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Traits of Entrepreneurs
• Entrepreneurs have several characteristics – They organize resources and manage them in innovative
ways to increase output.– They look for new ways to produce goods and services– They are willing to take risks – They are willing to face stiff competition– They are willing to take advantage of legal ways to limit
competition • Patents • Copyrights
– They take steps to earn as much profit as possible
Shark Tank Clip
• Identify specific traits of entrepreneurship in the clip.
Big Business Strategies
• Corporations:– Organizers raise money by selling shares of stock in the
company. Stockholders who buy the shares receive a percentage of the corporation profits
• Trust:– A group of companies form together and run all of the
companies as a single enterprise. A trust reduces competition• Monopoly:– When a trust has almost complete control over of an industry.
A monopoly has almost complete control over price and quality of a product
Big Business Strategies
• Vertical Integration:– Owning all stages of the manufacturing process– Example: If the manufacturer of lawn mowers
merged with a manufacturer of small engines.• Horizontal Integration:– Owning all businesses in a specific field to cut down
costs – Example: If the manufacturer of lawn mowers
merged with another manufacturer of lawn mowers
Who am I assignment
• Choose a prominent entrepreneur from Section 15.2 p473-480 such as:1. Andrew Carnegie p4752. John D Rockefeller p4773. Cornelius Vanderbilt p4784. George Westinghouse p4785. George Pullman p479
• Write a short biographical “Who Am I?” speech in the role of your assigned entrepreneur, omitting the person’s name .
One Word Summary
• Choose a prominent entrepreneur from Section 15.2 p473-480 such as:1. Andrew Carnegie p4752. John D Rockefeller p4773. Cornelius Vanderbilt p4784. George Westinghouse p4785. George Pullman p479
• Choose one word to describe the prominent entrepreneur and write one paragraph explaining why you selected that word.
Big Business Leaders
• Andrew Carnegie: Innovations in the steel industry used vertical integration
• John D. Rockefeller: Innovations in oil refining used horizontal integration
• Cornelius Vanderbilt: Innovations in the railroad industry. Combined small rail lines to make larger direct routes
• George Westinghouse: Invented the compressed air brake. Trains could haul more cars at greater speeds
• George Pullman: Designed long-distance rail cars
A New Capitalist Spirit
• Laissez-faire capitalism: Means hands off, this theory calls for no government intervention in the economy
• Social Darwinism: Refers to the “Survival of the fittest” – If a person or company is successful in business
through the attainment of wealth, they will be successful in life
DBQ: Introductions
• Grabber: Something interesting about the topic to hook the reader. Do Not begin with a question
• Background: Provide some relevant background information about the topic
• Stating the question with key terms defined: Tell the reader what the question is– Use the following sentence starter – The question is ….
• Thesis and Roadmap: What is your argument? What are the three categories to support your argument