Entrepreneurship & Business Mgt.

Mentor

What is a mentor? Why is it important to have one as a

teenager? Why would you think it would be

important to have one when starting a business or working for someone else?

Entrepreneur

What is an entrepreneur? Personal characteristics of an

entrepreneur Personally know any? What do they

do? Family members who operate own

business?

Terms to Know

Entrepreneur is a person who undertakes the organization and ownership of a business with the intent of making a profit.

Entrepreneurship is the process of getting into and operating your own business.

Niche is a suitable place for a venture. For example, specializing in something particular like “mobile dog grooming”. (typically focused)

LL Bean

Who’s been to L.L. Bean in Maine or another location?

Leon L. Bean’s initial experience taught him a valuable lesson:– Never sell a product without first testing it

extensively in the field

Customer Experience

One word to describe the “customer experience” at

Apple store Disney World Cold Stone Somewhere else?

Success..once again

“Successful people are _______” What salary do you think makes

someone successful? Are professional athletes successful?

– Do they have flexibility and control over their lives?

But why?

Why are people successful and what qualities do they have?

So what does it mean to be successful? Write down the names of 3 successful

people

Let’s look at your list

Who had Bill Gates? Why? Why do many associate success with

money? Did anyone have someone on their list

who was not wealthy?

Business Ownership

Advantages of entrepreneurship Disadvantages of entrepreneurship

Additionally

Besides desire and personal characteristics, entrepreneurs need to be skilled in the basic areas of communication, math, and problem solving.

Don’t bring your pet to baseball games

Lastly

Do you have to be born with the “entrepreneurial gene” or can you acquire the skills to be entrepreneurial?

Put on your thinking caps (and don’t look at your agenda book)

What state in the U.S. has the least number of residents?

Alaska, Alabama, Hawaii, Kentucky or Maine?

Approximate populations from US Census

Alabama – 4.5 million Kentucky – 4.2 million Maine – 1.3 million Hawaii – 1.2 million Alaska – 680,000