ENTREPRENEURSHIP 1

The Power of the Entrepreneur nbFLcgyo nbFLcgyo 2

BxNTDp4I Definition of 'Entrepreneur‘ An individual who, rather than working as an employee, runs a small business and assumes all the risk and reward of a given business venture, idea, or good or service offered for sale. The entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes. Entrepreneurs play a key role in any economy. These are the people who have the skills and initiative necessary to take good new ideas to market and make the right decisions to make the idea profitable. The reward for the risks taken is the potential economic profits the entrepreneur could earn. 4

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Write down the words you can see on the previous slide: b____________________ b ____________________ c___________________ c ___________________ g ____________________ h____________________i_____________________ i ____________________ m ____________________ p_____________________ p ____________________ s _____________________ t _____________________ 6

Requirements to be a good entrepreneur are: o Innovation o Creativity o Risk taking o Organization 7

ORGANISATION OF PRODUCTION Aim of production: provide with the goods / services that people a) need (essential for survival) or or b) want (not necessary, make the quality of life better) 8

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ENTREPRENEURS start a business start a business discover a profitable way of satisfying needs discover a profitable way of satisfying needs make choices / alert make choices / alert use their imagination / creative use their imagination / creative see the possibility of: new products / services new technologies see the possibility of: new products / services new technologies forms of organization forms of organization marketing marketing new markets new markets 10

self employed self employed employment for others employment for others personal financial gain personal financial gain healthy competition - higher quality healthy competition - higher quality 11

REASONS FOR START-UPS independence independence keeping all the profit keeping all the profit creativity creativity using redundancy money using redundancy money 12

PROBLEMS small income small income taking responsibility taking responsibility working long hours working long hours delegating responsibility when growing delegating responsibility when growing 13

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PERSONAL CHARACTERISTICS hardworking hardworking resourceful resourceful independent independent willing to take risks willing to take risks self-motivated self-motivated desire to succeed desire to succeed 15

VENTURE CAPITAL (funds invested in a new enterprise, esp. a risky one) Provided by: a) the government b) the private sector b) the private sector Support by: legal system educational system educational system financial system financial system 16

ENTREPRENEUR MANAGERS BUSINESS PLAN 17

BUSINESS PLAN RB: p. 34 – Write down the headings of the business plan according to their importance: 1. __________________________________________ 2. __________________________________________ 3. __________________________________________ 4. __________________________________________ 5. __________________________________________ 6. __________________________________________ 7. __________________________________________ 8. __________________________________________ 18

RB: pp. 31,32 READ THE TEXT AND FIND OUT: 1. What makes entrepreneurs special in the business world? a) impatient with______________________________ b) turn the world _____________________________ c) get fabulously _____________________________ 2. Which qualities do they usually have? a) _______________________________________ b) _______________________________________ c) ________________________________________ 19

MATCH THE FOLLOWING SYNONYMS FROM THE ARTICLE: 1. expose feet of claya) practical 2. a cut above the restb) talent for 3. stuffy (conventions)c) show a fault or weakness 4. make sb. tick d) do sth that might result in sth unpleasant 5. court riske) better than 6. sensiblef) beginning to become successful 7. striking (number)g) make sb behave in the way they do 8. budding entrepreneurh) very serious / boring 9. a flair fori) interesting / unusual 20

WHAT HAVE THESE ENTREPRENEURS FOUNDED? THE ENTREPRENEUR’S HALL OF FAME: Steve Jobs ________________________________________ Reed Hastings ______________________________________ Howard Schultz______________________________________ Ted Turner _________________________________________ Richard Branson _____________________________________ Charles Schwab _____________________________________ John Mackey _______________________________________ Fred Smith ________________________________________ Narayana Murthy ____________________________________ Jeff Bezos _________________________________________ Michael Dell _________________________________________ 21

HOW ARE ENTREPRENEURS DIFFERENT FROM MANAGERS? Entrepreneurs o____________________ t_____________________ r____________________ d ___________________ flair__________________ get __________________ masters ______________ Managers conventional ________ bright ______________ born _______________ rise ________________ 22

PHRASE MATCH : 1. specialize ina) in-command 2. entrepreneurs areb) entrepreneur 3. discovers a c) organizers 4. buddingd) dropouts 5. conventionale) risk management 6. bornf) exposing feet of clay 7. impatient withg) rewarded 8. fabulously h) a cut above the rest of mankind 9.collegei) backgrounds 10.second-j) a flair for 11.master of k) stuffy conventions 23

What are differences between managers and entrepreneurs? (according to the text on page 32) Managers come from ________________________________. They are ___________________________________________, born ___________________who rise through the__________ to the top _____________________. Entrepreneurs are likely to be ___________________, _______________________, ___________, drop out of ____________, discover a ___________ for business, get ___________quickly. They are supposed to be masters of _______- management. 24

What is Richard Branson’s and Steve Job’s advice for entrepreneurs? __________________________________________ _______________________________________ _______________________________________ _______________________________________ _______________________________________ _______________________________________ ____________________________________ 25

WRITE A SHORT ESSAY: I would (not) like to be an entrepreneur (Why yes? Why no?) 26