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MORNING, MORNING, MORNING!!

MORNING, MORNING, MORNING!!. Please take the handout “Sliding Into Business”. Read and answer question. This is your first Warm-up. Remember, warm-ups go inside your notebook behind the Warm-up section. Have you ever thought about going into business for yourself?.

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MORNING, MORNING, MORNING!!

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  1. MORNING, MORNING, MORNING!! Please take the handout “Sliding Into Business”. Read and answer question. This is your first Warm-up. Remember, warm-ups go inside your notebook behind the Warm-up section.

  2. Have you ever thought about going into business for yourself? If so, you have thought about becoming an ENTREPRENEUR.

  3. ENTREPRENEURSHIP 1 OBJECTIVE: Students will be able to define the terms entrepreneur and small business.

  4. KEY TERMS • Entrepreneur • Venture • Entrepreneurship • Entrepreneurial • Free Enterprise • Profit • Small Business

  5. Entrepreneur • An individual who undertakes the risk associated with creating, organizing, and owning a business.

  6. Entrepreneur Examples • Auntie Anne’s Pretzels • Ask.com • KFC • IKEA • Mary Kay, Inc. • Best Buy • Simon Cowell

  7. Venture • A business undertaking involving a risk.

  8. Venture (cont.) • Innovative. It provides resources with a new power to create wealth. • Risk. Usually high. • Amount of wealth creation. A booming venture generates substantial wealth “several million dollars of profit”. • Speed of wealth. Fast, usually within 5 years • Innovation. New-organization, product, markets, production methods.

  9. ACTIVITY 1 • With a partner, brainstorm and list 5 skills needed to become an entrepreneur. Be ready to explain each skill. • Determine, idea, creativity, organized, resources, leadership, well thought out idea, plan b or backup plan, money, networking

  10. What’s the Difference? • Entrepreneurship vs. Entrepreneurial

  11. Entrepreneurship • The process of starting and operating one’s own business.

  12. Entrepreneurial • Acting like an entrepreneur or having entrepreneurial mind-set. Can anyone be an entrepreneurial? Explain.

  13. Entrepreneurial Stats • 1/3 households is involved with new venture • 90% has <100 employees • 62% are home based

  14. Free Enterprise • People have an important right to make economic choices: choose what products to buy, own private property, start a business and compete with other businesses.

  15. Profit • Money that is left after all expenses of running a business have been deducted from the income.

  16. What entrepreneurs contribute? • The mechanism by which the economy turns demand into supply. • Principle source of venture capital. • Provide jobs • Most successful entrepreneurs change society. • They make economic progress happen.

  17. Activity • Learning from Failure

  18. Small Business • Created for themselves known originally as “mom and pop stores” • Created lifestyles to meet their personal needs • Examples:

  19. Reading Activity • How does businesses purchasing from other businesses generate economic growth? • Which cost more to operate? Manufacturing or trading industry. • Why does small businesses produce 13 to 14 times more patents than large firms? • What are the advantages of working at a small business?

  20. Reading Activity (cont.) • Is a poor area a good place for entrepreneurship? • If a small business enter and exit the market, will the market be affected? • How does small business fuel America’s growth?

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