visions and ventures 30s. to make money or earn an income in life, you have two general choices. ...
TRANSCRIPT
Chapter One: What is entrepreneurship?
Visions and Ventures 30S
To make money or earn an income in life, you have two general choices.
What are they?
How can you make an income in life?
How can you make an income in life?
Choice One Choice Two
Be an Employee
Be Self- Employed
(Be an Entrepreneur)
A business can succeed ONLY if people want or need what it
provides.
Big Idea 1:
…what type of business? Introduction With your partner, brainstorm an idea for a
business needed in our community (Fort Richmond).
Remember, you should be able to justify why you think it fills the Big Idea #1:
A business can succeed ONLY if people want or need what it provides.
Fort Richmond is missing…
Partners groups are explaining their idea to other partner groups *(paired up)
Introduction Business Name Explain: Location and why you think it
would succeed (meeting the wants and needs of people in the Fort Richmond Community)
Fort Richmond is missing…
Entrepreneurship is about knowing there is a business opportunity, and then using resources to develop that opportunity into a business.
Entrepreneurship
An entrepreneur is a person who has an idea for starting a business, and then takes a risk using their own money and time to make the business happen.
Who is an entrepreneur?
"Lets go into business together and make a million bucks!" It seems a short eternity has passed since two young men from
Winnipeg first made this starry-eyed pact. Best friends since Grade 10, Chris Emery and Larry Finnson
searched high and low for an idea that would allow them to realize their dreams.
Case Study:
It came in the form of a candy. When their friends seemed unable to resist
a delicious graham wafer and fudge crunch made by Chris’ Grandmother, they knew they had found their product.
Case Study:
They decided to start cooking up and selling Grandma’s recipe in their garage back in 1996, but…they had;
No knowledge of food manufacturing.
Little business experience.
All they had was a name … Clodhoppers!
Case Study:
By giving everything they had and learning as they went,
they managed to claim their place alongside their enormous, multinational competitors and
arrive to where they had a 2,500 lbs./hr. manufacturing facility here in Winnipeg.
Case Study: Clodhoppers
Chris and Larry’s vision and determination allowed them to overcome one seemingly insurmountable challenge after another.
Until… DDS06E16 OMG Hello World Update http://www.youtube.com/watch?v=F7YWlw7KNfM http://www.youtube.com/watch?v=CUOx29ohn1E http://www.youtube.com/watch?v=qSH0neqPmCc
Case Study: Clodhoppers
In a free-enterprise system, people can choose what to buy and sell.
Entrepreneurship develops in a free-enterprise system when someone sees an opportunity to fill people’s needs or wants.
What are some contributions of entrepreneurs to society?
Deciding what to sell
Create new, improved products and services Make products and services available to
more people Compete with each other which improves
production and keeps prices down Create jobs in the community
In our society, entrepreneurs:
Entrepreneurship fills all types of needs and wants.◦ A grocery store fills needs in a community.◦ Online music stores fill wants.◦ Clothing stores fill both needs and wants.◦ Airlines fill needs and wants in the world.
Needs and Wants
People have many needs and wants in society. Briefly consider your own wants and needs.
1. What are three things you want?
2. What are three things you need?
Assignment – Describing Needs and Wants
A business is connected to and depends on, the world around
it in many different ways.
Big Idea 2:
Entrepreneurship is part of a system know as free enterprise or free market.
These are some facts about a free enterprise system: People can make their
own decisions about what to sell and what to buy.
Free Enterprise
Some facts about a free enterprise system (Continued): Prices are determined by how much people
will pay. ◦ This can depend on how much they want
something. ◦ It can also depend on how much they are able to
pay.
Free Enterprise
Sometimes a buyer and seller negotiate to get a fair price. ◦ They talk about how much
the buyer is willing to pay. ◦ They try to reach an
agreement by bargaining.
Free Enterprise
Sometimes the seller sets the price. ◦ The seller finds out whether
people are willing to pay the price when they buy or do not buy.
Free Enterprise
Big Ideas for Entrepreneurship People need or want products, which are
things. People need or want services, which are actions.
A business affects the lives of many different people.
1.2 Visiting a Business
Most Canadians earn a living by working in the world of business.
Business is the buying and selling of products and services in order to receive financial incentives.
What is business?
Some businesses meet a need or want by offering a product to consumers.
Stores at The Forks sell products such as food and clothing.
A farm harvests the product corn to sell to grocery stores and at farmer’s markets.
Products
Some businesses meet a need or want by offering a service to consumers.
A dry cleaner provides the service of washing, cleaning and pressing clothing that requires extra care (for example; business suit, wedding dress).
A mechanic provides the service of fixing cars and trucks.
*What services do people need or want for their cars and trucks? An entrepreneur can create a venture to meet
needs and wants of consumers.
Services
How many products and how many services?
Identifying Products and Services
a bag of apples
music CDs
bicycle repair
music file (iTunes)
a cellphonea concert
Internet access
window washing
an HDTV
A hair salon provides products such as and services such as
A gas station provides products such as and services such as
A movie theatre provides products such as and services such as
Some businesses provide both products and services. Complete each sentence below:
A product (or good) is something that exists in nature or is made by human beings.
It is tangible, meaning it can be touched.
For example, a strawberry is a tangible good that exists in nature and a shoe is a good that has been produced.
Products
Services Services are skills
or time that is provided to customers in exchange for money.
They are intangible. You cannot actually touch it.
Tanning at a tanning salon
Watch repair Going to a Jets game
Entrepreneurship:
Business:
Entrepreneur:
Free enterprise or free market:
Negotiate:
Vocabulary
Product:
Consumer:
Service:
Venture:
Vocabulary:
Entrepreneurship: acting on ideas to fill needs or wants in the community or in the world.
Business: an organization that sells something.
Entrepreneur: a person who has an idea about how to fill needs or wants, and takes risks to turn the idea into a business.
Free enterprise or free market: a system where people are free to make business decisions.
Negotiate: reach an agreement through discussion and bargaining.
Vocabulary
Product: ◦ something that is made or harvested to fill a need
or want. Consumer:
◦ a person who buys from businesses. Service:
◦ a useful action that a person does for someone else, to fill a need or want.
Venture: ◦ a new business idea that someone has started or
plans to start.
Vocabulary:
Complete the Visiting a Business assignment on the network.
Hand in to the drop folder when you have completed it.
Due TBA
Assignment: Visiting a Business
End of Topic One: What is entrepreneurship?