Chapter One: What is entrepreneurship? Visions and Ventures 30S

How can you make an income in life? To make money or earn an income in life, you have two general choices. What are they?

How can you make an income in life? Choice One Choice Two Be an Employee Be Self- Employed (Be an Entrepreneur)

What’s the difference? Employee vs. Entrepreneur

A business can succeed ONLY if people want or need what it provides. Big Idea 1: A business can succeed ONLY if people want or need what it provides.

Fort Richmond is missing… …what type of business? With a partner, brainstorm a business opportunity in our community (Fort Richmond). Remember, you should be able to justify why you think it fills the Big Idea #1: A business can succeed ONLY if people want or need what it provides. Business Name Explain: Location and why you think it would succeed (meeting the wants and needs of people in the Fort Richmond Community)

Entrepreneurship Entrepreneurship is about knowing there is a business opportunity, and then using resources to develop that opportunity into a business.

Who is an entrepreneur? An entrepreneur is a person who has an idea for starting a business, and then takes a risk using their own money and time to make the business happen.

What are some contributions of entrepreneurs to society? Deciding what to sell In a free-enterprise system, people can choose what to buy and sell. Entrepreneurship develops in a free- enterprise system when someone sees an opportunity to fill people’s needs or wants. What are some contributions of entrepreneurs to society?

In our society, entrepreneurs: Create new, improved products and services Make products and services available to more people Compete with each other which improves production and keeps prices down Create jobs in the community

Needs and Wants Entrepreneurship fills all types of needs and wants. A grocery store fills needs in a community. Online music stores fill wants. Clothing stores fill both needs and wants. Airlines fill needs and wants in the world.

Assignment – Describing Needs and Wants People have many needs and wants in society. Briefly consider your own wants and needs. 1. What are three things you want? 2. What are three things you need?

Big Idea 2: A business is connected to and depends on, the world around it in many different ways.

Free Enterprise Entrepreneurship is part of a system know as free enterprise or free market. These are some facts about a free enterprise system: People can make their own decisions about what to sell and what to buy.

Free Enterprise Some facts about a free enterprise system (Continued): Prices are determined by how much people will pay. This can depend on how much they want something. It can also depend on how much they are able to pay.

Free Enterprise Sometimes a buyer and seller negotiate to get a fair price. They talk about how much the buyer is willing to pay. They try to reach an agreement by bargaining.

Free Enterprise Sometimes the seller sets the price. The seller finds out whether people are willing to pay the price when they buy or do not buy.

1.2 Visiting a Business Big Ideas for Entrepreneurship People need or want products, which are things. People need or want services, which are actions. A business affects the lives of many different people.

What is business? Most Canadians earn a living by working in the world of business. Business is the buying and selling of products and services in order to receive financial incentives.

Products Some businesses meet a need or want by offering a product to consumers. Stores at The Forks sell products such as food and clothing. A farm harvests the product corn to sell to grocery stores and at farmer’s markets.

Services Some businesses meet a need or want by offering a service to consumers. A dry cleaner provides the service of washing, cleaning and pressing clothing that requires extra care (for example; business suit, wedding dress). A mechanic provides the service of fixing cars and trucks. *What services do people need or want for their cars and trucks? An entrepreneur can create a venture to meet needs and wants of consumers.

Identifying Products and Services How many products and how many services? buying clothing online food at a restaurant a bag of apples a concert mobile phone bike repair Spotify music lessons a 4K TV

Some businesses provide both products and services Some businesses provide both products and services. Complete each sentence below: A hair salon provides products such as and services such as A gas station provides products such as and services such as A movie theatre provides products such as and services such as

Products A product (or good) is something that exists in nature or is made by human beings. It is tangible, meaning it can be touched. For example, a strawberry is a tangible good that exists in nature and a shoe is a good that has been produced.

Services Services are skills or time that is provided to customers in exchange for money. They are intangible. You cannot actually touch it. Tanning at a tanning salon Watch repair Going to a Jets game

"Lets go into business together and make a million bucks!" Case Study: "Lets go into business together and make a million bucks!" It seems a short eternity has passed since two young men from Winnipeg first made this starry-eyed pact. Best friends since Grade 10, Chris Emery and Larry Finnson searched high and low for an idea that would allow them to realize their dreams.

Case Study: It came in the form of a candy. When their friends seemed unable to resist a delicious graham wafer and fudge crunch made by Chris’ Grandmother, they knew they had found their product.

Case Study: They decided to start cooking up and selling Grandma’s recipe in their garage back in 1996, but…they had; No knowledge of food manufacturing. Little business experience. All they had was a name … Clodhoppers!

Case Study: Clodhoppers By giving everything they had and learning as they went, they managed to claim their place alongside their enormous, multinational competitors and arrive to where they had a 2,500 lbs./hr. manufacturing facility here in Winnipeg.

Case Study: Clodhoppers Chris and Larry’s vision and determination allowed them to overcome one seemingly insurmountable challenge after another. Until… DDS06E16 OMG Hello World Update http://www.youtube.com/watch?v=F7YWlw7KNf M http://www.youtube.com/watch?v=CUOx29ohn1 E http://www.youtube.com/watch?v=qSH0neqPmC c

Explain the following business terms in your own words: Entrepreneurship: Business: Entrepreneur: Free enterprise or free market: Negotiate:

Explain the following business terms in your own words: Product: Consumer: Service: Venture:

End of Topic One: What is entrepreneurship?