ENTREPRENEURSHIP

Words,words, words entrepreneur (n.) enterprise (n.) entrepreneurial (adj.)  an entrepreneurial approach  entrepreneurial skills  small and medium-size enterprises (SME)

An entrepreneur is …  …an individual who, rather than working as an employee, runs a 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. Source:

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. Source:

It all starts with an idea … Who is behind these inventions?  Assembly line  Hot-air baloon  Battery  CD  Dynamite  Helicopter  Electric guitar  Printing press  Penicillin  Viagra  Parachute  Teddy the Guardian

What ideas did they bring to life?  Henry Ford  Montgolfier brothers  Volta  Philips Electronics, Sony Corp  Alfred Nobel  Igor Sikorsky  Les Paul  Johannes Gutenberg  A. Fleming  Phizer Inc.  Faust Vrančić  Ana Burica & Josipa Majić

It all starts with a good idea …  Assembly line (Henry Ford)  Hot-air baloon (Montgolfier brothers)  Battery (Volta)  CD (Philips Electronics, Sony Corp.)  Dynamite (Alfred Nobel)  Helicopter (Igor Sikorsky)  Electric guitar (Les Paul)  Printing press (Johannes Gutenberg)  Penicillin (A. Fleming)  Viagra (Phizer Inc.)  Parachute (Faust Vrančić)  Teddy the Guardian (Ana Burica, Josipa Majić)

...and sometimes develops into a great business. Who is behind these businesses?  Microsoft  Harry Potter  McDonald’s  Amazon  Apple Computers  Facebook

Help needed?  Joanne K. Rowling created …  Jeff Bezos created …  M. Zuckerberg created …  Ray Croc created …  Bill Gates and Paul Allen created …  Steve Jobs created …

...and sometimes develops into a great business. Who is behind these businesses?  Microsoft (Bill Gates)  Harry Potter (J.K.Rowling)  McDonald’s (Ray Croc)  Amazon (Jeff Bezos)  Apple Computers (Steve Jobs)  Facebook (Mark Zuckerberg)

What is entrepreneurship about? Crazy Diamonds (RB.p.60)  It is not always about …  But it is about …

RB.p.60: Crazy Diamonds  What is entrepreneurship? What is it usually related to? (pgs. 1-4)  Misconceptions? (pg. 5)  Redefining entrepreneurship (pgs. 6-8)  Advice to policymakers? (pgs. 9-10)

It takes a lot more than an idea to start a business Business Plan WHAT? WHY? WHO? HOW? …

Business Plan (MK: pp.78-79)  SWOT analysis, sustainable competitive advantage  forecasts, projections vs. actual figures  break-even point  exit strategy  target market