chapter 13 our economic system chapter 13 our economic system lesson 13.2 being your own boss lesson...

Chapter 13Our Economic System

Chapter 13Our Economic System

Lesson 13.2 Being Your Own Boss


2Chapter 13 Our Economic System

Being Your Own BossBeing Your Own Boss

DiscoverDiscover

The rewards and challenges of working for yourself

How to start your own business



Why It’s ImportantWhy It’s Important

In the free enterprise system, many people own and operate their own businesses. One day, you may be one of them.



Key TermsKey Terms

entrepreneurbusiness planmarketing




You may have a future as an entrepreneur.

An entrepreneur is someone who organizes and runs a business.




More than 95 percent of the people employed in the United States work for small businesses.



--Long Work Hours --Risk

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The Rewards and Challenges of EntrepreneurshipThe Rewards and Challenges of EntrepreneurshipGraphic OrganizerGraphic Organizer

Advantages

Disadvantages

You’re in Charge

Personal Satisfaction

Unlimited Income

Potential

Competition



Qualities of EntrepreneursQualities of EntrepreneursGraphic OrganizerGraphic Organizer

DecisionMaking

HumanRelations

MotivationSight andForesight



Launching Your Own BusinessLaunching Your Own Business

Whether you launch your business this weekend, next summer, or in the future, you will need a plan.



The Importance of PlanningThe Importance of Planning

To run a successful business, you need a business plan.

A business plan is a written proposal that describes your new business.



Elements of a Business PlanElements of a Business PlanGraphic OrganizerGraphic Organizer

BusinessBusinessPlanPlan

Identifies the goods or

services you will offer

Shown to people who

can lend you money to start your business

Identifies where your

business will be located

Outlines your goals and

gives a timetable for

meeting them




A business plan also describes who your customers will be and your marketing plan.

Marketing is the process of developing, promoting, and distributing good and services to customers.



Functions of MarketingFunctions of MarketingGraphic OrganizerGraphic Organizer

Finance

Pricing

Promotion

Service

MarketResearch

Distribution

Selling




As part of your business plan, you’ll figure out how much it will cost to start and run your business.




Many entrepreneurs borrow money from a commercial lender, such as a bank, to get their businesses started.



Try This ActivityTry This Activity

Work with a group of students. Brainstorm a list of businesses that would be successful at your school. Conduct research on other students to find out if they would patronize your business.

Work with a group of students. Brainstorm a list of businesses that would be successful at your school. Conduct research on other students to find out if they would patronize your business.

Develop a School-Based Business


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Prepare Your Business Plan Now develop the business plan.Prepare Your Business Plan Now develop the business plan.



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Conduct Research, Then Carry Out Your Plan Make sure your plan includes all the information listed. Then carry out your plan by starting the school-based business.

Conduct Research, Then Carry Out Your Plan Make sure your plan includes all the information listed. Then carry out your plan by starting the school-based business.






Making a business plan is hard work, but it’s also exciting.

A business plan is a dream on paper.



Investigating Career Clusters


Manufacturing The process of making products by hand or by machineManufacturing The process of making products by hand or by machine

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ManufacturingManufacturing





If you love to build things or make things, a career in manufacturing may be for you.If you love to build things or make things, a career in manufacturing may be for you.

ManufacturingManufacturing



What should you consider in choosing a location for a business?What should you consider in choosing a location for a business?

Critical Thinking Review

Critical ThinkingCritical Thinking

QQ

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Answers include: whether the business needs to be near customers or services; location of competition; the cost of property; the condition of streets and buildings; and the types of businesses in the area.

Answers include: whether the business needs to be near customers or services; location of competition; the cost of property; the condition of streets and buildings; and the types of businesses in the area.



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What qualities of entrepreneurs are also important to have when you work for someone else?

What qualities of entrepreneurs are also important to have when you work for someone else?



QQ

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Good employees are motivated and good at decision making. They can successfully relate to other people. These qualities are also required of entrepreneurs.

Good employees are motivated and good at decision making. They can successfully relate to other people. These qualities are also required of entrepreneurs.



AA

End of Chapter 13Our Economic System

End of Chapter 13Our Economic System



chapter 13 our economic system chapter 13 our economic system lesson 13.2 being your own boss lesson...

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economic system lesson

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successful business

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