· Web viewWhat are the risks and disadvantages associated with entrepreneurship? ... they have the final word on all aspects of the operation

COURSE: Entrepreneurship I UNIT A Entrepreneurship Foundations

ESSENTIAL STANDARD: 1.00 B2 8%

Understand economics, career planning, information management, and communication skills.

OBJECTIVE: 1.02 B2 Participate in career-planning to enhance job-success potential

Essential Questions: What distinguishes an entrepreneur from a small business owner or manager? What are the reasons that people pursue careers as entrepreneurs? What personality traits are associated with successful entrepreneurs? What skills are needed for entrepreneurial success? How do we assess entrepreneurial potential? What are the risks and disadvantages associated with entrepreneurship? What are the trends and technological developments in entrepreneurship?

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Competency 1.02-A

A. Distinguish among entrepreneurs, small business owners, and managers1. Entrepreneur – an individual who undertakes the risk associated with creating, organizing, and

owning a businessa. Entrepreneurship – is the process of starting and operating one’s own businessb. Venture – is a business undertaking involving riskc. Opportunity – is an idea that has commercial value

2. Small Business Owner – the owner of a business that was generally started to create jobs for the owners and referred to as a “mom and pop” business

3. Manager – an employee who coordinates people, processes, and other resources of a business in order for the business to achieve success

B. Identify reasons that people pursue careers as entrepreneurs1. Being your own boss – this is the biggest reward of owning your own business – it gives you

the freedom to make their own business decisions – they have the final word on all aspects of the operation

2. Doing something you enjoy – a business venture normally begins with something that the entrepreneur enjoys doing – it might be a hobby or skill that they are good at doing – the entrepreneur gets satisfaction from creating or developing the hobby into a viable enterprise

3. Having the opportunity to be creative – most people who works for someone else is following their procedures; while entrepreneurs create their own – entrepreneurs are able to shape a business in ways that employees cannot – this is true with new, daring or creative ideas – when an entrepreneur has a creative idea, they have the power to act on it

4. Having the freedom to set your own schedule – even though entrepreneurs have demands on their time, they have the flexibility to determine their own schedule –they also have the options of working at home, at the business, or any other location that suits them

5. Having job security – employees today are not guaranteed job security from their employers – businesses may relocate outside the United States and the employees are left with no company to work for – entrepreneurs control their own destiny – as long as the business is successful, they have a job

8716 Entrepreneurship I Unit A: Entrepreneurship Foundations Summer 2012, Page 1


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6. Making more money – people who work for others are paid wages or a salary – if you work for a company and they do well, you may get a raise or a bonus – a business owner’s earnings are limited by the potential of the business

7. Being recognized within the community – business ownership carries with it a certain amount of prestige – entrepreneurs have taken on a responsibility that involves hard work, daring, and know-how – entrepreneurs make an economic contribution to the community through their investment and creation of jobs

C. Describe trends in entrepreneurship1. Internet businesses – new online businesses have emerged along with traditional

businesses adding an online feature – online businesses have the potential to attract a huge number of customers because anyone with internet capabilities can shop at any time

2. Service businesses – is one of the dominant types of businesses in the United States economy – even if a company sells a product, they also provide a service to the customers – most small businesses are service businesses – services are intangible things that businesses do for their customers to enhance our lives – examples include: insurance, sports and entertainment, tourism, banking, real estate, dry cleaning, fitness centers, and accountants/tax preparers

3. Home-based businesses – this is a business that is conducted from the home – due to technology a home-based business can have an image that is just as professional as that of a large corporation

4. Socially responsible nonprofit businesses – social entrepreneurs start a business in order to better society – they are focused on doing good – social entrepreneurs often form nonprofit organizations (the business owner makes a profit; but the profits must be kept within the business) – some nonprofits also can qualify to be tax-exempt – examples of nonprofits that support specific missions include feeding the hungry, community theatre groups, education-focused groups, and building homes

5. Focus on technology – entrepreneurs who know how to use technology to improve their business processes create a strong competitive advantage and enjoy a greater chance of success – whether technology is a company’s product or it is used to increase productive, it is a critical component of any business strategy

