1.  Did YOU Know?!?!  Justin Timberlake’s half eaten French toast sold for over $3,000 on eBay!  The Mayans found crossed eyes beautiful, while Syrians dig a monobrow (unibrow).  35% of the people using personal ads for dating are already married!  Albert Einstein never wore any socks!

2. Unit III: Business Types Lesson 3

3.   What traits that you think make a good boss???? Getting Started

4.   Entrepreneurship is the process of starting a new business  Can be in the form of thinking of, developing, and selling a brand new product  Can be creating a new business to sell an already existing product or service  More businesses fail than succeed. Entrepreneurs must have more than just an idea Entrepreneurship

5.   When deciding to start a business, entrepreneurs must weigh the risks and rewards  Risk: the chance of losing something; the measurable likelihood of loss or less-than-expected returns  Must be aware that they are investing their own money, time, and resources and can walk away with nothing, or even worse- in debt Entrepreneurial Risk

6.   When thinking about being an entrepreneur think about improving these basic skills:  Business Skills: Understanding how to create and manage a business  Communication Skills: The ability to use technological tools effectively  Decision-making and problem-solving skills: Knowing how to apply logic, information, and past experiences to new decisions and problems Entrepreneurial Skills

7.   Mathematical skills: Using math to create budgets, keep accurate records, and analyze financial statements  Organizational skills: The knack of keeping tasks and information in order; the ability to plan well and manage your time  Relationship skills: The ability to persuade and motivate people; knowing how to be a leader and to work as part of a team Entrepreneurial Skills

8.   Now that you’ve started a business- work on these traits to help bring you success  Business Knowledge: Keep yourself up to date on techniques to run a business and how to successfully manage the various aspects  Financial Skills: Keep yourself knowledgeable on accounting, personal finance, and investing so you make sure you making good choices with your money  Career Exploration: Continue to develop your interests and see what other fields you can be a part of Entrepreneurial Traits

9.   Community awareness: Become knowledgeable about your own community and look for opportunities to help your community as well as yourself  Education: Take advantage of opportunities to learn new things  Relationships: Surround yourself with the right people and keep up the networking Entrepreneurial Traits

10.   Chief Customer Officer: Making sure the business provides great customer service and great customer experience  Chief Financial Officer: Keep track of the numbers of the business. If someone else is in charge of finances, make sure you keep open communication with them  Chief People Officer: Make sure you are managing the needs of your employees as well as your own needs Roles of the Entrepreneur

11.   Chief Executive Officer: Making sure to spend time on strategy and vision for the future, not just everyday details  Chief Innovation Officer: In order to stay relevant, competitive and on top you need to continue to improve and keep customers coming back Roles of the Entrepreneur

12.   Intrapreneurship : the act of behaving like an entrepreneur while working within a large organization  The practice of a corporate management style that integrates risk-taking and innovation approaches, as well as the reward and motivational techniques that are more traditionally thought of as being the province of entrepreneurship.  Example: 3M- gives certain freedom to employees to create their own projects, and they even give them funds to use for these projects Intrapreneurship

13.   When a Sole Proprietorship or Partnership becomes too big to handle, needs money to continue running, or needs money to grow it may expand to a corporation, conglomerate or franchise  This happens when the entrepreneur begins making stock offerings, expands to new markets, or invites others in to invest and be part owners Growing Businesses

14.   Ben Cohen and Jerry Greenfield  Bill Gates and Paul Allen  Steve Jobs and Steve Wozniak  Larry Page and Sergey Brin  Roger and Maurice McDonald Can you identify these businesses?

15.   Why would a company promote intrapraneurship?  What hidden benefits might the company receive?  What do you think is the best way for companies to balance work and intrapreneurship? Intrapreneuriship Reading