All the businesses created by group Starter Activity Think point: All the businesses created by group

Lesson Objectives All students will understand Most students will The role of the entrepreneur Most students will be able to apply this to different contexts Some students will Understand the importance of the entrepreneur for the economy Progress Arrow

Definition: Entrepreneur Anyone who organises and runs a business Someone who has a flair for business ideas and has the confidence to take the risks involved in setting up a business

Creative destruction The way in which quality-improving innovations lead to economic growth Customers switch to new products and old products become obsolete Innovations that cut costs and eventually prices will have the same effect.

Innovation Involves developing an idea that will generate new or improved products or production techniques Business operating in Dynamic Markets (always changing) will always be looking for new innovations to keep ahead of the competition

Task Look at the examples pg 18 on your Can you think of other examples

Adding Value Entrepreneurs have to be good at adding value Added value represents the difference between the cost of material inputs and the eventual value of the product in terms of the price that can be charged for it Example – figure 4.1 pg 21

Entrepreneurs contribute to economy http://www.bbc.co.uk/news/uk-wales-30316232

Plenary In pairs: Q1&2 from exam style questions pg 21 Progress Arrow