6. Outsourcing – is contracting with other companies for services – most common types of outsourcing is business-process outsourcing (accounting, human resources management, benefits, payroll, and finance functions) – benefits of outsourcing:- outsourcing allows greater efficiency, saving time and money- outsourcing decreases overhead investment or debt- outsourcing lowers regulatory compliance burdens- outsourcing allows companies to start new projects quickly- outsourcing makes companies more attractive to investors because it allows

companies to direct more capital directly into money-making activities7. Strategic Alliances – one step beyond outsourcing is forming a partnership with

another company – join with a larger company to purchase items in large quantities or help support a product – example: 3M produces tape and will look to smaller companies to provide the dispensers


8. Corporate Ventures – is a new venture started inside a large corporation – large companies are finding that they must act like entrepreneurs to remain competitive – these are spin-off companies – the parent company supplies resources to the corporate venture get started – often the new corporate venture becomes an independent company

D. Discuss risks and disadvantages associated with entrepreneurship

If being an entrepreneur is so great, why doesn’t everyone do it? Because of the intense competition business owners are fighting for the consumers dollars. The prospective entrepreneur should consider the costs and risks. The risks include1. Working long hours – long hours are the norm for entrepreneurs, especially during the

start-up period – during start-up survival depends on making wise decisions and not relying on paid help, so the responsibilities are left to the entrepreneur – many entrepreneurs work 7 days a week from the time the business opens until close

2. Having an uncertain income – business owners make more money than employees; but only when the business is good and making money – if a business is bad then earnings can be low or nonexistent – most businesses do not make a profit right away – most business owners put the profits back into the business so that it can grow – business owners do not get a paycheck or benefits such as health insurance and time off for vacations

3. Being fully responsible – the owner of a business is responsible for more than just decision making; they must make sure everything get done – there is no one else to take care of tasks such as sweeping the floors, paying bills, making repairs or other tasks in the business – the success or failure of the venture rests entirely on the owner

4. Risking one’s investment – the biggest risk is the possibility of losing one’s investment – the investment is the amount of money a person puts into their business as capital – capital includes the buildings, equipment, tools, and other goods needed to produce a product or the money used to buy these things – employees do not risk losing money – before an entrepreneur can earn money they have to get the venture up and running

E. Identify reasons that business start-ups often failThe overall cause of business failure is lack of control on the part of the entrepreneur. Never leave total control of your business to your employees even if they are professionals. Remember, professionals are only there to advise you on what to do. The final decision lies in your hand as the entrepreneur and business owner.1. High Debt Ratio - the first cause of business failures you must watch out for is high debt ratio. This is the measurement of the percentage of total dollars in a business that is provided by creditors. You are looking at what you owe your creditors in comparison to what the business owns in assets. If you owe your creditors $59,000 and your assets (what the business owns) are $106,000 then your debt ratio is 55.6%. This means that 55.6% of what you own would have to be sold off to pay your creditors.2. High level of mismanagement - The second cause of business failures is high level of mismanagement. If your key staff lacks professionalism, then your business is in trouble. Since your staff are in charge of running the day to day affairs of your business, their professionalism should not be compromised for anything.3. Unexpected resignation of staff - The third to watch out for is the unexpected resignation of staff from sensitive position. This can really pose a threat to your business so you must be prepared for it. In business, poaching is really a factor to deal


