interest them
- They can be creative
- They can make lots of money
4 DISADVANTAGES OF ENTREPRENEURSHIP
- Entrepreneurship is risky
- Entrepreneurs face uncertain an irregular incomes
- Entrepreneurs work long hours
- Entrepreneurs must make all decisions by themselves
THINK CRITICALLY!!
Entrepreneurs can fail even if they are committed and have the characteristics needed to be successful.
1. Why do you think this can happen?
2. Why is it important for entrepreneurs to choose a field that they will enjoy?
3. Do you think the advantages of entrepreneurship outweigh the disadvantages? Why or why not?
BUSINESS OPPORTUNITIES AND SETTING GOALS
The library has resources that can help you examine different opportunities.
For example:
- Books on entrepreneurship
- Magazines for entrepreneurs
- Trade magazines
- Government publications
- The Timely Entrepreneur Resource and Research Centre is an organization that exists to help small businesses and their owners. Give us a call to find out how we can help. 868.488.0507.
THINK CRITICALLY!!
Choose a business idea that appeals to you. For this business, answer the assessment questions listed in this lesson on a sheet of paper.
- Is this a realistic choice for you? Why or why not?
- In terms of annual income, what financial goals have you set for yourself for the next five years?
- What non-financials goals have you set that becoming an entrepreneur can help you achieve?
- Are financial or non-financial goals more important to you? Why?
MATH CONNECTIONS!!!
You live near the beach in Tobago and have a passion for deep sea diving. Your dream is to give deep sea diving lessons. You estimate that after expenses, you earn $10 per lesson. Your income goal is $15,000 per year.
- How many lessons do you need to give to achieve this goal?
- Is this goal realistic?
COMMUNICATION!!!
Make a list of personal non-financial goals you would like to achieve through entrepreneurship.
