1. Who Are these people and why are they important?
Hugh Hefner Playboy Inc.
Walt Disney
Walt Disney Corporation

2. Who Are these people and why are they important?
Ben Cohen and Jerry Greenfield
Ben & Jerry's Homemade Holdings, Inc
Oprah Winfrey

3. Who Are these people and why are they important?
Bill Gates Microsoft Inc.
Steve Jobs Apple Computers Inc.

4. Who Are these people and why are they important?
Sam Walton Walmart Inc.
Donald Trump Trump®

5. Who Are these people and why are they important?
Milton Hershey Chocolate
Marshall Field Clothing

6. Who Are these people and why are they important?
Mike Dell Computers
Dave Thomas Wendy’s

7. What is an Entrepreneur?
A profit-seeker who develops a new product or process and assumes the risk of profit or loss

8. What is the purpose of Entrepreneurs?
Introduce new products
Improve Quality of Existing Products
Howard Schultz (Starbucks 1985)
Introduce new production methods
Henry Ford (Assembly Line)
Introduce new ways of doing business
Dell computers sold initially over internet only
Mary Kay sells directly to customers

10. How could we categorize or sort these businesses?
All Seasons Pools and Spas
Abercrombie and Fitch
Safeway Foods Inc.
Black and Decker
Pepsi
Frito-Lay
Macys
Apple Inc.
Nike
Amazon
Gap Inc.
Daimler Chrysler Corporation
Goldman Sachs Crop
Toyota Motor Corporation
Boeing Corporation
AOL Time Warner
McDonalds Corporation
Miller Plumbing
Microsoft Corporation
John and Smithe Homemakers

11. What about people who start their own business?
They are sole-proprietorship
Firm that is owned and managed by a single individual
19 million in U.S. and only 5% of all U.S. Business

13. Advantages Easy to Start Few Government Regulations Complete Control
Bus. License, permits
Few Government Regulations
Maintain accurate tax accounts, few employees
Complete Control
Owner keeps all profit
Lower Taxes
Taxed off owners personal income
Pride of Ownership

14. Disadvantages Unlimited Personal liability
Legal obligation to pay any debts
Difficulty in Raising Financial Capital
Limited Life
Difficulty finding and Keeping Good Workers
Unlimited Responsibility

15. What if 2 people have a great idea?
Partnership
2 or more individuals who agree to contribute resources to the business in return for a share of the profit

17. Types of Partnerships General Partnership Limited Partnership
Partners share responsibility
Limited Partnership
One manages, the other strictly financially

18. Advantages Easy to Start Few Government Regulations
Shared Decision Making Process
Greater Ability to Raise Capital
More able to attract and retain workers
Lower taxes

19. Disadvantages Unlimited Personal liability Limited Life
General-they both owe
Limited-depends on the money they invested
Limited Life
Partners may disagree
Profits must be shared

20. Grasshopper & Ant Activity
Read Activity 1 Part 1
Get into groups of 4 or less
Read over Activity 2
Debate/Discuss the best option for both the grasshopper and the ant
Report your decision on the top portion of your poster board

21. Grasshopper & Ant Activity Cont.
Read Part II and III in your group
Complete activity 3 and report your findings on the lower portion of the poster board
On the lower portion of the board, or backside, what type of business do you think would be the most successful in today’s economy and why?