Welcome to the 411 on Business Core, Marketing, & Entrepreneurship!

Be sure to follow for updates to homework, upcoming events, change in professional dress days, as well as other tips and tidbits to help you get ahead in the business world today.

If you need to reach me call me on my cell or via email at todd_nakayama@yahoo.com. If your parents wish to contact me have them reach me at work at (808) 528-9477 or through email.

~ naks

Updates:

Business Core: Your Professional Dress days will be on every Thursday of the month unless otherwise noted. Remember, this may change with guest speakers, field trips, or presentations (typically these will replace the Thursday dress days for the week).

Marketing/Entrepreneurship: Your Professional Dress days will be on every Friday of the month unless otherwise noted. Remember, this may change with guest speakers, field trips, or presentations (typically these will replace the Thursday dress days for the week).

ENTREPRENEURSHIP VOCAB

Chapter 1 Vocab and Highlights

Entrepreneurs – People who own, operate, and take the risk of a business venture
Entrepreneurship – The process of running a business of one’s own
Employees – People who work for someone else
Self-assessment – Evaluation of your strengths and weaknesses
Aptitude – The ability to learn a particular kind of job
Trade Shows – Special meetings where companies display their products

CHAPTER HIGHLIGHTS

Employees vs. Entrepreneurs
- Benefits and pitfalls

Types of Entrepreneurial Businesses
1.  Manufacturing
2.  Wholesaling
3.  Retailing
4.  Service

Characteristics of Successful Entrepreneurs
1.  Independent – want to make their own decisions and do something they enjoy
2.  Self-Confident – confidence to make all their decisions and bounce back from poor decisions
3.  Determination and Perseverance – persist through hard times until goals are met
4.  Goal-oriented – know what they want, and are able to focus on achieving it
5.  Need to achieve and to set high standards – constantly setting challenging new goals
6.  Creative – think of new ways to market their business and look for new solution to problems
7.  Able to act quickly – not afraid to make quick decisions in order to beat competition

Advantages of Entrepreneurship
1.  Entrepreneurs are their own bosses – control your own destiny
2.  Entrepreneurs can choose a business that interests them – ability to combine interests and hobbies
3.  Entrepreneurs can be creative – always implementing creative ideas they develop
4.  Entrepreneurs can make lots of money – involves risk but can make a lot of money with success

Disadvantages of Entrepreneurship
1.  Entrepreneurship is risky – face the possibility of losing money or going out of business
2.  Entrepreneurs face uncertain and irregular incomes – income may not always be consistent
3.  Entrepreneurs work long hours – may work long, irregular hours.
4.  Entrepreneurs must make all decisions by themselves – unless you have a partner

Comparing Opportunities
1.  Is there a market for this kind of business?  Will people buy my product or service?
2.  How much will it cost to start?  Will I be able to borrow that much?
3.  How many hours a week will it take to run?  Am I willing to commit that much time?
4.  What are the risks involved?  What is the rate of business failure?
5.  Does my background prepare me for my business?  Do most people in this business have more experience than I do?  Does experience matter?
6.  How much money could I make running this business?

Financial Goals vs Nonfinancial Goals
1.  What goals would you set financially?
2.  What nonfinancial goals, personal goals or goals to help others, do you have?
3.  Remember people love to help those with a cause (Ben & Jerrys)
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