with. Big companies are always poaching good employees away from other companies by enticing them with improved salaries and incentives.4. Inadequate Inventory - Another factor that leads to small business failures is inadequate stock or inventory. If you have inadequate stock either for production or for your customers, your business is bound for failure. Also; if you stock too much inventory, you are still bound to fail because you are tying down working capital.5. Sel l ing products below cost price - The fifth cause of business failures is the sales of goods and services below cost price. Sometimes in business, cash crunch, fierce competition or economic factor make businesses sell their goods below cost price and this can ruin your business.6. Dwindling working capital - Dwindling working capital is also a cause of business failures and you must watch out for. Depreciating working capital may be as a result of unnecessary expenditure, too much inventory and weak cash flow management on the part of the entrepreneur.7. Consistent negative cash f low - The seventh factor that could lead to business failure is consistent negative cash flow. Cash flow is to a business what blood is to humans. No business can survive without strong cash flow management. A solution to negative cash flow is to hire a professional accountant to keep a keen eye on the cash flow.8. Declining Profit - Declining Profit, if not handled properly can cause business failure. If there is a down turn in profit margins due to competition or deflation, your business could be negatively affected. A solution to declining profit is to increase your sales volume so you can make more profit on turnover or better still; diversify.9. Loss of market share - Loss of market share is the ninth cause of most business failures. If you observe you are losing your market share due to either competition, new technology, innovation or trend, then this is a sign that your business is on the verge of been liquidated. The only prevention to loss of market share is to keep your ears to the ground for any new industrial trend, technology or innovation. You must also keep an eye on your competitor and be quick to act and adapt to any positive or negative industrial change or once again; you can diversify.10. Inabil i ty to secure operational capital - Lastly, your inability to secure funds from financial institutions could lead to business failure. Raising capital is one of the most difficult tasks in business. But it is often said that “where there is a will, there is a way.” If financial institutions refuse to assist you financially, you have to turn to other sources of funds.

G. Explain skills needed for entrepreneurial success1. Communication skills – person-to-person, telephone, and written communication skills – also need listening skills to build positive relationships – do accurate work2. Math skills – they use basic math skills to budget, keep records, make decisions and calculations, and put together financial statements3. Problem-solving skills – they need to be able to come up with logical ideas to solve problems – solving problems requires creativity and thinking skills4. Technology and computer skills – computer skills are essential in almost any business – the ability to understand and use technology is also essential5. Decision-making skills – they must be able to choose the best option from among many – good decision makers know their values and are good at predicting the consequences of actions6. Organizing and planning skills – they must be expert organizers and planners, which


require logical thinking and good time management7. Teamwork skills – they need teamwork skills to coordinate and manage work teams – this involves respecting others, being flexible, and knowing when to exercise leadership8. Social skills – they need social skills to interact well with employees, customers, and vendors – involve verbal and nonverbal behavior9. Adaptability skills – they should be adaptable because they business and economic environment is constantly changing10. Basic business skills – they should have a basic understanding of how the economy works and an understanding of fundamental concepts of finance, marketing, and management

H. Discuss reasons that entrepreneurs need to be aware of industry trends and technological developments

1. By observing the world around you and looking at demographic changes, the development of new ideas can identify a possible business opportunity or expansion of a current business

2. Popular trends such as health and fitness; ethnic diversity; and an improving economy can provide guidance in product development

3. Technology and industry trends can assist in the business operations4. Recognizing new trends and to think creatively are essential for business success

I. Identify professional-development opportunities for entrepreneurs1. Government agencies such as SBA2. Workforce Development agencies3. Chamber of Commerce4. Community colleges to improve skills5. Professional organizations6. Trade associations7. Internet programs8. Mentor/relatives

Competency 1.02-B

A. Describe personality traits associated with successful entrepreneurs1. Persistent – willing to work until a job is done, no matter how long it takes – they are

tenacious in overcoming obstacles and pursuing their goals2. Creative – they look for new ways to solve old problems3. Responsible – they do not pass the buck – they take responsibility for their decisions and

actions4. Inquisitive – they want to know as much as possible about whatever affects their venture –

they conduct research and ask questions to solve problems5. Goal-oriented – they set and achieve goals6. Independent – they want to make their own decisions7. Self-demanding – they have high expectations8. Self-confident – they believe in themselves9. Risk-taking – they take risks, but they are not reckless10. Restless – once they achieve their goals, they begin looking for new challenges11. Action-oriented – they are doers as opposed to spectators – they set goals, make decisions,

and act on their decisions


12. Enthusiastic – they are energetic and passionate about their pursuits

B. Explain skills needed for entrepreneurial success – SAME AS 1.02AC. Demonstrate procedures for assessing entrepreneurial potential

1. Assessing your entrepreneurial characteristics and skills2. Develop your profile (set of characteristics or qualities that identifies a type or category of

person) based on being a successful entrepreneur3. Identify your strengths and weaknesses4. Continue to work at maintaining and/or improving your strengths5. Another way to strengthen your entrepreneurial potential is to think and act like an

achiever (is a person with a record of successes)6. Develop the foundation skills and if these are your weaknesses then take courses or classes

to improve the skills Set out to be the best at whatever you do- Set your sights on accomplishing the extraordinary- Write your goals down on paper- Pursue your goals with confidence and commitment- View difficulties as opportunities to learn and grow

