Entrepreneurship What is it? Who is an entrepreneur? Entrepreneurship is a key driver of our economy. Wealth and a high majority of jobs are created by small businesses started by entrepreneurially minded individuals, many of whom go on to create big businesses. People exposed to entrepreneurship frequently express that they have more opportunity to exercise creative freedoms, higher self esteem, and an overall greater sense of control over their own lives. As a result, many experienced business people political leaders, economists, and educators believe that fostering a robust entrepreneurial culture will maximize individual and collective economic and social success on a local, national, and global scale. Entrepreneurs – people who own, operate and take the risk of a business venture.

Entrepreneurship Entrepreneurs vs. employees How is an entrepreneur different from an employee? Entrepreneurs work for themselves and assume the risk Employees work for others and are responsible for their job, not the business. Only the entrepreneur or business owner is directly affected by the consequences of business decisions.

Types of Entrepreneurial businesses Manufacturing Wholesaling Retailing Service Entrepreneurship Penn Lyon Homes Groceries Mall stores Midas Muffler

Business Failure Obstacles Financial Insecurity Long Hours/Hard Work Advantages Disadvantages Pgs NFTE Independence Satisfaction Financial Reward Self-esteem Entrepreneurship

8 rules of building a successful business Recognize an Opportunity Evaluate it critically Write a Business Plan Build a Team Gather Resources Decide Ownership Create Wealth Entrepreneurship

Characteristics Match the description to the person Entrepreneurship He started as a milkshake-machine salesman Ray Kroc- McDonalds He worked at age 16 for a produce company John D. Rockefeller- Standard Oil Robert J. Croak- Silly Bandz He was a bar owner She sold books door-to-door Mary Kay Ash- cosmetics