 Think-Pair-Share Activity  If you could start your own business, what would it be? 1.What would you call your business? 2.Where would it be located? 3.What would be your main product(s) or service(s) offered to your customers? 4.How many people would work for you in your business? 5.How much money do you think you will need to start your business?

Chapter 1 Mr. Ulmer – Entrepreneurship

 People who own, operate, and take the risk of a business venture are called entrepreneurs.  Entrepreneurship is the process of running a business of one’s own.  Entrepreneurs provide a product or service that meets the needs of their customers.

 Employees are people who work for someone else.  Entrepreneurs assume the risk of owning a business and they work for themselves.  What are some advantages to becoming an entrepreneur? ◦ Work for yourself and determine own hours ◦ Additional revenue goes to you and your business

4 Types of Businesses: 1) Manufacturing – produce the products they sell 2) Wholesaling – sell products to business instead of final customer 3) Retailing – sell products directly to customer 4) Service – sell services rather than products

1) Agricultural ◦ Generate fresh produce and other farm products (Farming) 2) Mining and Extracting ◦ Take resources out of the ground so they can be consumed (Coal, Oil)

 Approximately 25.8 million businesses in the United States. ◦ 99.9% of 25.8 million = small firms with <500 employees  Small business contribute billions of dollars to the U.S. economy every year  Employ more workers than all of the country’s large corporations combined

 According to U.S. SBA Office of Advocacy, only 44% of new businesses survive for more than 4 years.  Major Factors for Success or Failure: ◦ Having Adequate Capital ◦ Product/Service meets needs/is successful ◦ Owner’s education level ◦ Decision making/desire to succeed

 6 groups of 4 students  Students will be given a famous entrepreneur and the company he/she founded…

 Group 1…Steve Jobs  Apple, Inc.  Group 2… Walt Disney  The Walt Disney Productions  Group 3… Mark Zuckerberg  Facebook  Group 4… Oprah Winfrey  HARPO Productions, Inc.  Group 5…Sam Walton  Wal-Mart  Group 6…Ray Kroc  McDonald’s

 Types of products/services it provides  Where products/services can be located and purchased  Specific characteristics and skills for this entrepreneur to have  The type(s) of entrepreneurial businesses company relates to

 Group presentations (roughly 3 minutes)  Introduce the entrepreneur and the business  Provide responses to all 4 questions  Teacher and students will discuss and identify the impact entrepreneurs have on U.S. economy and the world.

 Characteristics of an Entrepreneur ◦ Independent ◦ Self-Confident ◦ Determined ◦ Goal-Oriented ◦ Set High Standards ◦ Creative ◦ Act Quickly ◦ Up to Date  Technology, Laws, Business Trends, Opportunities

 Committed ◦ Willing to work hard to achieve team goals  Competent ◦ Right set of skills needed to get the job done  Communicative ◦ Communication skills/share ideas (oral, written)  Cooperative ◦ Must work well with others  Creative ◦ Have an innovative approach to doing things

 Self-Assessment ◦ An evaluation of your strengths and weaknesses  Aptitude ◦ The ability to learn a particular kind of job

 Entrepreneurs: ◦ Are their own bosses ◦ Can choose a business of interest ◦ Can be creative ◦ Can make large sums of money

 Entrepreneurs: ◦ May take a lot of risk ◦ Face uncertain and irregular incomes ◦ Work long hours ◦ Make majority of decisions by themselves