7. You do not need to be an expert, however, you must develop the skills necessary to set up and run a successful business

8. Obtain employment is similar or related positions to improve and monitor your skills



INSTRUCTIONAL ACTIVITIES RELEVANCY TO OBJECTIVE

1. Divide students into three groups – Entrepreneurs, Small-business owners, and Managers. Have each group identify the skills and characteristics for their assigned person. Have a recorder for each group and list the discussed characteristics/skills. Place on the board or on flip chart paper and report to the class their findings. Compare similarities amongst the three types.

Develop definitions for each type of business person and record in their notebooks.

2. Present the Competency 1.02A Power Point and have students complete the graphic organizer/notes for the concepts. (Appendix - #1 Graphic Organizer)

3. Have the students complete “Why be an Entrepreneur” worksheet identifying the rewards and risks along with the twelve characteristics of an entrepreneur. Students will use this worksheet in Activity 5.(Appendix #2)

4. Complete the “As An Entrepreneur I. . .” activity. Have students write a reflection of the assessment identifying their strengths and weaknesses. This can be done via the computer or handwritten. They are to then review the Entrepreneurial Skills as presented and place the appropriate skill under their strengths or weaknesses. (Appendix #3)


OBJECTIVE: 1.02 B2 5% Participate in career-planning to enhance job-success potential

INSTRUCTIONAL ACTIVITIES RELEVANCY TO OBJECTIVE

5. Divide the class into groups of 3-4 students. Have each group take the 12 Characteristics of Successful Entrepreneurs as recorded on their “Why be an Entrepreneur” worksheet and rank them from #1 – Most Important to #12 – Least Important according to the members of the group. Have groups justify why they selected that characteristic as their #1 item. Have the each group report their findings on the board. Have students analyze the top five characteristics based upon the number of occurrences found in each group.

6. Have students complete “Do you have what it takes” activity and discuss their responses with the class (Appendix #4)

7. Complete the Entrepreneur Match (Appendix #5)

8. Complete Famous Entrepreneur Project (Appendix #6)

9. With your classmates, form a group of four or five students. In your group, discuss the group members’ interests, talents, and hobbies. Identify and record what you all have in common. Then, with your group, develop a possible business start-up idea that would allow all of you to enjoy or share your interest, talent, or hobby with others. After determining what business you as a group would start, answer the following questions as a group to create an ideal entrepreneur to start the business:

a. What interest does your group have in common?b. What business start-up idea would allow your group to enjoy or

share its interest with others?c. What personal talents—if any—are needed to start this business?d. What skills are needed to start the business?e. What kind of training or education would an entrepreneur need to

start the business?f. What would this entrepreneur’s duties and responsibilities be in

starting the business?g. Where could this entrepreneur go for professional development?

When your group has completed the activity, discuss your answers with the class. After every group in the class has shared its results, discuss the similarities and differences among the groups’ entrepreneurs.


Literacy Strategy:

A Quick-Write is a short written response to a question. The teacher is trying to help students connect or show what they know. The teacher is looking for evidence of thinking, not grammar, punctuation, or mechanics. Usually a Quick-Write takes one-two minutes. Quick-Writes are often the type of writing a student puts in a learning log or journal.


OBJECTIVE: 1.02 B2

REFERENCES WEBSITES

Textbook References:

Entrepreneurship and Small Business Management – Kathleen Allen and Earl Meyer; Glencoe Publishing; 2006 Edition

