Text of Unit One Entrepreneurship. What is an Entrepreneur? Name an Entrepreneur. Name an Entrepreneur. Give...
Unit One Entrepreneurship
What is an Entrepreneur? Name an Entrepreneur. Name an Entrepreneur. Give three reasons for becoming an Entrepreneur. Give three reasons for becoming an Entrepreneur. List three skills or abilities needed to be your own boss. List three skills or abilities needed to be your own boss. Are you now, or have you ever been, an Entrepreneur? Are you now, or have you ever been, an Entrepreneur? Is being an Entrepreneur a career move? Is being an Entrepreneur a career move?
Unit 1 Vocabulary Achiever Achiever Brainstorm Brainstorm Business Broker Business Broker Business Cycle Business Cycle Business Failure Business Failure Capital Capital Competition Competition Corporate Venture Corporate Venture Discontinuance Discontinuance Demand Demand Demographics Demographics Diminishing Marginal Utility Diminishing Marginal Utility Economics Economics Elastic Demand Elastic Demand Entrepreneur Entrepreneur Entrepreneurial Entrepreneurial Entrepreneurship Entrepreneurship Enterprise Zones Enterprise Zones Equilibrium Equilibrium Factors of Production Factors of Production Foundation Skills Foundation Skills Free Enterprise System Free Enterprise System Franchise Franchise Franchisee Franchisee Franchisor Franchisor Goodwill Goodwill Goods Goods
Unit 1 Vocabulary Gross Domestic Product Gross Domestic Product Investment Investment Innovation Innovation Inelastic Demand Inelastic Demand Market Structure Market Structure Monopoly Monopoly Need Need New Venture Organization New Venture Organization Niche Niche Oligopoly Oligopoly Online Business Online Business Opportunity Opportunity Outsourcing Outsourcing Profile Profile Profit Profit Role Model Role Model Scarcity Scarcity Services Services Specialty Magazine Specialty Magazine Start-up Resources Start-up Resources Supply Supply Strategic Alliance Strategic Alliance Trade Show Trade Show Trade Magazine Trade Magazine Values Values Venture Venture Want Want
Unit 1 Essential Question 1 What are the concepts and processes associated with successful entrepreneurial performance? What are the concepts and processes associated with successful entrepreneurial performance?
Essential Question 1A (MKT-EN-1A) What is entrepreneurship? What is entrepreneurship?
Entrepreneurship Entrepreneurship: The process of recognizing an opportunity, testing the market, and gathering resources necessary to go into business. Entrepreneurial: Acting like an entrepreneur or having a similar mind set.
Entrepreneurship Entrepreneur: An individual who undertakes the creation, organization, and ownership of a business venture. They accept the risks and responsibilities of business ownership to gain profit and personal satisfaction. Venture: A new business undertaking that involves risk.
Essential Question 1B (MKT-EN-1B) What are the characteristics of successful entrepreneurs? What are the characteristics of successful entrepreneurs?
Why Be An Entrepreneur? Rewards Being Your Own Boss Doing Something You Enjoy Having the Opportunity to be Creative Freedom to Set Your Own Schedule Controlling Your Salary Contributing to the Community Costs and Risks Working Long Hours Having an Uncertain Income Being Fully Responsible Risking Ones Investment
Persistent Willing to work until job is done, no matter what it takes.
Creative Looks for new ways to solve old problems.
Responsible Takes responsibility for decisions and actions.
Inquisitive Conduct research and asks questions to solve problems.
Goal-oriented Know where to go and how to get there.
Independent Sets own agendas and schedules.
Self-demanding Have high expectations of themselves.
Self-confident Believe in themselves.
Risk-taking Are not reckless. Looks for opportunity with a reasonable chance of success.
Restless Once their goals are achieved, they start looking for new challenges.
Action-oriented Doers as opposed to spectators.
Enthusiastic Energetic and passionate about their pursuits.
Foundational Skills Communication Skills Person to person, telephone, and written skills. Math Skills Basic math, record keeping, budgeting, and preparing financial statements. Problem-solving Skills Able to use logic and creative solutions. Decision-making Skills Able to choose the best option from among many.
Human Relations Skills Teamwork Skills Coordinate and manage work teams, respecting others, being flexible, leadership. Social Skills Able to interact well with employees, customers, and vendors.
Technical Skills Computer Skills Understands the use of technology, word processing, spreadsheet, database, e-mail, and the Internet.
Business Skills Basic Business Skills Understands how the economy works, and fundamental concepts of finance, marketing, and management. Keeps up to date on current events. Organizing and Planning Skills Uses logical thinking and time management skills. Adaptability Skills Able to change with the constantly changing business and economic environment.
Essential Question 1C (MKT-EN-1C) What are the reasons for planning an entrepreneurial businesses? What are the reasons for planning an entrepreneurial businesses?
Home-based Businesses 6 million in mid-1980s 41 million in late 1990s
Outsourcing Outsourcing: Contracting with another company for services. Allows greater efficiency, saving time and money. Decreases overhead investment or debt. Lowers regulatory compliance burdens. Makes companies more attractive to investors because more capital is sent directly into money making activities.
Service Businesses Services: Intangible things that businesses do for us that enhance our lives. Fastest growing business segment in the U.S. Economy today.
Internet Businesses Online Business: A business that conduct business by means of the internet. Small businesses that use the internet have grown 46% faster than those who do not. www.prairietumbleweedfarm.com
Essential Question 1D (MKT-EN-1D) What is the entrepreneurial discovery process? What is the entrepreneurial discovery process?
Recognizing Opportunity Entrepreneurial thinking is about generating ideas and recognizing opportunities. Entrepreneurial thinking is about generating ideas and recognizing opportunities. Creativity and Innovation: Creativity is the result of innovation: finding new ways of doing things. Creativity and Innovation: Creativity is the result of innovation: finding new ways of doing things. Idea vs. Opportunity: Idea vs. Opportunity: Ideas are generated though creative thinking. Ideas are generated though creative thinking. Opportunity is an idea that has commercial value. Opportunity is an idea that has commercial value. Many opportunities come from fulfilling a niche: a small specialize market. Many opportunities come from fulfilling a niche: a small specialize market.
Recognizing Opportunity Finding opportunity by understanding industry: Finding opportunity by understanding industry: An industry is a grouping of businesses with a common purpose. An industry is a grouping of businesses with a common purpose. The marketplace and economics of every industry is constantly changing which creates profitable niche opportunities. The marketplace and economics of every industry is constantly changing which creates profitable niche opportunities. Knowing the inner workings of the industry and the industry trends allows the entrepreneur to identify opportunity. Knowing the inner workings of the industry and the industry trends allows the entrepreneur to identify opportunity. Learn and understand what the customer problems are and create a business to fix them. Learn and understand what the customer problems are and create a business to fix them.
Essential Question 1E (MKT-EN-1E) What are current global trends and opportunities? What are current global trends and opportunities?
Global Trends Diminishing trade barriers Diminishing trade barriers NAFTA and CAFTA NAFTA and CAFTA EU EU Most favored nation status Most favored nation status Advances in technology have made the world smaller Advances in technology have made the world smaller
Global Trends Global Opportunities Global Opportunities Asia Asia Enormous and diverse continent Enormous and diverse continent China is the number one importer of US goods China is the number one importer of US goods Latin America Latin America Diverse community of nations with many cultural differences D