5.72 Entrepreneurs and Innovators

Those who start successful businesses typically find a need in the community and then they fill it. These people are called entrepreneurs. Turn to a partner and explain the term entrepreneur in your own words.

Entrepreneurs are usually innovative. They introduce new ideas and new products to the public. Group Share- Within your group, create a definition for innovative.

An innovative person is someone who is original and creative in his or her thinking.

There have been several innovative entrepreneurs who have shaped American culture. In your group, discuss the following men and what you know of their contributions to American business: Ray Kroc Sam Walton Fred Smith Michael Dell Steve Jobs Bill Gates

Here are some clues to help you out… can you match the logo to the right person? 1. Ray Kroc 2. Sam Walton 3. Fred Smith 4. Michael Dell 5. Steve Jobs 6. Bill Gates a) b) c) d) e) f)

The Answers: 1. Ray Kroc- a 2. Sam Walton- e 3. Fred Smith- d 4. Michael Dell- f 5. Steve Jobs- c 6. Bill Gates- b a) b) c) d) e) f)

Many of America’s most successful “brands” and companies were started by people who simply had an idea for a product or a passion to invent a better product. Today, we are going to learn about some of these people and the businesses they began.

1. Ray Kroc Read Ray Kroc’s biography at this link: ur_history/the_ray_kroc_story.html

Guiding questions: 1)What was the idea that Ray Kroc pitched to the two McDonalds brothers? 2)What was unique about Ray’s philosophy (beliefs about business)? 3)What were the three legs in the “stool”?

2. Sam Walton Sam Walton was an American businessman best known for founding the retail chain Wal-Mart, which grew to be the world’s largest corporation. Sam Walton was born on March 29, 1918, in Kingfisher, Oklahoma. Walton opened the first Wal-Mart in 1962, after years in the retail management business. The discount chain expanded internationally over the next 30 years, growing into the world’s largest company by Walton stepped down as CEO in 1988, at the age of 70, but remained active in the company until his death in 1992.

3. Fred Smith smith Guiding Questions: 1) Who told Fred that an idea of overnight delivery was not practical? 2) Other companies began to copy FedEx’s overnight delivery model. What “edge” does FedEx have over other companies?

4.Michael Dell

5.Steve Jobs

6. Bill Gates X d01476e1b606e06.htm

How do entrepreneurs like Bill Gates and the other men we learned about today let you know about their products and services? With your group, create a list of places where goods or services are advertised.