Supplemental Resources:

http://ezinearticles.com/?Entrepreneur-Advantages-and-Disadvantages&id=618160

Finding Entrepreneurial Opportunities www.zeromillion.com/entrepreneurship/opportunities.html

http://www.entrepreneurship.org/en/resource-center/risk-in-entrepreneurship.aspx

http://www.strategicbusinessteam.com/small-business-development-strategy/10-causes-of-business-failure-you-must-watch-out-for /

http://www.ehow.com/about_6402050_growth-trends-business.html

http://ezinearticles.com/?Top-Eleven-2011-Trends-for-Entrepreneurs&id=5662583

http://www.entrepreneur.com/article/174142










http://www.strategicbusinessteam.com/small-business-development-strategy/10-causes-of-business-failure-you-must-watch-out-for/







http://www.zeromillion.com/entrepreneurship/opportunities.html






OBJECTIVE 1.02APPENDIX OF

INSTRUCTIONAL SUPPORT MATERIALS

1.01 SUPPLIES

Supplies NeededWhere Supplies Are Used

Activity Related Appendix/ Lesson Flip Chart or Whiteboard 1 Markers 1


Appendix #1 – Graphic Organizer or Notes

1.02 Explain Career Opportunities in EntrepreneurshipDistinguish between…

______________– people who sense ______________ and take risks in the face of uncertainty. One who has a fire, a _____________ for their mission

Small _____________ owners – Those who __________ their own companies usually with ________ or less employees. They may also perform all tasks.

______________ – Person who ______________ the people, ________________, and other resources of your operation on a ___________ basis

Reasons people pursue ____________________:

Eureka – you have a brilliant ___________ and want to give it a try!

You’re ________ the ____________ of me

Ka-ching, I want to be ______________

I hate my __________ – you’re no longer _____________, you’re at a dead end

It’s ___________________ and exciting

________________, professional growth, and increased ________________

Flexibility and _______________

From The First 10 Steps to ___________________for Women – Down to _____________by Claire Villarosa and http://ezinearticles.com/?Entrepreneur-Advantages-and-Disadvantages&id=618160

_________________: There are ____________ skills ________________to successful business. They apply ____________to any business.

_______________ - the skill to ______________ and develop new products (or services).

______________________ - the skill to deliver them, consistently and _____________, with quality, service, and price.

_______________ - the skill to ____________ them.

___________________ - the skill to make a _____________ doing the other three.

Read more: Finding ____________________ Opportunities www.zeromillion.com/entrepreneurship/opportunities.html 8716 Entrepreneurship I Unit A: Entrepreneurship Foundations Summer 2012, Page 12

Trends, _________________, and Disadvantages:

_____________ stable income - Lack of family ________________

______________ hours - No health ____________

All ___________ are yours - It’s ALL your __________

You don’t ___________, you - Didn’t _______________ don’t eat

Start up ____________ - Thinking, I’m my ________ boss

Risks and Disadvantages:

No Regular _____________: when you start a business, you should be ____________ to leave behind the __________ of having a _____________ each month. Even successful _______________ experience lean ________ when all financial ______________ are being taken up by the new business.

Work _______________: although they have the luxury of a ____________schedule, _________________ also make ______________ especially during situations that __________ them to work longer ____________. Unlike regular ______________ who are not worried too much about the status of the business, ________________ must make sure that everything is going well.

____________________ because they own the business, all major _______________ are made by ___________________. This is quite a burden and handling such ________________ is quite difficult. Every ________________ directly affects the future of their businesses and _______________ costly mistakes is _________________.

Risk: see http://www. _______________________ .org/en/resource-center/risk-in- entrepreneurship.aspx

Reasons for _____________:

High ___________ ratio – you’re heavy in debt or others ___________ you

High levels of __________________ – lack of ____________________

Unexpected staff __________________

__________________ inventory

Selling products ____________ cost

_______________ working capital, ______________ negative cash flow, & __________ to secure operational capital


__________________profit

______________ of market share

http://www.strategicbusinessteam.com/small-business-development-strategy/10-causes-of-________________ -failure-you-must-watch-out-for/

__________________ & Skills needed for ________________ success:

Are you a ___________starter?, Are you a positive thinker?, Are you ______________?, Can you be objective?, Traits, Gain _____________ of their peers, Believe and _____________ in themselves, Follow a plan, Think creatively, Explore their ________________ skills, Envision their ____________, ___________GIVE UP, ________________, Math, _________________, Technology and computer, _____________-making, Organizing and _______________, Teamwork, Social, ___________________, Basic _________________

Reasons to be ________________ of industry trends and technology:

_________________________ need to be aware of ____________ and technology as a _________________ of GROWTH and future __________________. Read more @ http://www.ehow.com/about_6402050_ _____________ -trends-business.html

See article @ http://ezinearticles.com/?Top-Eleven-2011-Trends-for-___________________________ &id=5662583

See one more article @ http://www. __________________________ .com/article/174142

___________: Internet Businesses, ___________ Businesses, ________________ Businesses, Socially Responsible _______________Businesses, ____________ on Technology

_________________ – contracting with other companies for service

Strategic _______________ – forming a _______________ with another company

Corporate _____________ – new venture started inside a large corporation

__________________ Products/services, _________________ development opportunities

There are many! __________________ will depend on your industry/business choice.

