1. All the businesses created by group
Starter Activity
Think point:
All the businesses created by group

3. Lesson Objectives All students will understand Most students will
The role of the entrepreneur
Most students will
be able to apply this to different contexts
Some students will
Understand the importance of the entrepreneur for the economy
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4. Definition: Entrepreneur
Anyone who organises and runs a business
Someone who has a flair for business ideas and has the confidence to take the risks involved in setting up a business

5. Creative destruction
The way in which quality-improving innovations lead to economic growth
Customers switch to new products and old products become obsolete
Innovations that cut costs and eventually prices will have the same effect.

6. Innovation
Involves developing an idea that will generate new or improved products or production techniques
Business operating in Dynamic Markets (always changing) will always be looking for new innovations to keep ahead of the competition

7. Task Look at the examples pg 18 on your
Can you think of other examples

8. Adding Value Entrepreneurs have to be good at adding value
Added value represents the difference between the cost of material inputs and the eventual value of the product in terms of the price that can be charged for it
Example – figure 4.1 pg 21

9. Entrepreneurs contribute to economy

10. Plenary
In pairs: Q1&2 from exam style questions pg 21
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