Entrepreneurship

Entrepreneurship

Today's Question

If you could own your very own business, what type of business would it be and why?

Lesson Objective:

Students will learn what's required to become an entrepreneur and its related terms.

DOL

Given a 5 questions about entrepreneurship, SWBAT analyze and answer at least 4/5 questions with at least 80% accuracy.

Essential Question

What makes a successful entrepreneur?

Entrepreneurship

Definition

• The entrepreneur is a person who formulates a new idea and carries it successfully into the economy.

• Entrepreneurs do new things or do old things in new ways and so change the business system.

Multiple Choice

Which of these people would be considered entrepreneurs?

• Jamie buys cheap headphones and sells them for $2 mores.

• Mark has created headphones with a GPS system and sells them through Amazon.

• Kelly has worked for Eco Systems for 12 years and quit to begin working at a new firm.

Henry Ford and John Rockefeller were successful entrepreneurs. Thomas Edison was both inventor and an imaginative entrepreneur; Samuel F.B. Morse was a business failure. Success or failure does not measure the difference between an entrepreneur and a business person. An individual’s creative approach to the development, or marketing of a product or service measures his or her success. Entrepreneurs are prone to take more risks.

Deeper Look into Entrepreneurship

Not all individuals have the traits needed to become successful entrepreneurs. Entrepreneurs are central to the well-being of our economy. Entrepreneurs must be creative and innovative. Society exerts both positive and negative influences on the entrepreneur.

Multiple Select

Which statements are true about an entrepreneur?

• They are creative.

• They always follow the rules of a company.

• They are willing to take more risk.

• They think outside of the box.

• They are all college graduates.

A merchant in a Middle Eastern bazaar who simply buys and resells traditional goods is not an entrepreneur. However, the occupant of the next stall who finds new products, studies the local consumer and introduces fresh marketing techniques is truly an entrepreneur. They are “movers” and “shakers.”

The entrepreneur does not have to invent something that represents a technological breakthrough to start a successful new company. Most new ventures are based upon the extension of proven ideas. The enterprise will also include marketing a product or service and will require labor and capital. Money can be found from personal savings or income, the sale of stock or by borrowing

Multiple Choice

What two things are needed for a successful entrepreneurship?

• an Idea and a blueprint

• capital and money

• labor & capital

• a product & company

The entrepreneur begins with an idea, or the adaptation of an existing idea. The first problem the enterprising business person must resolve is to decide if there is a need for the product or service. Is the product or service distinctive, unique or superior to others in the market?

The entrepreneur begins with an idea, or the adaptation of an existing idea. The first problem the enterprising business person must resolve is to decide if there is a need for the product or service. Is the product or service distinctive, unique or superior to others in the market? What costs are involved in the manufacture of the product or service? 

Types of Entrepreneurs

Technical Entrepreneurship

These individuals have a strong technical orientation. They love inventing things and developing ideas for new products. Developing new markets and even new industries based on state-of-the-art technologies are generally the goal of those with technical orientation.

Organization Builders

Some entrepreneurs start their own businesses because they like to build organizations. These organization builders generally have skills in developing people, systems and structures. Such entrepreneurs also generally enjoy working with people and using power and influence, in contrast to the technical entrepreneur, who often prefers working alone.

Deal Makers

Deal makers enjoy making the initial deal to start a new venture and often enjoy some start-up activities. However, unlike the organization builders, they dislike having to manage and commit themselves to an organization over the long run.

Read the scenario and determine if it applies to:

Technical Entrepreneur

Organization Builder

Deal Maker

Multiple Choice

Shun Masters loves to develop people, systems and structures.

• Technical Entrepreneur

• Organization Builder

• Deal Maker

Multiple Choice

Katie Rhoads has created a version of a laptop that responds to your thoughts.

• technical entreprenur

• organization Builder

• Deal Maker

Multiple Choice

Ms. Barrett hated working for the corporate world because they often neglected their employees. Therefore when she started her own company, she provided top of the line perks for her staff; ie.. childcare, hour breaks, free lunch and a game room.

• technical entrepreneur

• organization builders

• deal makers

Multiple Choice

Freddie English has been the creator of 5 businesses and they are all listed in the Fortune 500 magazine. He loves starting companies and as soon as they're successful, he moves on to the next venture.

• Technical Entrepreneurs

• Organization Builder

• Deal Maker

Multiple Choice

Angela Walker just received her patent for a new electronic device that helps asthma patients breathe better and helps decrease the number of attacks.

• Technical Entrepreneurs

• organization builder

• deal maker