Some examples:

__________________.com – Meetup, Minority Business Network – ____________, Asian _____________ in Business – Colleges, SCORE – ______________, __________ – Conferences, LinkedIn – ______________, ________________ - PLCs


Appendix #1 – Key1.02 Explain Career Opportunities in Entrepreneurship

Distinguish between…

Entrepreneurs – people who sense opportunity and take risks in the face of uncertainty. One who has a fire, a passion for their mission

Small business owners – Those who manage their own companies usually with 100 or less employees. They may also perform all tasks.

Managers – Person who coordinates the people, processes, and other resources of your operation on a daily basis

Reasons people pursue entrepreneurship:

Eureka – you have a brilliant idea and want to give it a try!

You’re not the boss of me

Ka-ching, I want to be rich

I hate my job – you’re no longer inspired, you’re at a dead end

It’s glamorous and exciting

Satisfaction, professional growth, and increased responsibility

Flexibility and freedom

From The First 10 Steps to Entrepreneurship for Women – Down to Business by Claire Villarosa and http://ezinearticles.com/?Entrepreneur-Advantages-and-Disadvantages&id=618160

Opportunities: There are four skills necessary to successful business. They apply equally to any business.

Engineering - the skill to invent and develop new products (or services).

Manufacturing - the skill to deliver them, consistently and reliably, with quality, service, and price.

Selling - the skill to sell them.

Business - the skill to make a profit doing the other three.

Read more: Finding Entrepreneurial Opportunities www.zeromillion.com/entrepreneurship/opportunities.html

Trends, Risks, and Disadvantages:8716 Entrepreneurship I Unit A: Entrepreneurship Foundations Summer 2012, Page 15

Losing stable income - Lack of family support

Long hours - No health benefits

All expenses are yours - It’s ALL your fault

You don’t work, you - Didn’t research don’t eat

Start up costs - Thinking, I’m my own boss

Risks and Disadvantages:

No Regular Salary: when you start a business, you should be prepared to leave behind the security of having a paycheck each month. Even successful entrepreneurs experience lean months when all financial resources are being taken up by the new business.

Work Schedule: although they have the luxury of a flexible schedule, entrepreneurs also make sacrifices especially during situations that require them to work longer hours. Unlike regular employees who are not worried too much about the status of the business, entrepreneurs must make sure that everything is going well.

Administration: because they own the business, all major decisions are made by entrepreneurs. This is quite a burden and handling such responsibility is quite difficult. Every decision directly affects the future of their businesses and avoiding costly mistakes is imperative.

Risk: see http://www. entrepreneurship .org/en/resource-center/risk-in-entrepreneurship.aspx

Reasons for failure:

High debt ratio – you’re heavy in debt or others owe you

High levels of mismanagement – lack of professionalism

Unexpected staff resignation

Inadequate inventory

Selling products below cost

Dwindling working capital, consistent negative cash flow, & inability to secure operational capital

Declining profit

Loss of market share


http://www.strategicbusinessteam.com/small-business-development-strategy/10-causes-of-business -failure-you-must-watch-out-for/

Mind-set & Skills needed for entrepreneurial success:

Are you a self-starter?, Are you a positive thinker?, Are you disciplined?, Can you be objective?, Traits, Gain respect of their peers, Believe and trust in themselves, Follow a plan, Think creatively, Explore their exceptional skills, Envision their success, NEVER GIVE UP, Communication, Math, Problem-solving, Technology and computer, Decision-making, Organizing and planning, Teamwork, Social, Adaptability, Basic business

Reasons to be aware of industry trends and technology:

Entrepreneurs need to be aware of trends and technology as a predictor of GROWTH and future opportunities. Read more @ http://www.ehow.com/about_6402050_ growth -trends- business.html

See article @ http://ezinearticles.com/?Top-Eleven-2011-Trends-for-Entrepreneurs &id=5662583

See one more article @ http://www. entrepreneur .com/article/174142

Trends: Internet Businesses, Service Businesses, Home-Based Businesses, Socially Responsible Nonprofit Businesses, Focus on Technology

Outsourcing – contracting with other companies for service

Strategic Alliances – forming a partnership with another company

Corporate Ventures – new venture started inside a large corporation

Convenience Products/services, Professional development opportunities

There are many! Opportunities will depend on your industry/business choice.

