ENTREPRENEURSHIP & MANAGEMENT Objectives 3.01 & 3.02

Bell Ringer 11/5  What is Entrepreneurship?  What characteristics do you think a successful entrepreneur should have?  What risks do you think an entrepreneur might have to take?

Objective  3.01 Define factors influencing Entrepreneurship.

Outline/Vocab (on your course outline sheet) 3.01: Factors influencing entrepreneurship A. Ways to acquire a business 1. Take over family business 2. Buy an existing business 3. Start your own business B. Types of businesses 1. Sole proprietorship 2. Partnership 3. Corporation 4. Franchise

Taking over the Family Business  Do you have the ability to work for a member of your family?  Do you get along with members of your family who will be involved with the business?  Do you share the same goals for the business?  Can you leave the business problems at work when you go home?

Buying an Existing Business  May be less risky as already established.  Good alternative if you do not have a great deal of business experience.  Will you keep the current name and location of business or change?

Starting a Business  Do I have the motivation and persistence to start from “ground up”?  Do I have sufficient knowledge of basic operations to undertake the business in which I am interested?  Do I have enough financial resources to start from “ground up?”

Ownership Power Point  Switch to 3.01 Business Know-How Powerpoint  I have printed you a copy. Glue in your notebooks!!

Activity #1  Scavenger Hunt

Activity #2  Ownership Comparison Sheet

Next BIG Project…  Business Plan and Holly Days Business  DUE Friday, Nov 21 st ! FIRM DEADLINE  DO not waste class time – this project takes a long time!

Bell Ringer 11/6  What is an advantage of a franchise over other business types?  Several Investors  Established National Name  Government Regulations  Fees for advertising  Which is NOT a way to acquire a business?  Buy an existing business  Start your own business  Work long hours  Take over the family business

Objective  3.02 Determine managerial skills needed to operate a business.

Outline/Vocab (on your course outline sheet) 3.02: Managerial skills needed to operate a business A. Types of managerial skills 1. Networking techniques 2. Time management 3. Technical 4. Conceptual 5. Human relations 6. Math B. Approaches to decision-making skills 1. Rational approach 2. Seat of the pants approach 3. Group decisions a. Brainstorming b. Nominal grouping c. Delphi technique

Outline/Vocab (on your course outline sheet) 3.02: Managerial skills needed to operate a business: cont’d C. Management functions 1. Planning a. Strategic plans b. Tactical plans c. Operational plans 2. Organizing the business a. Employee recruitment b. Screening employees c. Training and development d. Standards and policies 3. Promoting the business a. Referrals b. Promotion tools I. Portfolio ii. Graphic images iii. Logos iv. Business cards c. Brochures 4. Directing 5. Controlling D. Leadership styles 1. Power-oriented 2. Routine-oriented 3. Achievement-oriented

3.02 Notes Packet  Let’s review this packet…  These words and concepts WILL BE on your Next Quiz and Final Exam! And they are tricky, so pay attention and take good notes!

Activity #1  Management Skills and Management Functions Worksheets  Turn in for a grade!

Bell Ringer 11/7  What are the three types of plans that managers use? (Look in your notes)  John is in charge of 50 employees. Each Monday he and three supervisors meet to plan their goals for the week, check to see if they are meeting goals for the year, and check deliveries and shipments. Which managerial skills are they utilizing?  Technical Skills  Human Relations  Time Management  Math Skills

Bell Ringer 11/7  What are the three types of plans that managers use? (Look in your notes)  John is in charge of 50 employees. Each Monday he and three supervisors meet to plan their goals for the week, check to see if they are meeting goals for the year, and check deliveries and shipments. Which managerial skills are they utilizing?  Math Skills

Objective  3.02 Determine managerial skills needed to operate a business.

Outline/Vocab (on your course outline sheet) 3.02: Managerial skills needed to operate a business A. Types of managerial skills 1. Networking techniques 2. Time management 3. Technical 4. Conceptual 5. Human relations 6. Math B. Approaches to decision-making skills 1. Rational approach 2. Seat of the pants approach 3. Group decisions a. Brainstorming b. Nominal grouping c. Delphi technique

Outline/Vocab (on your course outline sheet) 3.02: Managerial skills needed to operate a business: cont’d C. Management functions 1. Planning a. Strategic plans b. Tactical plans c. Operational plans 2. Organizing the business a. Employee recruitment b. Screening employees c. Training and development d. Standards and policies 3. Promoting the business a. Referrals b. Promotion tools I. Portfolio ii. Graphic images iii. Logos iv. Business cards c. Brochures 4. Directing 5. Controlling D. Leadership styles 1. Power-oriented 2. Routine-oriented 3. Achievement-oriented

Decision Making  Let’s look at the 5 different types of ways to make a decision. - Rational approach - Seat of the pants approach - Brainstorming - Nominal grouping - Delphi technique

Decision Making  As a class we have to make a decision using these techniques. Most likely each group will come to a different decision based on the technique that they use. - Rational approach – Table 1 - Seat of the pants approach – Table 2 - Brainstorming – Table 3 - Nominal grouping – Table 4 - Delphi technique – Table 5

Decision Making  Scenario:  You have just received a letter in the mail saying that you have been accepted to “The Worlds Best College” in New Zealand!! What an incredible opportunity – you can study whatever subject your are interested in here! However, you are not able to pay the tuition unless you apply for scholarships. You also just got a part-time job at a local retail store and you have been dating your boyfriend (or girlfriend) for about 6 months and really like him/her. What should you do?  Make a decision using your technique and be ready to support your answer…

Planning  Let’s look at the 3 different types of plans. - Strategic - Tactical - Operational Look at the notes form earlier this week and write down a brief definition for each type. Then come up with a REAL example for each type and share with the class…