Lesson 1 What is Entrepreneurship?

What do we know? Student Task: In your notes, brainstorm the following: What is an Entrepreneur? What do Entrepreneurs do? Why do people become Entrepreneurs?

An Entrepreneur Someone who sees an opportunity and creates an company to pursue it.

Notes The word "entrepreneur" is derived from the French word "entreprendre," meaning “to undertake.” Entrepreneur – a person who undertakes and operates a new venture in order to satisfy needs and/or wants that exist in society. Venture – what the entrepreneur does. In many cases, the venture is a business carried out to make a profit.

Needs -essential for human survival/health. Can be classified into: Real (basic) or Physical needs (such as water, food, sleep, etc.) AND Psychological needs (emotional ones, such as love, companionship, security, etc.)

Wants -human desires that are not essential for human survival or health they make people feel happy ex. getting highlights in your hair, or buying an iPod

“Famous” Entrepreneurs Let’s take a moment to study some successful Entrepreneurs. Work in pairs. I’ll select your 2 entrepreneurs As you view each of the following Entrepreneurs answer the following: a)Who is the Entrepreneur? b)What was each Entrepreneur’s venture? c)How much are they worth today? Value – 10 points 1.Name:________________ Venture:_______________

1. Bill Gates Microsoft

2. Ray Kroc McDonalds

3. Oprah Winfrey HARPO

4. Sam Walton Wal-Mart

5. Thomas Edison The Light bulb

6. Lawrence Page and Sergey Brin Google

7. George de Mestral Velcro

8. Tim Berners-Lee The Internet

9. Mark Zuckerberg – $ 10.2 Billion

10. Howard Shultz – $ 1.5 Billion

11. Jeff Bezos - $21.4 Billion

12. Steve Chen & Chad Hurley YouTube Founders

In your binders, list the Entrepreneurs from “most” to “least” important with regard to what each has “given” to society. Be prepared to defend your decision with the class.