GA Entrepreneurship

Entrepreneurship

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​What is an entrepreneur?

• An entrepreneur is a person who takes risks to produce new goods and services to start a business and entrepreneurs invest their own time & money to start and grow a business

• Entrepreneurs are valuable to the economy for many reasons, including:

  • They bring new goods and services to the marketplace

  • They introduce creative ideas about how to do things

  • They provide jobs

  • They pay taxes on their profits

  • They help the economy grow

• Risks of entrepreneurship include tough competition, not having a regular salary, unbalanced work schedule & stress

• Rewards of entrepreneurship include being your own boss, making your own decisions, enjoyment & excitement, flexibility in schedule & potential profit

Multiple Choice

Which if the following is the BEST definition of an entrepreneur?

• 
  A person that take on risks to start and operate a business

• A person that makes sacrifices to perform public service

• 
  A person that is elected to their position

• 
  A person who has a career in the field of law or law enforcement

​What is an entrepreneur?

• To be successful, entrepreneurs must be able to handle risk and must have the drive to make a profit.

• Traits that some studies indicate may be helpful for entrepreneurs include:

  • high motivation to be successful

  • solid work ethic

  • independence to make their own decisions

  • strong leadership skills

  • good business instincts and skills

  • belief in themselves and their ideas

​Why become an entrepreneur?

• People are motivated to become entrepreneurs:

  • to earn a profit, or to make money

  • to be their own boss

  • to create a new produce or offer a new service

Multiple Choice

The MOST LIKELY incentive for entrepreneurs to start a new business is

• to risk financial failure.

• to create a new social benefit.

• to make a profit.

• to discover a new patent.

​GA Buisnesses Started by Entrepreneurs

• Georgia entrepreneurs have established successful businesses throughout our state’s history. These businesses have made a tremendous impact on Georgia’s economy by producing goods and services that people want, and by creating many jobs.

• Examples of success stories in Georgia:

  • Coca-Cola Company

  • Delta Air Lines

  • Georgia-Pacific

  • Home Depot

​GA Entrepreneurs

• Georgia entrepreneurs have established successful businesses throughout our state’s history. These businesses have made a tremendous impact on Georgia’s economy by producing goods and services that people want, and by creating many jobs.

• Examples of successful entrepreneurs in Georgia:

  • Mary Musgrove

  • Henry Grady

  • Alonzo Herndon

  • Lester Maddox

  • Arthur Blank

  • Truett Cathy

Multiple Choice

Which of these is an example of "entrepreneurship"?

• Hank Aaron hit his 715th home run in 1974.

• 
  Steve Jobs created Apple Computers in 1976.

• 
  Bill Clinton became President of the Unites States in 1993.

• 
  Michael Jordan joined the National Basketball Association in 1984

Multiple Choice

Clay decides to open a sandwich shop in his neighborhood. He keeps the costs of his sandwiches low so more people can afford to buy them. But Clay also knows he has bills to pay of his own- such as for his house, his car, and for clothes for his children- so he can't just give away the sandwiches he makes.

What evidence shows that Clay is an entrepreneur?

• He has bills to pay.

• He owns his own house

• He likes to eat sandwiches

• He decides to open a sandwich shop

Multiple Choice

Clay decides to open a sandwich shop in his neighborhood. He keeps the costs of his sandwiches low so more people can afford to buy them. But Clay also knows he has bills to pay of his own- such as for his house, his car, and for clothes for his children- so he can't just give away the sandwiches he makes.

This is showing what economic principle?

• spending and credit

• market advertising

• supply and demand

• profit motive