1. Your Potential as an Entrepreneur

2. Paper Clips and Toothpicks
Donald Duck
What do all of these items have in common?
Inventions that fulfilled a consumer need/want
Potato Chips and Toothpicks - Hooks / Set
As students enter the classroom they sit in their groups.
Each student will find a baggy with a toothpick, a potato chip, a post it, and a band aid inside. (if have access to you may add any of the following: silly putty, Frisbee, slinky, yo-yo)—or just give each one item that varies from the other
Students are asked to look in the baggy and write down, individually,  what they think the items have in common.
Students share out within their group and see what answers the group comes up with. Groups can be 3 – 5 depending on size of class. Group Leader shares out ideas of group.
If any group guesses these are inventions – invented by an entrepreneur – each one in the group receives a small bag of chips.

3. Opportunity Recognition
A business opportunity is a consumer need or want that can potentially be met by a new business.
In economics, a need is defined as something that people must have to survive, such as water, food, clothing, or shelter.
A want is a product or service that people desire.
Not every business idea is a good business opportunity
What need or problem do you have that is not met by products or services already in existence?
Take a minute to think about it

4. Entrepreneurial Thinking
Tooth Pick Story
The disposable wooden toothpick, invented in 1869 by Charles Forster, who noticed, while traveling in Brazil, that Brazilians picked their teeth with slivers of wood whittled from orange trees. Foster invented a machine to produce wooden toothpicks but couldn’t sell any to local restaurants in his hometown of Boston. To market his idea, he hired fashionable and successful young men to loudly ask for disposable toothpicks in expensive Boston restaurants. Soon the embarrassed restaurant owners were calling him!
Shark Tank
Nasal Defense Screen
Emphasize it does not have to be a new invention – one can find a niche, change a marketing technique, make an improvement to an existing product or service, bring a product into an area for the first time …..student does not have to invent something – but this will help get those creative juices flowing.

5. Assessment What is an Entrepreneur?
a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so
Do you have what it takes to be an entrepreneur?
Online
Online tests
Bizmove Link
Grading
Score 100 Excellent. A perfect score. You are a born entrepreneur. If you are not presently running your own small business you should definitely start one -- the sooner the better. You are on the way to fame and riches.
Score Very good. You definitely have what it takes to succeed in a small business of your own. Don't hesitate, your way to business success is wide open.
Score Good. You have the qualities of a successful entrepreneur with some weak spots. Read the interpretation below to identify your deficiency. You should be able to cover that deficiency by either retraining yourself or hiring someone with the necessary skill.
Score So so. The prospect of your success in a business of your own is questionable. You have some deficiencies that might out-shadow some good traits you have. If you still want to go on with it, be sure to call up all the persistence you can get. You are going to face some tough adversity on the way.
Score 40 and below Unsatisfactory. Forget your dreams of being your own boss, it's not for you. You'd better keep your comfortable and secure job. Why bother with all the risks and hustles of starting a business.

6. The New Doughnut Maker Read the story about Dewey the Doughnut Man
Answer:
Why would Dewey want to go into business ownership? What rewards did Dewey have owning his own doughnut shop?
What risks were present for Dewey as owner of his doughnut shop?
Being own boss, enjoys pastries, can be creative, set own schedule, job security, more money, community recognition
Long hours, inconsistent income, responsibility, loss of investment

7. Rewards of Entrepreneurship
Being Your Own Boss
Doing Something You Enjoy
Having the Opportunity to Be Creative
Having the Freedom to Set Your Own Schedule
Having Job Security
Making More Money
Being Recognized Within the Community
Greatest rewards of owning a business are intangible. These include independence, personal satisfaction, and prestige.
Being Your Own Boss: You make all the decisions such as hours of operation, products/services being sold, and whether or not you will expand your business.
Doing Something You Enjoy: As the owner, you feel satisfaction from creating and developing the enterprise.
Having the Opportunity to Be Creative: You make the procedures! You can shape the business in ways an employee cannot! You also have the power to act on your own ideas.
Having the Freedom to Set Your Own Schedule: As the owner, there is much flexibility in determining your own schedule. You determine how long of a lunch you take! You have the option of working at home, at the business, or at whatever location suits you that day.
Having Job Security: You control your own destiny. As long as the business is successful, you are guaranteed a job!
Making More Money: A business owner’s income is only limited by the potential of your own business. If you want more control over your income, you may consider starting your own business.
Being Recognized Within the Community: As a business owner, you make an economic contribution to the community through you investment and creation of jobs.

8. Risks of Entrepreneurship
If it’s so great, why doesn’t everyone do it?
Working Long Hours
Having an Uncertain Income
Being Fully Responsible
Risking One’s Investment
You may be asking yourself, “If being an entrepreneur is so great, why doesn’t everyone do it?” There is intense competition!
Working Long Hours: This is the norm especially for the start-up period. Survival depends on making wise decisions. You may not be able to pay employees, so you do much of the work yourself. You may have to work seven days a week.
Having an Uncertain Income: Business owners make more money than employees, but only when business is good. Most businesses do not make a profit right away. If a profit is made, the owner usually needs to put the money back into the business. You may not get a regular paycheck or receive benefits such as health insurance or time off for vacations.
Being Fully Responsible: You must see that everything gets done that needs to get done. You are responsible for all tasks that the employees do not do. The success or failure of the venture rests entirely on you as the owner.
Risking One’s Investment: An investment is the amount of money you put into your business as capital. Capital includes the buildings, equipment, tools, and other goods needed to produce a product or the money used to buy these things. You put EVERYTHING YOU OWN on the line when you start your own business!

9. Characteristics of Successful Entrepreneurs
Persistent
Creative
Responsible
Inquisitive
Goal-oriented
Independent
Self-demanding
Self-confident
Risk-taking
Restless
Action-oriented
Enthusiastic
Background (Read this after reviewing the characteristics)
Nearly half (47%) of entrepreneurs were under age 35 when they started their business; 16% were under age 25.
40% had a high school diploma or less—Why do you think such a high percentage of entrepreneurs didn’t have a college degree?
27% had some college; 33% had completed a college degree.
Many entrepreneurs were independent from an early age.
Many worked when they were young. (ex. paper routes, yard-care services, babysitting)
62% had parents or close relatives who owned a business.
Many were influenced early in life by a role model. (attitudes/achievements that were being emulated)

10. Ten Essential Entrepreneurial Skills
Communication
Math
Problem-Solving
Technology & Computers
Decision-Making
Organizing & Planning
Teamwork
Social
Adaptability
Basic Business
Communication: Need person-to-person, telephone, and written communication skills. You also need listening skills to build positive relationships and do accurate work.
Math: Use basic math skills to budget, keep records, make decisions and calculations, and put together the needed financial statements.
Problem-Solving: Need to be able to come up with logical ideas to solve problems. This requires creativity and thinking skills.
Technology & Computer: Need to understand and use technology since these impact all industries and make running your business much smoother.
Decision-Making: Must be able to choose the best option from among many. Knowing the values and predict the consequences of your actions is essential.

11. John H. Johnson What did he do? Why was he successful?
Teacher handout
Hand out on John H. Johnson—entrepreneur short biography

12. Project Famous Entrepreneur
Hand out and explain famous entrepreneur project
Must pick famous entrepreneur and let me know—NO duplicating other students
PowerPoint—explain proper creation of a PowerPoint presentation