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What is

Entrepreneurship?

Definitions

A business

A business

A business is an organization that provides products and services, usually to make money.

An employee

An employee

A person who works in a business owned by someone else is an employee of that business.

Employees may risk losing a job if they do not perform their work well, but they are paid for their work.

An entrepreneur

An entrepreneur

Someone who creates and runs a business is called an entrepreneur.

To be entrepreneurial means to think or act like an entrepreneur.

An entrepreneur makes an investment of money, time, and energy in the hope of receiving greater rewards, or benefits.

Because entrepreneurs work for themselves, they risk more than employees. They risk not being able to pay their employees or themselves if business is "slow".

Rewards

The rewards employees and entrepreneurs get from their work are also different.

As business owners, entrepreneurs are in control of the money made by the business. They also have the final say in all business decisions.

Carla's story

Carla's story

Carla Hernandez started a fruit smoothie shop. She invested money, time, and effort to start the business. One of her employees created

a new smoothie that Carla put on the menu. By doing so,

Carla risked the money spent on ingredients and she risked a

drop in sales if customers didn't like the new item. But it was

a hit. Sales increased. Her employee received a small raise as

a reward, but Carla was the one who benefited the most

because she owned the business.

Big business vs small business

Big business

vs

Small business

How many companies can you name?

How many companies can you name?

Choose a partner. Together, try to name as many businesses as you can for each letter of the alphabet in 5 minutes.

Big business vs Small business

Big business vs Small business

When people think of business, they tend to focus on large companies such as Mercedes, Apple, and Nike. In reality, more businesses are considered small than big.

Definition

Definition

A small business is defined as a business having fewer than 100 employees (fewer than 500 employees in the case of manufacturing companies.

****To the best of your knowledge, identify in your list which businesses are considered small and which one are considered big.

Over 600,000 new businesses are started in the United Stat...

Over 600,000 new businesses are started in the United States every year-and about 500,000 close.

An entrepreneur's goal affect how large a business becomes.

For example, suppose someone starts a neighborhood restaurant. The entrepreneur may not want to expand the business to include more than one restaurant if personal and financial needs are being met.

Not everyone is interested in increasing the size of their business.

Sometimes, a business may become so successful that it grows beyond the wildest expectations of its owners.

How to Learn

about Entrepreneurship

Learning

  • One way you can gain a sense of what business is like is by investigating an internship.
  • These work programs provide practical, on-the-job training in a business setting.
  • Another word for an internship is an apprenticeship.
  • Internships are usually short-term programs that can last from a few weeks to a year.
  • An apprentice may or may not be paid.

Why Be an

Entrepreneur?

  • Do you have what it takes?
  • Take the entrepreneurial test to find out!

Why be an entrepreneur?

Rewards of Being an Entrepreneur

Rewards of being an entrepreneur

-Making your own rules: own boss, what type of schedule, where you work, how & when you get paid, final word

-When you have a creative idea, you have the power to put that idea into action

-Doing work you enjoy

-Creating greater wealth

-Helping your community

Risks of Being an Entrepreneur

Risks of being an entrepreneur

-Potential business failure.

-Unexpected obstacles.

-Financial insecurity.

-Long hours and hard work.

Entrepreneurship in history

Entrepreneurship in History

Here is a brief list of examples of entrepreneurs who have changed the world in one way or another.

1800s

  • Thomas Edison

1800s

1900s

William Harley & Arthur Davidson

1900s

Present

Ingvar Kamprad

Present

Today's Entrepreneurs

Today's entrepreneurs

  • To be successful in today's business world, most entrepreneurs use the Internet in some way.
  • In fact, more and more companies are making the Internet their primary business resource.
  • Amazon.com is a good example. Those companies are called dot-com companies
  • Another contemporary trend is running a business in ways that are friendly to the environment.
  • A green company is one that adopts business practices aimed at protecting or improving the environment.

Mini-Research/Presentations

Mini-Research Project and Presentations

  • Choose an entrepreneur from the list
  • Create presentation

Your presentation should include 6 answers:

-Title page

-Who are they?

-What was their business idea?

- What 5 entrepreneurial traits do they have?

-Were they instantly successful? Explain.

-What challenges did they face? Explain.

-What did they achieve?

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