1. Chapter 1 Lesson 2
Entrepreneurship

2. What You’ll Learn What is an entrepreneur
The difference between managers and entrepreneurs
The need for entrepreneurship
The importance of small business

3. Initiation Does anyone know someone that owns a small business?
Would they be considered an entrepreneur or a manager? Why?

4. Manager? What is a manager?
Paid to perform a management functions within a company
Work for a company but do not own it.
Receive salaries

5. Entrepreneur What is an entrepreneur?
People who launch and run their own businesses
Start with many of the basic management functions but as their company grows they hire professional managers
Much riskier because they can go out of business and loose the money they invested.
Can also be more rewarding-make all the decisions

6. What is an Entrepreneur?
What characteristics do you think are important in each profession? Complete chart.
Manager
Entrepreneur

7. Entrepreneurial Challenges
Wally Amos created a cookie empire based on his gourmet chocolate chip cookie. What kinds of business problems do you think he faced when he started his company? Start-up money, Attracting customers, Making enough revenue

8. Entrepreneurial Characteristics
Bill Gates cofounded Microsoft as a small business with high school friend. What special personal characteristics do you think entrepreneurs need in order to succeed? Willingness to take risks, Work long hours, Small salaries early on, & Accept possibility of failure

9. Types of Ownership
Sole Proprietorship – Business owned by a single individual (proprietor)
Partnerships – An association of two or more persons who jointly own a for-profit business
Corporations – A business formed under state or federal statutes that is authorized to act as a legal person

10. The Importance of Small Business
Small business = a company that is independently owned and operated
Owners perform all management tasks
Small Business Association (SBA) lends money to businesses that have fewer than 100 employees.
99% of US businesses are considered small
Many successful big businesses began as small
More innovative than larger businesses

11. Activity Thinking like an entrepreneur:
Work in a small group to develop a new innovative product or service.
Describe your product by answering
What makes this product or service special/unique?
Why would anyone buy or pay for it?
A quick method of advertising your product or service
Share

12. Writing Activity
Write a ½ page – 1 page word proposal for a type of business you would like to own. Include information on where you would locate the business, the types of products or services you would sell, and your plan for success

13. Assessment
P.27
Fact and Idea Review #1-4
Critical Thinking #1 & 2

14. Chapter 1 Assessment P.28-29 Recalling Key Concepts #1-4
Thinking Critically #1-5
Applying Management Principles (Won’t have to present to class)

15. Block Activities Complete the following pages in your workbook:
P.1-3; P.5-13