Chapter 13
Our Economic System
Lesson 13.2
Being Your Own Boss

Being Your Own Boss
Discover
The rewards and challenges of working for yourself
How to start your own business
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Being Your Own Boss
Why It’s Important
In the free enterprise system, many people own and operate their own businesses. One day, you may be one of them.
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Being Your Own Boss entrepreneur business plan marketing
Key Terms
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Being Your Own Boss
You may have a future as an entrepreneur.
An entrepreneur is someone who organizes and runs a business.
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Being Your Own Boss
More than 95 percent of the people employed in the United
States work for small businesses.
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Being Your Own Boss
Graphic Organizer
The Rewards and Challenges of Entrepreneurship
+
-
You’re in
Hours
-
Personal
+ + +
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Risk
Unlimited
Potential
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Being Your Own Boss
Graphic Organizer
Qualities of Entrepreneurs
Motivation
Sight and
Foresight
Decision
Making
Human
Relations
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Being Your Own Boss
Launching Your Own
Business
Whether you launch your business this weekend, next summer, or in the future, you will need a plan.
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Being Your Own Boss
The 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.
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Being Your Own Boss
Graphic Organizer
Elements of a Business Plan
Shown to people who can lend you money to start your business
Identifies the goods or services you will offer
Chapter 13 Our Economic System
Identifies where your business will be located
Business
Plan
Outlines your goals and gives a timetable for meeting them
11

Being Your Own Boss
The Importance of
Planning
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.
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Finance
Being Your Own Boss
Graphic Organizer
Functions of Marketing
Market
Research
Distribution
Selling
Pricing
Promotion
Service
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Being Your Own Boss
The Importance of
Planning
As part of your business plan, you’ll figure out how much it will cost to start and run your business.
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Being Your Own Boss
The Importance of
Planning
Many entrepreneurs borrow money from a commercial lender, such as a bank, to get their businesses started.
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Being Your Own Boss
Try This Activity
Develop a
School-Based
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. continued
16 Chapter 13 Our Economic System

Being Your Own Boss
Try This Activity
Develop a
School-Based
Business
Prepare Your Business Plan
Now develop the business plan.
continued
17 Chapter 13 Our Economic System

Being Your Own Boss
Try This Activity
Develop a
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.
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Being Your Own Boss
The Importance of
Planning
Making a business plan is hard work, but it’s also exciting.
A business plan is a dream on paper.
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Being Your Own Boss
Investigating Career
Clusters
Manufacturing
Manufacturing The process of making products by hand or by machine
Chapter 13 Our Economic System continued
20

Being Your Own Boss
Investigating Career
Clusters
Manufacturing
If you love to build things or make things, a career in manufacturing may be for you.
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Being Your Own Boss
Critical Thinking Review
Critical Thinking
Q What should you consider in choosing a location for a business?
continued
22 Chapter 13 Our Economic System

Being Your Own Boss
Critical Thinking Review
Critical Thinking
A 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.
continued
23 Chapter 13 Our Economic System

Being Your Own Boss
Critical Thinking Review
Critical Thinking
Q What qualities of entrepreneurs are also important to have when you work for someone else?
continued
24 Chapter 13 Our Economic System

Being Your Own Boss
Critical Thinking Review
Critical Thinking
A Good employees are motivated and good at decision making. They can successfully relate to other people. These qualities are also required of entrepreneurs.
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End of Chapter 13
Our Economic System
Lesson 13.2
Being Your Own Boss