1. Entrepreneurs The Business of Owning a Business

2. The News & Lemonade Stand My first business (5 th grade) My first business (5 th grade) Ever dream of being your own boss someday? Difficulties and risks

3. Economic Institutions “An organization or idea (formal or informal) that influences economic behavior.” Many products are designed with certain economic institutions in mind. Examples: Families Businesses Workers

4. Which economic institution is in mind?

12. Starting a Business The Entrepreneur “An individual who is willing to organize and manage a business.” They take risks to develop original ideas, start businesses, create new industries, and fuel economic growth. They answer the basic economic questions of what, how, and how much.

13. Famous Entrepreneurs Magic Johnson Enterprises ($700 Million): Magic Johnson Movie Theaters “The Magic Hour” (T.V. Show) Magic Johnson Productions (Promo Company) Magic Johnson Entertainment (Movie Studio) Fat Burgers

14. Famous Entrepreneurs (Cont’d) Various Cookbooks “30 Minute Meals” (Food Network show) Every Day with Rachael Ray (Magazine) “The Rachael Ray Show” (Syndicated Talk Show) Yum-O Organization

15. An Infamous Entrepreneur Tom Vu, Real Estate Entrepreneur (Now in Prison)

16. Tom Vu Infomercial from the 1980’s

17. The Captains of Industry John D. Rockefeller (Oil) Founded Standard Oil Co. Philanthropy: University of Chicago, Rockefeller University, & Spelman College Rockefeller Foundation (medicine, health, & the arts) Gave away $550 million

18. The Captains of Industry (Cont’d) Henry Ford (Cars) Founded Ford Motor Co. Invented the modern assembly line & mass production Introduced the minimum wage ($5-per-day) & 40- hour work week Philanthropy: The Ford Foundation (education, arts, & human rights) Gave away $530 million

19. The Captains of Industry (Cont’d) Andrew Carnegie Andrew Carnegie (Steel) Founded U.S. Steel Philanthropy Founded Carnegie Mellon University Carnegie Endowment for International Peace Carnegie Corporation of New York Carnegie Hall Gave away $350 million

20. Help for Entrepreneurs Patents and copyrights The Small Business Administration (SBA) Government agency created in 1953 Advises, helps, and protects the interests of small businesses Provides loans to help begin or expand businesses

21. Breakdown of Business Ownership

22. Do you have what it takes? You have the entrepreneurial spirit if you: Seek out responsibility Are willing to take risks Believe in yourself Desire to reach your full potential Have high energy levels Are upbeat and optimistic

23. You have the entrepreneurial spirit if you: Look toward the future rather than the past Value achievement over money Maintain flexibility as you face new challenges Are strongly committed to your goals Do you have what it takes (Cont’d)?