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

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

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

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

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

One Word Summary Choose a prominent entrepreneur from Section 15.2 p such as: 1. Andrew Carnegie p John D Rockefeller p Cornelius Vanderbilt p George Westinghouse p George Pullman p479 Choose one word to describe the prominent entrepreneur and write one paragraph explaining why you selected that word.

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

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

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