Entrepreneurs Past and Present

Objectives Define entrepreneurship Learn about entrepreneurship in history Identify the impact of entrepreneurs and small business today

What is an Entrepreneur? Entrepreneur- people who own, operate, and take the risk of a business venture Entrepreneurship- the process of running a business of one’s own

What is an Entrepreneur? Ages of entrepreneurs: All ages Usually between 25-40 What entrepreneurs do: Try to identify the needs of the marketplace Meet those needs by supplying a service or a product

Employees vs. Entrepreneurs Entrepreneurs assume risk Employees- people who work for someone else Both make decisions Only the entrepreneur is affected by the consequences of those decisions

Why do People Become Entrepreneurs? Leave the fast-paced corporate environment Be at home while earning income Pursue a personal dream

Checkpoint>> In your own words, how are entrepreneurs different from employees?

Types of Entrepreneurial Businesses Manufacturing businesses- produce the products they sell Wholesaling businesses- sell products to people other than the final customer Retailing businesses- sell products directly to the people who use or consume them Service businesses- sell services rather than products

Checkpoint>> Provide one real-life example for each of the following types of businesses: Manufacturing Wholesaling Retailing Service

Entrepreneurs in U. S. History Entrepreneurs change American business decade after decade They establish huge companies or fill unmet needs They change how things are done and contribute to the overall good of the nation

Nineteenth-Century Entrepreneurs 1831- Cyrus McCormick innovated the reaper to mechanize the job of harvesting crops Started with $60 Company evolved to International Harvester Today the company is called International Transportation Company Manufacturers International Brand Trucks

Nineteenth-Century Entrepreneurs 1896- Lydia Moss Bradley made millions in investments and real estate She transformed seemingly unusable marshland into productive farm land and founded Bradley University

Nineteenth-Century Entrepreneurs 1872- John D. Rockefeller began working at age 16 as a clerk At age 23, he saved money to enter the oil refinery business Standard Oil owned all the main refineries in Cleveland, New York, Pittsburgh, and Philadelphia During his life time he was the richest man in the world

Early Twentieth-Century Entrepreneurs Henry Ford- developed and mass produced the Model-T Sold at a price that many Americans could afford Olive Ann Beech- co-founded the Beech Aircraft Company with her husband She ran the business on her own in 1940 when her husband became ill Her company merged with Raytheon Company in 1980 to lead the aviation industry

Early Twentieth-Century Entrepreneurs Clarence Birdseye- pioneered the development of packaged frozen foods in the 1920s His efforts had a major impact on eating habits throughout the world Rose Knox- leader in the food industry when she took over Knox Gelatine Company in 1908 First to provide employees with paid sick and vacation leave and a five-day work week

Checkpoint>> Choose your favorite entrepreneur from above and tell why they are your favorite.

Entrepreneurs Today More than 5.8 million small businesses contribute billions of dollars each year to the U.S. economy. These companies employ more workers than all of the country’s large corporations combined Microsoft, Intel, and Apple all started as small businesses Small companies can be more creative and take more risks than large companies Experiments and innovations lead to technological change and increased productivity

Checkpoint>> In your own words, why are small businesses so important to our economy?

Assignment THINK CRITICALLY #1-2