What Is Entrepreneurship OBJECTIVES Define what it means

What Is Entrepreneurship? OBJECTIVES Define what it means to be an entrepreneur Compare the pros and cons of being an entrepreneur Identify successful entrepreneurs and their achievements 1

Response Card OBJECTIVES Name Number 1 -5 (leave space) On the back setup 2 business meetings… 1&2 2

What is an Entrepreneur? 3

What Is an Entrepreneur? Someone who creates and runs a business is called an entrepreneur. When an entrepreneur starts a new business, risk is involved. Risk is the chance of losing something. Because employees work for someone else and entrepreneurs work for themselves, entrepreneurs risk more than employees. Small firms employ about half of the U. S. private work force, and they create around 64 percent of all new jobs! 4

Characteristics of Successful Entrepreneurs? Personal Characteristics Skills 5 5

What do you see? 6

Next test! Find the numbers 1 -54 in order in under 2 minutes! Good luck!! 7

Standing Business Meeting! Find your first business partner. Have a standing meeting and discuss what are characteristics or skills an entrepreneur must have to be successful. Put all your ideas on #1 of your response card. 8

Characteristics of Successful Entrepreneurs Personal Characteristics • • • Courage Creativity Curiosity Determination Discipline Empathy Enthusiasm Flexibility Honesty Patience Responsibility Skills • A skill is an ability that’s • • learned through training and practice. Business Skill Communication Skill Computer Skill Decision-Making and Problem. Solving Skills Mathematical Skill Organizational Skill People Skills 9 9

Advantages & Disadvantages of being an Entrepreneur Advantages Disadvantages 10

Standing Business Meeting! Find your second business partner. Have a standing meeting and discuss what are biggest advantages and disadvantages of being an entrepreneur. Put all your ideas on #2 of your response card. 11

Advantages & Disadvantages of being an Entrepreneur Advantages Disadvantage Control Over Time Business Failure Satisfaction Obstacles Wealth Creation Loneliness Control Over Compensation Control Over Working Conditions Financial Insecurity Long Hours/Hard Work 12

Why Study Entrepreneurship? There are two primary reasons why studying entrepreneurship makes sense: you learn to think like an entrepreneur and you develop a vision for your life. 13

Entrepreneurship=solving problems for $$$ Response card #3 Write down 3 to 5 problems you see in the world today (It could be something small like not getting enough sleep or something big like global poverty) 14

Entrepreneurship=solving problems for $$$ Response card #4 Now come up with one business idea to solve one of your problems from question 3. The trick is the business idea must be profitable (aka make money!) 15

Video Response card #5 What problem is the kid from the video solving? 16

Gallery Walk! Please move around the room and learn about key entrepreneurs in US history; Bill Gates, Sam Walton, Estée Lauder, Robert Johnson, Lionel Sosa. Make sure to take notes using your response card 17