Visions and Ventures 30S

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

 Choice One  Choice Two Be an EmployeeBe Self- Employed (Be an Entrepreneur)

A business can succeed ONLY if people want or need what it provides.

 …what type of business?  Introduction  With your partner, brainstorm an idea for a business needed 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.

 Partners groups are explaining their idea to other partner groups *(paired up)  Introduction  Business Name  Explain: Location and why you think it would succeed (meeting the wants and needs of people in the Fort Richmond Community)

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

 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.

"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.

 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.

 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!

 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.

 Chris and Larry’s vision and determination allowed them to overcome one seemingly insurmountable challenge after another.  Until…  DDS06E16 DDS06E16  OMG Hello World OMG Hello World  Update Update  M M  E E  c c

 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.

 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

 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.

 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?

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

 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.

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.

 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.

 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.

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.

 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.

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.

 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.

 How many products and how many services? a bag of apples music CDs bicycle repair music file (iTunes) a cellphone a concert Internet access window washing an HDTV

 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

 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 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

 Entrepreneurship:  Business:  Entrepreneur:  Free enterprise or free market:  Negotiate:

 Product:  Consumer:  Service:  Venture:

 Entrepreneurship: acting on ideas to fill needs or wants in the community or in the world.  Business: an organization that sells something.  Entrepreneur: a person who has an idea about how to fill needs or wants, and takes risks to turn the idea into a business.  Free enterprise or free market: a system where people are free to make business decisions.  Negotiate: reach an agreement through discussion and bargaining.

 Product: ◦ something that is made or harvested to fill a need or want.  Consumer: ◦ a person who buys from businesses.  Service: ◦ a useful action that a person does for someone else, to fill a need or want.  Venture: ◦ a new business idea that someone has started or plans to start.

 Complete the Visiting a Business assignment on the network.  Hand in to the drop folder when you have completed it.  Due TBA