Some examples:

Hispaniconline.com – Meetup, Minority Business Network – Facebook, Asian Women in Business – Colleges, SCORE – Universities, SBA – Conferences, LinkedIn – Workshops, Conventions - PLCs


Appendix #2

REWARDS/RISKS

REWARDS RISKS

1.

2.

3.

4.

5.

6.

7.

CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS

List the 12 characteristics of successful entrepreneurs.

1. _____________________________________

2. ______________________________________

3. ______________________________________

4. ______________________________________

5. ______________________________________

6. ______________________________________

7. ______________________________________

8. _____________________________________

9. _____________________________________

10. ____________________________________

11. ____________________________________


12. ____________________________________

Appendix #3

As an Entrepreneur I …

Answer the questions below as it relates to you. If you are in between a yes or no, select one that is nearer to your characteristic.

Yes No

____ ____ am a self-starter

____ ____ like to compete and learn from competitors.

____ ____ am able to determine risk and have the courage to take risks but am not a gambler

____ ____ am independent and self-confident, yet know when to get help

____ ____ am able to do many things at once

____ ____ like a challenge

____ ____ am creative, and have dreams and goals

____ ____ like to work for myself and be in control

____ ____ hardworking and willing to stick with a project

____ ____ am not easily discouraged

____ ____ am in good health, have lots of energy and can handle stress

____ ____ have a strong sense of self-worth

____ ____ am motivated by a strong desire to achieve and attain financial success

____ ____ am a positive thinker who does not dwell on setbacks

____ ____ focuses my attention on the chances of success rather than the chances of failure

____ ____ have a close friend or relative who owns a business

____ ____ am a recent immigrant to North America (within two generations)


Appendix #4

Entrepreneurship I Objective 1.02

Prepare your response to the following. Be prepared to discuss with the class.

Do you have what it takes? You work for an entrepreneur. She has suggested that you might have the potential to start your own business. After talking with teachers, guidance counselors, and other businesspeople in your community, you think she might be right.

Explain why you think you have what it takes to become a successful entrepreneur. Be sure to include:

Why you want to become an entrepreneur The risks you are willing to take The personal characteristics and skills you have that will provide the

opportunity for success

Think Critically – Of the personal characteristics needed by an entrepreneur, which three do you feel are your strongest? Explain why.

Appendix #5

E N T R E P R E N E U R M A T C H - U P

Directions: Correctly match the information on the left with the famous entrepreneur on the right. On the back, identify the entrepreneur using the list of names found here.


YOUR PICTURE HERE

a. I started the body Shop Body in 1976 to create __________ Michael Dell livelihood for my daughters and myself. I am the child of Italian immigrants. Natural outsider.

b. After asking my family doctor for advice on how to pay ___________ P.T. Barnum for college, and making $1.25 an hour, Dr. Buck told me to open a submarine sandwich shop.

___________ Oprah Winfreyc. I said, “There’s a sucker born every minute.” I earned the title “Master Showman” more than a dozen times.

d. I started at a young age, first growing Christmas trees, then ___________ Russell Simmons eventually started a mail order record company. I later signed Culture Club, the Rolling Stones, and Janet Jackson. I love a thrill.

___________ Anita Roddicke. I am an accomplished television producer, publisher, educator, and philanthropist. I have my own talk show, and my OWN network.

