1.02 Career Opportunities in Entrepreneurship

1.
02: Career Opportunities in

Entrepreneurship
Essential Questions:
 What are the differences between entrepreneurs, small-business owners, and

managers?
 Why do people pursue a career as an entrepreneur?
 What opportunities may lead to someone becoming an entrepreneur?
 What are the risk and disadvantages of becoming an entrepreneur?
 Why do businesses often fail?
 What resources are available to assist entrepreneurs?
Often times, entrepreneurs go into business to create their own personal wealth through profits,
and because they want to be their own boss. In this unit, we will explore some career
opportunities for entrepreneurs and delve into some important aspects for small business owners.
The difference between entrepreneurs, small-business owners, and managers
It is important to understand and be able to distinguish between the three as all may have similar
duties, but also have different roles.
Entrepreneur: Entrepreneurs are the creative ones. They are the people who go through the
creative processes to create their own business to support their passions and interests.
Entrepreneurs take the risks in starting a business, but they also reap the rewards in the way of
profits.
Small-Business Owner: Small-business owners often sacrifice their own needs and interests to
build their businesses, and they don’t concern themselves with offering unique products. Instead,
their focus is simply on running stable, secure businesses that generate income. Often times we
see these people as franchise owners or people who simply take over ownership of an already
established business.
Manager: Managers DO NOT own the business, but manage the business for the owner. The
manager is responsible for planning, organizing, staffing, directing, and controlling the work of
others in a systematic way.
Why do people become entrepreneurs?
thousands of people choose to open their own businesses every year. These individuals become
entrepreneurs for a number of reasons. These reasons include obtaining personal satisfaction,
making a difference in the lives of others, pursuing their passions, becoming more independent,
being more creative, having a flexible work schedule, or gaining financial independence.
Opportunities for Entrepreneurs
Entrepreneurs are always looking for new opportunities. They enjoy the type of work they do,
because they can work independently without a boss, but they are also flexible to change.
Often times, entrepreneurs follow trends in the business world to develop new opportunities.
Some trends that are currently seeing new entrepreneurial ventures are:
 Home-based businesses: Home businesses are a current opportunity. Primarily this time
of business works over the internet to produce sales, but often, depending on the type of
business, owners may work as a local business. Home-based businesses are great
opportunities since the coast to start-up is fairly low.
 Support systems: There are a great many support systems that entrepreneurs utilize to
find opportunities including, the U.S. Small Business Administration, IRS, Service Corp
of Retired Executives, among many others.
 Angel investors: Think of the television show "Shark Tank." In reality, there are people
all over the world like the sharks who seek new business opportunities to invest in small
businesses. Angel investors are people who fund the start-up of the organization, but also
seek a portion of the business ownership. Often times as a silent partner.
 Tax Breaks: Did you know that if you own any business in the U.S., you can receive tax
breaks from the federal and state governments. Even if you have a business with only one
customer. This could save you thousands of dollars annually which goes into your own
pocket. Entrepreneurs always look at their financial deductions to get the largest tax
breaks possible.
Risks and disadvantages in entrepreneurship
Starting a business is risky. Nevertheless, thousands of people choose to open their own
businesses every year. These individuals become entrepreneurs for a number of reasons. These
reasons include obtaining personal satisfaction, making a difference in the lives of others,
pursuing their passions, becoming more independent, being more creative, having a flexible
work schedule, or gaining financial independence. Some individuals even become entrepreneurs
simply to experience the adventure and excitement of business ownership!
Business Failure
According to the U.S. Small Business Administration, around 50% of all small businesses fail
within the first five years. Why do so many start-up businesses fail?
 Finances: Entrepreneurs face the possibility of uncertain income, irregular paychecks,

and potential financial loss as an entrepreneur. The finances of a business are the number
one reason why businesses fail. Businesses need to keep good financial records and
maintain high ethical standards with the books.
 Personal Responsibility: As a start-up business owner, you are responsible for the entire
business. You do it all, from paying the bills to making sales calls. As the owner, you
have total responsibility for decision making regarding all aspects of your business. If
you make a good decision, great. If you make a bad decision, you have no one to blame
but yourself.
 Personal Commitment: It’s normal to work long and irregular hours, including
weekends. You may have to give up vacation time. Entrepreneurial ventures often
interfere with your personal and family time. And, starting your own business can take
both a physical and emotional toll on you and those around you.
Vocabulary:
(Note: Students will be required to create a Kim’s Chart for the vocabulary for each lesson)
See below Sample KIMS Chart
Key Term Definition (In your own words) Memory Clue (picture)
Money A medium of exchange $$$$$
Small-business owner:
Manager:
Entrepreneur:

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1.

02: Career Opportunities in

 What are the differences between entrepreneurs, small-business owners, and

The difference between entrepreneurs, small-business owners, and managers

Opportunities for Entrepreneurs

Risks and disadvantages in entrepreneurship

 Finances: Entrepreneurs face the possibility of uncertain income, irregular paychecks,

See below Sample KIMS Chart

Money A medium of exchange $$$$$

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