MORNING, MORNING, MORNING!!

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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?. - PowerPoint PPT Presentation

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  • 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

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

  • Entrepreneur ExamplesAuntie Annes PretzelsAsk.comKFCIKEAMary Kay, Inc.Best BuySimon Cowell

  • VentureA 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 1With 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

  • Whats the Difference?Entrepreneurship vs. Entrepreneurial

  • EntrepreneurshipThe process of starting and operating ones own business.

  • EntrepreneurialActing like an entrepreneur or having entrepreneurial mind-set.

    Can anyone be an entrepreneurial? Explain.

  • Entrepreneurial Stats1/3 households is involved with new venture90% has
  • Free EnterprisePeople have an important right to make economic choices: choose what products to buy, own private property, start a business and compete with other businesses.

  • ProfitMoney 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 BusinessCreated for themselves known originally as mom and pop storesCreated lifestyles to meet their personal needsExamples:

  • Reading ActivityHow 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 Americas growth?