___________ Fred Delucaf. I started in my college dorm room with $1,000 and an idea to provide affordable computers to college students. I am now President and CEO of my company which sells computers directly to the consumer.

g. Some call me the “Godfather of Hip Hop”. ___________ Richard Branson


http://images.google.com/imgres?imgurl=http://i.telegraph.co.uk/telegraph/multimedia/archive/00644/news-graphics-2007-_644961a.jpg&imgrefurl=http://www.telegraph.co.uk/news/uknews/1562642/Body-Shop-founder-Dame-Anita-Roddick-dies.html&usg=___gl6T4glPzUTpbcsnGJF4LKRlJA=&h=380&w=300&sz=26&hl=en&start=18&tbnid=OwZYeGE8AsoBiM:&tbnh=123&tbnw=97&prev=/images?q=anita+roddick&gbv=2&hl=en&safe=active

http://images.google.com/imgres?imgurl=http://images.huffingtonpost.com/2009-08-07-oprahwinfrey.jpg&imgrefurl=http://www.huffingtonpost.com/terry-gardner/emtop-tenem-women-warrior_b_252540.html&usg=__na34DpssB7W4UwUXWlkvfNP-9P0=&h=600&w=434&sz=46&hl=en&start=11&tbnid=-M5lF4wIJPc0JM:&tbnh=135&tbnw=98&prev=/images?q=oprah+winfrey&gbv=2&hl=en&safe=active

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Appendix #5 Key8716 Entrepreneurship I Unit A: Entrepreneurship Foundations Summer 2012, Page 22

http://images.google.com/imgres?imgurl=http://aquarianeyes.files.wordpress.com/2009/09/russell-simmons.jpg&imgrefurl=http://aquarianeyes.wordpress.com/2009/09/18/&usg=__tL07VdWPAvIxNwJw7fSLM0_qcZc=&h=640&w=512&sz=99&hl=en&start=1&tbnid=MkM9OHfZcScIhM:&tbnh=137&tbnw=110&prev=/images?q=russell+simmons&gbv=2&hl=en&safe=active

http://images.google.com/imgres?imgurl=http://dyslexiavictoria.files.wordpress.com/2009/06/richard_branson1.jpg&imgrefurl=http://dyslexiavictoria.wordpress.com/2009/06/27/dyslexia-is-a-learning-difference-not-a-learning-disability/&usg=__drxzbAj6EKizfL7AE--ja2ZacH8=&h=414&w=318&sz=37&hl=en&start=3&tbnid=x0JzupCB8NnVoM:&tbnh=125&tbnw=96&prev=/images?q=Richard+Branson&gbv=2&hl=en&safe=active

http://images.google.com/imgres?imgurl=http://www.entrepreneur.com/i/Images/mg/fred-deluca.jpg&imgrefurl=http://www.entrepreneur.com/magazine/entrepreneur/2009/january/199092.html&usg=__mufWC0vFTQ7V4A3Du4Gv29dTBSo=&h=292&w=470&sz=51&hl=en&start=5&tbnid=ftWIzKRbnEjPCM:&tbnh=80&tbnw=129&prev=/images?q=fred+deluca&gbv=2&hl=en&safe=active

Entrepreneurship Matcha. Anita Roddick - photo #1b. Fred Deluca - photo #6c. P.T. Barnumd. Richard Branson - photo #5e. Oprah - photo #2f. Michael Dell - photo #3g. Russell Simmons - photo #4


Appendix #6

Famous Entrepreneur Project

Pick an entrepreneur from the list below or from your own knowledge with the teacher’s approval

Investigate his/her background to determine the factors that lead to business success

Include the following information: - History of the entrepreneur- Skills, special abilities, and interests that helped to make him/her a successful

entrepreneur- Personal traits that made him/her successful

Determine the best way to present the information and make a written report, a Powerpoint presentation, a brochure, etc.

Selection of Entrepreneurs

P.T. Barnum Fred Deluca Henry FordThomas Edison Earl Graves Bud HadfieldAndrew Carnegie William Rosenburg Richard BransonEdward Lowe Bill Gates Oprah WinfreyTed Turner Larry Ellison James KimseyMary Kay Ash James Kimsey Debbi FieldsRay Kroc Anita Roddick William LearWalt Disney Steven Spielberg Thomas J. WatsonSam Walton Steve Jobs Russell Simmons


Documents

· Web viewWhat are the risks and disadvantages associated with entrepreneurship? ... they have the final word on all aspects of the operation