Activating Strategy Think-Pair-Share Activity

If you could start your own business, what would it be?

1. What would you call your business?2. Where would it be located?3. What would be your main product(s) or

service(s) offered to your customers?4. How many people would work for you in

your business?5. How much money do you think you will need

to start your business?

Should You Become an Entrepreneur?

Chapter 1Mr. Ulmer – Entrepreneurship

People who own, operate, and take the risk of a business venture are called entrepreneurs.

Entrepreneurship is the process of running a business of one’s own.

Entrepreneurs provide a product or service that meets the needs of their customers.

What is an Entrepreneur?

Employees are people who work for someone else.

Entrepreneurs assume the risk of owning a business and they work for themselves.

What are some advantages to becoming an entrepreneur?◦ Work for yourself and determine own hours◦ Additional revenue goes to you and your business

Employees vs. Entrepreneurs

4 Types of Businesses:1) Manufacturing – produce the products they sell2) Wholesaling – sell products to business instead

of final customer3) Retailing – sell products directly to customer4) Service – sell services rather than products

Types of Entrepreneurial Businesses

1) Agricultural◦ Generate fresh produce and other farm

products (Farming)

2) Mining and Extracting◦ Take resources out of the ground so they can be

consumed (Coal, Oil)

Other Business Areas

Approximately 25.8 million businesses in the United States.◦ 99.9% of 25.8 million = small firms with <500

employees

Small business contribute billions of dollars to the U.S. economy every year

Employ more workers than all of the country’s large corporations combined

Small Businesses in U.S. Economy

According to U.S. SBA Office of Advocacy, only 44% of new businesses survive for more than 4 years.

Major Factors for Success or Failure:◦ Having Adequate Capital◦ Product/Service meets needs/is successful◦ Owner’s education level◦ Decision making/desire to succeed

Business Success or Failure

Famous Entrepreneur Group Activity

6 groups of 4 students

Students will be given a famous entrepreneur and the company he/she founded…

Group 1…Steve Jobs Apple, Inc. Group 2… Walt Disney The Walt Disney

Productions Group 3… Mark Zuckerberg Facebook Group 4… Oprah Winfrey HARPO Productions, Inc. Group 5…Sam Walton Wal-Mart Group 6…Ray Kroc McDonald’s

Group Assignments/Topics

Group Activity Questions Types of products/services it provides

Where products/services can be located and purchased

Specific characteristics and skills for this entrepreneur to have

The type(s) of entrepreneurial businesses company relates to

Famous Entrepreneur Presentations Group presentations (roughly 3 minutes)

Introduce the entrepreneur and the business

Provide responses to all 4 questions

Teacher and students will discuss and identify the impact entrepreneurs have on U.S. economy and the world.

Characteristics of an Entrepreneur◦ Independent◦ Self-Confident◦ Determined◦ Goal-Oriented◦ Set High Standards◦ Creative◦ Act Quickly◦ Up to Date

Technology, Laws, Business Trends, Opportunities

Is Entrepreneurship Right for You?

Committed◦ Willing to work hard to achieve team goals

Competent◦ Right set of skills needed to get the job done

Communicative◦ Communication skills/share ideas (oral, written)

Cooperative◦ Must work well with others

Creative◦ Have an innovative approach to doing things

Characteristics of Good Team Members

Self-Assessment◦ An evaluation of your strengths and weaknesses

Aptitude◦ The ability to learn a particular kind of job

Are You Right for Entrepreneurship?

Entrepreneurs:◦ Are their own bosses◦ Can choose a business of interest◦ Can be creative◦ Can make large sums of money

Assess the Advantages…

Entrepreneurs:◦ May take a lot of risk◦ Face uncertain and irregular incomes◦ Work long hours◦ Make majority of decisions by themselves

Assess the Disadvantages…