Entrepreneurs in America Running You Own Business, Making Your Own Products

UEQ and LEQ UEQ: How has a market economy evolved in the U.S.? LEQ: What is an entrepreneur and why are they important in the business world today?

Vocabulary Entrepreneur Risk Factors of Production Characteristics Start Up

Then… Now Steve Jobs: Owner of Apple, Next, I-Pod, and Pixar Animation

Oprah Winfrey: Owner of the Oprah Winfrey Show, all girls school in Africa

Bill Gates: Owner of Microsoft

Walt Disney: Creator, Owner, and Founder of Mickey Mouse, MGM studios, all Disney Characters, and Walt Disney World

Michael Dell: Owner of Dell Computer

Hugh Hefner: Editor, Founder, and Owner of Playboy and Playboy Magazine

Read Aloud Warm Up Who owns most businesses? What makes them so special to own a business? Read over one of the articles on Michael Dell, Steve Jobs, or Bill Gates. Fill in the Biographies Outline on the life of the person. What did you find out? What do they have in common? Anything in common with you?

What’s in Common?

Characteristics of an Entrepreneur What defines an entrepreneur and makes him or her stand out from all others?

Characteristics Group work In assigned groups, you will determine what makes a person an entrepreneur. Each group member is to read one of the entrepreneur profiles to themselves. After everyone is done reading talk about each person and determine what characteristics made that person so unique. Using the poster paper, markers, and group discussion think of as many characteristics as possible that make a person an entrepreneur. Write down the characteristics and draw a picture within the personal outline to represent each characteristic.

Entrepreneur Group Poster Title Poster: Entrepreneur Characteristics Outside Body: Names of entrepreneurs group read about, characteristics that made them successful. ◦ Also: other characteristics important for a person to become an entrepreneur. Inside: Drawn pictures that represent the different characteristics of an entrepreneur. Each picture represents a characteristic.

Entrepreneurial Characteristics Joyful Serious Planner Manager Questioner Good Memory Positive Attitude Risk Taker Controlled/Confident Expert Competitor Investor Great Reputation Involved Attentive Organized Hard Working

The Perfect Entrepreneur Using what you learned from the group work and the online lesson, fill out the Perfect Entrepreneur handout. Outside of the human outline, write down the most important characteristics that you think a person should have. (Put down as many as you can think of that are important) On the back, write down 4 positives and 4 negatives of being a business owner.

EconEdLink Entrepreneur Lesson Grab a Laptop, Log on to the Internet and type in Click on search and in the keyword box type in “what makes a entrepreneur” and change the subject box to economics. Click on search and click on the appropriate activity. In the blue teacher version box click on the link to go the student version page. Read over the lesson, complete Activity 1, do the beginning of Activity 2 by getting the definition of an entrepreneur. Answer questions 1 and 6 of activity 2.

What is An Entrepreneur Entrepreneur: person who starts a business. ◦ Beginning: has idea for a new product, new way of making something, or a new service. ◦ End: Raises money to purchase land, labor, and capital to start business and make product. Your ideas are different from everyone else's, an entrepreneur always stands out from the rest of the crowd.

Land, Labor, Capital To start a business, an entrepreneur needs to get a pay for land, labor, and capital. Land: Rent Labor: Wages Capital: Interest

Problem All entrepreneurs take risks. Risk: uncertainty of outcome (anything can happen) ◦ Usually the only worker in the beginning. ◦ Pay for everything in the beginning. ◦ If business fails, lose everything.

Reward By taking risk an entrepreneur gains great reward. ◦ Gain profit (number one reason why people start a business) ◦ Make own decisions ◦ Control Company ◦ Own boss

Are You One? Will you become another American entrepreneur and start a business? Find Out ◦ Grab a Laptop, log on to the Internet. ◦ Follow the directions and complete the “Becoming an Entrepreneur” worksheet. ◦ Are you one??? Do you have the characteristics???

Do You Take Risks? When it is necessary, will you take a risk or play it safe? Especially with money? Log on to the Internet Go to Google and type in “Risk Quiz” ◦ Read over the brief introduction and click on “Quiz” on the left side to start. ◦ Read the 20 questions and see if you take risks.