What is an Entrepreneur?

Could you connect the 9 dots with 4 connecting lines ?Don’t lift your writing instrument off the paper!

Brain Teaser

People often assume that you must stay within the “box” created by the dots.

Think outside the box…literally.

Brain Teaser

Had you made any assumptions about what the definition of a “line” is?Every part of the problem/question can present a possible solution.

Nothing is impossible. Consider every solution before deciding on the best solution.

Brain Teaser #2

Finally: Is it possible to do with 1 straight line without cutting the page?

Brain Teaser #2

In groups, use your assigned materials to create a totally new product. Please prepare to present your idea to the class considering the following:

1. The name of your product

2. Who would be interested in this product (age, male or female, needs, interests, etc.)

Product Innovation Activity

Product Innovation Activity

What skills does it take to perform this activity?

Journal #4

• What did you learn from the activity outside? Self and others.

• Could you use this ice breaker in your life? How? Ex. As a manager of a retail store… to get the employees to start working together.

• How do you spell the E word?

• E N T R E P R E N E U R

Definition of an Entrepreneur

Definition of an Entrepreneur

NFTE’s Definition:

A person who organizes and manages a business assuming the risk for the sake of the potential return.

• Value Creator– Ex: Owner of the local deli

• Problem Solver– Ex: Bill Gates, Technology

• Innovator– Ex: Henry Ford, the assembly line

• Philanthropist– Ex: Andrew Carnegie immigrant as a child with his

parents. He built Pittsburgh's Carnegie Steel Company

• Job Creator– Ex: Sam Walton’s Walmart employs nearly 1 in

every 123 Americans

Role of an Entrepreneur

Entrepreneur vs. Employee

An Entrepreneur

• Owns a business

• Does not have a boss

• Is responsible for the

success or failure of

the business

• Succeeds by satisfying

a consumer need

An Employee

• Doesn’t own a

business

• Works for someone

else

• Is responsible for

doing his or her job

• Succeeds by doing his

or her job

Advantages Disadvantages

Advantages & Disadvantages of being an Entrepreneur

Advantages

• Control Over Time

• Satisfaction

• Wealth Creation

• Control Over

Compensation

• Control Over Working

Conditions

Disadvantages

• Business Failure

• Obstacles

• Loneliness

• Financial Insecurity

• Long Hours/Hard

Work

Advantages & Disadvantages of being an Entrepreneur

• Adaptability

• Competitiveness

• Confidence

• Drive

• Organization

• Persuasiveness

Discipline

Perseverance

Risk-Taking

Understanding

Vision

Honesty

Characteristics of a Success Entrepreneur

• Adaptability

• Competitiveness

• Confidence

• Drive

• Organization

• Persuasiveness

• Discipline

• Perseverance

• Risk-Taking

• Understanding

• Vision

• Honesty

Characteristics of a Success Entrepreneur

• To add value to the lives of consumers, the community and the environment at a profit

• To create mutually beneficial exchange

Aim of Business

• To add value to the lives of consumers, the community and the environment at a profit

• To create mutually beneficial exchange

• Money is an important tool, not the goal!

Aim of Business

What types of people become entrepreneurs?

• Many successful entrepreneurs started with little

money or education

• It is estimated that more than half of successful

entrepreneurs had parents who were

entrepreneurs

• 35% of individuals who start businesses are under

the age of 30

• Most entrepreneurs start businesses in areas in

which they already have experience

• Most entrepreneurs finance their business through

personal savings

• Most entrepreneurs get start-up money from

friends and family

• The difference between women and men?

What types of people become entrepreneurs?

Of the Inc500 “America’s fastest growing

private companies” in 2000:

– 16% started with less than $1,000

– 42% with $10,000 or less

– 58% with $20,000 or less

Inc. Magazine, 2000

What types of people become entrepreneurs?

Independently owned, operated, and financed

Less than 100 employees

Doesn’t emphasize new or innovative practices

Little impact on industry

Innovative practices

Goals are profitability and growth

Seeks out new opportunities

Willingness to take risks

What types of people become entrepreneurs?

Ch. 5

Characteristics of the successful Entrepreneur

What kind of people become entrepreneurs?

• Many successful entrepreneurs start life with very little money or education.

• Growing up in a difficult environment can lead to what?

• Who do we blame when a child has taken the wrong path?

Characteristics

• Characteristic- individual quality that may make someone different from someone else.

• Some people demonstrate these traits as kids but no one is born with all the characteristics.

• Is growing up in a difficult environment an excuse for the “thugs” in the world?

• Michael Dyson and Everett Dyson

Characteristics of the successful entrepreneur.

• Adaptability• Competitiveness • Confidence• Drive • Honesty• Organization

• Persuasiveness• Discipline• Perseverance• Risk taking • Understanding• Vision

Entrepreneurs are optimists

• You may have noticed that your day goes better when you feel good about yourself.

• This is an optimistic, or positive, attitude.

• Entrepreneurs are optimists.

• They have to be in order to see opportunities where others only see problems.

• Problems = opportunities

Positive thinking is powerful

• Pay attention to your own thoughts.• Are they mostly negative? Positive?• Negative thoughts make you feel

powerless and depressed. • Positive thoughts make you happy and full

of energy. • When you catch yourself thinking negative

like “I’m really dumb”, replace it with positive one, like “I’m smart and talented”.

Entrepreneur Activity

• In groups of 5-6 students choose a character and discuss within your group if the character is:

A. an Entrepreneur or employee – Give an example of how he/she is or is not

B. What characteristics does this character have of an Entrepreneur? With example

C. What characteristics does this character not have? With example

D. Would this character make a good Entrepreneur?

Characters

• Angelica Pickles

• Dora the explorer

• Lisa Simpson

• Mickey Mouse

• Sponge Bob

• Bart Simpson

• Homer Simpson

• Hey Arnold

• South Park Character

• Daria• American Dad• Doug• Tommy • Stewie• Peter Griffin• Nemo