1. Traits of Entrepreneurs Entrepreneurs have several characteristics – They organize resources and manage them in innovative ways to increase output. – They look for new ways to produce goods and services – They are willing to take risks – They are willing to face stiff competition – They are willing to take advantage of legal ways to limit competition Patents Copyrights – They take steps to earn as much profit as possible

2. Shark Tank Clip Identify specific traits of entrepreneurship in the clip.

3. Big Business Strategies Corporations: – Organizers raise money by selling shares of stock in the company. Stockholders who buy the shares receive a percentage of the corporation profits Trust: – A group of companies form together and run all of the companies as a single enterprise. A trust reduces competition Monopoly: – When a trust has almost complete control over of an industry. A monopoly has almost complete control over price and quality of a product

4. Big Business Strategies Vertical Integration: – Owning all stages of the manufacturing process – Example: If the manufacturer of lawn mowers merged with a manufacturer of small engines. Horizontal Integration: – Owning all businesses in a specific field to cut down costs – Example: If the manufacturer of lawn mowers merged with another manufacturer of lawn mowers

5. Who am I assignment Choose a prominent entrepreneur from Section 15.2 p473-480 such as: 1. Andrew Carnegie p475 2. John D Rockefeller p477 3. Cornelius Vanderbilt p478 4. George Westinghouse p478 5. George Pullman p479 Write a short biographical “Who Am I?” speech in the role of your assigned entrepreneur, omitting the person’s name.

6. One Word Summary Choose a prominent entrepreneur from Section 15.2 p473-480 such as: 1. Andrew Carnegie p475 2. John D Rockefeller p477 3. Cornelius Vanderbilt p478 4. George Westinghouse p478 5. George Pullman p479 Choose one word to describe the prominent entrepreneur and write one paragraph explaining why you selected that word.

7. Big Business Leaders Andrew Carnegie: Innovations in the steel industry used vertical integration John D. Rockefeller: Innovations in oil refining used horizontal integration Cornelius Vanderbilt: Innovations in the railroad industry. Combined small rail lines to make larger direct routes George Westinghouse: Invented the compressed air brake. Trains could haul more cars at greater speeds George Pullman: Designed long-distance rail cars

8. A New Capitalist Spirit Laissez-faire capitalism: Means hands off, this theory calls for no government intervention in the economy Social Darwinism: Refers to the “Survival of the fittest” – If a person or company is successful in business through the attainment of wealth, they will be successful in life

9. DBQ: Introductions Grabber: Something interesting about the topic to hook the reader. Do Not begin with a question Background: Provide some relevant background information about the topic Stating the question with key terms defined: Tell the reader what the question is – Use the following sentence starter – The question is …. Thesis and Roadmap: What is your argument? What are the three categories to support your argument