UNIT 4: ENTREPRENEURSHIP & INTERNATIONAL BUSINESS CHAPTERS 10 & 11 – THE WORLD OF BUSINESS -LAST AND FINAL-

AGENDA: WWHAT IS ENTREPRENEURSHIP? WWHAT ARE THE ENTREPRENEURIAL CHARACTERISTICS?

LETS DISCUSS… o OTHER THAN CAPITAL, WHAT DO YOU THINK IT TAKES TO START YOUR BUSINESS? o WHY IS IMAGINATION IMPORTANT IN BEING A SUCCESSFUL ENTREPRENEUR? o NAME A FEW CHARACTERISTICS AND SKILLS AN ENTREPRENEUR SHOULD HAVE. o DO YOU HAVE ANY OF THESE CHARACTERISTICS AND SKILLS? RISK TAKER, PERCEPTIVE, CURIOUS, IMAGINATIVE, PERSISTENCE, GOAL-SETTING, HARDWORKING, SELF-CONFIDENT, FLEXIBLE, INDEPENDENT

WHAT IS ENTREPRENEURSHIP?  I IT’S THE PROCESS OF STARTING A BUSINESS OR OTHER ORGANIZATION.  THE ENTREPRENEUR DEVELOPS A BUSINESS MODEL, ACQUIRES THE HUMAN AND OTHER REQUIRED RESOURCES, AND IS FULLY RESPONSIBLE FOR ITS SUCCESS OR FAILURE. A Quote by Nolan Bushnell, founder of Atari and Chuck E. Cheese’s: “The critical ingredient [in Entrepreneurship] is getting off your butt and doing something. It’s as simple as that. A lot of people have ideas, but there are few who decide to do something about them now. Not Tomorrow. Not Next Week. But Today. The true Entrepreneur is a doer, not dreamer.”

THE FACE OF EVERY ENTREPRENEUR WHICH THEY WILL NOT SHOW IT TO YOU!

FOLLOW THE ENTREPRENEUR TWO GOOD REASONS:  T THEY SEE THE INEVITABLE AND ADVANCE THE FUTURE  THEY ARE WILLING TO LIVE ABNORMAL LIVES

CAPITAL FOLLOWS IDEAS ALWAYS HAS, ALWAYS WILL

WHAT ARE THE ENTREPRENEURIAL CHARACTERISTICS?  R RISK TAKER  PERCEPTIVE  CURIOUS  IMAGINATIVE  PERSISTENCE  G Goal-Setting  H ardworking  S elf-Confident  F lexible  I ndependent

RISK TAKER:  I IF YOU HAD $ YOU COULD DO SEVERAL THINGS WITH IT. EXAMPLES LIKE????  RISKY INVESTMENTS OFTEN PROMISE BETTER FINANCIAL REWARDS THAN SAFER INVESTMENTS.  DOES IT NOT, THAT EVERY BUSINESS FACES RISK?  WHO IS THE SUCCESSFUL ENTREPRENEUR?

PERCEPTIVE: ENTREPRENEURS DO NOT AVOID PROBLEMS

CURIOUS:  ENTREPRENEURS LIKES TO KNOW HOW THINGS WORKS.  AS AN ENTREPRENEUR, BEING CURIOUS IS CRITICAL. IT MEANS WANTING AND NEEDING TO KNOW HOW EVERYTHING ABOUT YOUR BUSINESS WORKS AND WHY. “CURIOUS PEOPLE ALWAYS HAVE A RANGE OF INTERESTS AND A BROAD BASE OF KNOWLEDGE IN MANY DISPARATE FIELDS AND SUBJECTS.” BY: N. BUSHNELL

IMAGINATIVE:  CREATIVE  THEY IMAGINE SOLUTIONS TO PROBLEMS AND CREATE NEW PRODUCTS AND GENERATE NEW IDEAS

PERSISTENT:

GOAL-SETTING : Hardworking :  O nce the goal is achieved, a new goal needs to take its place.

SELF-CONFIDENT: o Bo BELIEVE IN THEMSELVES o MUST BE CERTAIN THEIR IDEAS ARE WORTH THE EFFORT Flexible: o Lo Looks at change as an opportunity ust be flexible in order to adapt to changing trends, marketing, technologies, rules, and economic environments

HOMEWORK: PLEASE DO THE REVIEW QUESTIONS: CHAPTER 10 PAGE 315 QUESTIONS 1-3 AALSO PLEASE READ PAGES 332 – 333 Independent