INTRODUCTION TO ENTREPRENEURSHIP CHAPTER ONE

Warm Up What does entrepreneurship mean to you? List 3 examples

ENTREPRENEURSHIP The capacity and motivation to deploy a business venture that involves risk in order to make a profit. “The United States provides the best environment for cultivating entrepreneurship, ranking 1st out of 138 countries using the Global Entrepreneurship and Development Index.”

5% work less than 30 hours per week ENTREPRENEUR An individual who founds and runs a business assuming all of the risks and rewards of the venture. How many hours do Entrepreneurs work per week? 19% work 60+ hours per week 30% work 50-59 hours per week 33% work 40-49 hours per week 14% work 30-39 hours per week 5% work less than 30 hours per week

PUT THE TIME IN Based on the statistics in the previous slide, roughly 80% of entrepreneurs work 40+ hours per week. What is the average hourly work load in the US? Would you be willing to put the time in? What incentives would drive your efforts?

ENTREPRENERIAL The art of taking financial risks in order to make a profit. “6.02 percent of the US adult population owns a business as their main job.” (Source: Kauffman Foundation 2016)

ENTREPRENERIAL MINDSET A state of mind in which one conducts him/her self to entrepreneurial activities. These individuals are drawn to opportunities and innovation. Seeing and Creating Opportunities Turning Ideas into Action Leading the Way Using Resources Managing Risk Collaborating

12 SIGNS YOU HAVE AN ENTREPRENERIAL MINDSET Article Link: https://www.entrepreneur.com/article/243054 Do you meet any of the signs?

ENTREPRENEURIAL MINDSET WORKSHEET What business ideas come to mind in this photo? Complete the assignment attached.

WARM UP What is the main objective of every business? What would happen if a business is unable to generate profits? What type of business would you consider starting? Why did you choose this business type?

START-UP VENTURE A newly emerged business that is striving to develop a viable business model around a new product or service.

“452,835 companies were founded in 2014 “452,835 companies were founded in 2014. While the number is impressive, it is significantly lower than the 500,000 – 600,000 new US startups every year from the late 1970s to the early 2000s. Therefore, we are seeing less businesses being born now than 30 years ago” (Source: CNN 2016)

BUSINESS A commercial operation or company that satisfies needs in order to make a profit.

OPPORTUNITIES A need that can be fulfilled yielding a profit. Opportunity Analysis 1. Competition 2. Domestic and International Market Scope 3. Self and Team Assessment 4. Steps Needed to Take Action

INNOVATION A new idea, method or device that provides a better solution to satisfy consumer needs.

MARKET NEEDS A necessity that the market cannot live without.

MARKET WANTS Is not a basic life requirement and is not needed for survival.

IS WIFI A NEED? Technology has become integrated into every aspect of our lives. Can we live without the internet? Well of course, but will we be able to play a part in society? Can you do your course work without it? Can you apply for a job without it? What do you think?

GOODS Tangible products that have monetary value.

SERVICES A business that provides Intangible products.

PROFIT Money remaining after all costs of running a business are deducted from total revenue.

NON-PROFIT An organization that operates to aid in some social effort, they do not retain any profits from commerce. “64% of entrepreneurs surveyed by HSBC believe it is their duty to have a positive social and economic impact on society and 74% gave to good causes in the preceding year. Moreover, one-third of business owners contribute to society by taking an unpaid role in the community or donating time or expertise to social causes.” (Source: HSBC 2016)

RISK The possibility of losing one’s investment. Entrepreneurs abandon steady paychecks Sacrifice personal capital Donate time

REWARD The potential gain from taking a risk. Gains in Entrepreneurship Financial Rewards Social and Emotional Rewards Independence Enjoyment

RISK/REWARD TRADEOFF The greater the risk the greater the reward and vice- versa.

CHAPTER 1 TECH LAB Complete the Tech Lab Activity on your potential as an entrepreneur.