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.
If so, you have thought about becoming an ENTREPRENEUR.
Have you ever thought about going into business for
yourself?
OBJECTIVE: Students will be able to define the terms entrepreneur and small business.
ENTREPRENEURSHIP 1
KEY TERMSEntrepreneurVentureEntrepreneurshipEntrepreneurialFree EnterpriseProfitSmall Business
Entrepreneur
An individual who undertakes the risk associated with creating, organizing, and owning a business.
Entrepreneur ExamplesAuntie Anne’s PretzelsAsk.comKFCIKEAMary Kay, Inc.Best BuySimon Cowell
Venture
A business undertaking involving a risk.
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 yearsInnovation. New-organization, product,
markets, production methods.
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
What’s the Difference?Entrepreneurship vs. Entrepreneurial
Entrepreneurship
The process of starting and operating one’s own business.
Entrepreneurial
Acting like an entrepreneur or having entrepreneurial mind-set.
Can anyone be an entrepreneurial? Explain.
Entrepreneurial Stats1/3 households is involved with new
venture90% has <100 employees62% are home based
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.
Profit
Money that is left after all expenses of running a business have been deducted from the income.
What entrepreneurs contribute?
The mechanism by which the economy turns demand into supply.
Principle source of venture capital.Provide jobsMost successful entrepreneurs change
society.They make economic progress happen.
Activity Learning from Failure
Small Business
Created for themselves known originally as “mom and pop stores”
Created lifestyles to meet their personal needs
Examples:
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?
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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