• entrepreneur, n (C) /,a:ntrəprə’nəЗ:r/

Someone who starts a company, arranges business deals and takes risk in order to make a profit.

• entrepreneurship, n (U) /,a:ntrəprə’nəЗ:r∫ip/ The act of being an entrepreneur

• entrepreneurial, adj.Possessing qualities of an entreprenur

Complete the sentences with: entrepreneurship, entrepreneurial, entrepreneurs

• Once again private _______________ has not waited for government to take the initiative.

• State government had sought to promote economic development through close links with local ___________.

• We are looking for art and design graduates with an _____________ approach to the subject.

entrepreneurship

entrepreneurs

entrepreneurial

1 How would you define an entrepreneur?

2 What do you need to start up a business?

3 How can start-ups be funded?

→ RB, p 56: read and answer questions 2 & 3

Exercises II to V (57)

VOCABULARY• venture capital = risk capital• venture capital firm • institutional investors (insurance firms, mutual funds)• start-up companies – start-ups• crowdfunding (link to crowdfunding tips on p 62)

Vision & Mission Statements

• Before you start your business...

establish your strategic framework:

1 – state your goals

2 – say what you are doing to realize them -

3 – present potential investors with a b......s p..n

- vision

- mission

- business plan

Vision statement

• a statement about what your organization wants to become

• the image that a business must have of its goals before it sets out to reach them

• describes aspirations for the future, without specifying the means that will be used to achieve those desired ends

Examples of VISION STATEMENTS Can you tell the company?

• Ford

• Microsoft

• IBM

• Westin

• To become the world’s leading consumer company for automotive products and services.

• To enable people and businesses throughout the world to realize their full potential.

• Our goal is simply stated. We want to be the best service organization in the world.

• Year after year, XXXX and its people will be regarded as the most sought after hotel and resort management group in N.A.

Mission statement or Purpose

• a precise description of what an organization does

• a definition of “why” the organization exists currently

Examples of MISSION STATEMENTS• FedEx

• Wal-Mart

• Saturn

• We will produce outstanding financial returns by providing totally reliable, competitive, superior, global, air-ground transportation of high-priority goods and documents that require rapid, time-certain delivery.

• To give ordinary folk the chance to buy the same thing as rich people.

• Our mission is to earn the loyalty of XXXX owners and grow our family by developing and marketing U.S.-manufactured vehicles that are world leaders in quality, cost and customer enthusiasm through the integration of people, technology, and business systems.

Business PlanA written report stating a company’s plans

regarding sales, product development, financing.

Check it out: MK, p 78-79

• Order elements

HW: Vocabulary tasks 1&2 on p 79

Check out: Business Plan Contest (by eStudent)https://estudent.hr/timovi/natjecanja/business-plan-contest-organizacijski-tim/business-plan-contest-organizacijski-tim-2013-2014