1. MORNING, MORNING, MORNING!! Please take the handout “Sliding Into Business”. Read and answer question. This is your first Warm-up. Remember, warm-ups go inside your notebook behind the Warm-up section.

2. If so, you have thought about becoming an ENTREPRENEUR. Have you ever thought about going into business for yourself?

3. OBJECTIVE: Students will be able to define the terms entrepreneur and small business. ENTREPRENEURSHIP 1

4. KEY TERMS Entrepreneur Venture Entrepreneurship Entrepreneurial Free Enterprise Profit Small Business

5. Entrepreneur An individual who undertakes the risk associated with creating, organizing, and owning a business.

6. Entrepreneur Examples Auntie Anne’s Pretzels Ask.com KFC IKEA Mary Kay, Inc. Best Buy Simon Cowell

7. Venture A business undertaking involving a risk.

8. Venture (cont.) Innovative. It provides resources with a new power to create wealth. Risk. Usually high. Amount of wealth creation. A booming venture generates substantial wealth “several million dollars of profit”. Speed of wealth. Fast, usually within 5 years Innovation. New-organization, product, markets, production methods.

9. ACTIVITY 1 With a partner, brainstorm and list 5 skills needed to become an entrepreneur. Be ready to explain each skill. Determine, idea, creativity, organized, resources, leadership, well thought out idea, plan b or backup plan, money, networking

10. What’s the Difference? Entrepreneurship vs. Entrepreneurial

11. Entrepreneurship The process of starting and operating one’s own business.

12. Entrepreneurial Acting like an entrepreneur or having entrepreneurial mind-set. Can anyone be an entrepreneurial? Explain.

13. Entrepreneurial Stats 1/3 households is involved with new venture 90% has <100 employees 62% are home based

14. Free Enterprise People have an important right to make economic choices: choose what products to buy, own private property, start a business and compete with other businesses.

15. Profit Money that is left after all expenses of running a business have been deducted from the income.

16. What entrepreneurs contribute? The mechanism by which the economy turns demand into supply. Principle source of venture capital. Provide jobs Most successful entrepreneurs change society. They make economic progress happen.

17. Activity Learning from Failure

18. Small Business Created for themselves known originally as “mom and pop stores” Created lifestyles to meet their personal needs Examples:

19. Reading Activity How does businesses purchasing from other businesses generate economic growth? Which cost more to operate? Manufacturing or trading industry. Why does small businesses produce 13 to 14 times more patents than large firms? What are the advantages of working at a small business?

20. Reading Activity (cont.) Is a poor area a good place for entrepreneurship? If a small business enter and exit the market, will the market be affected? How does small business fuel America’s growth?