1. Entrepreneurs
Past and Present

2. Objectives Define entrepreneurship
Learn about entrepreneurship in history
Identify the impact of entrepreneurs and small business today

3. What is an Entrepreneur?
Entrepreneur- people who own, operate, and take the risk of a business venture
Entrepreneurship- the process of running a business of one’s own

4. What is an Entrepreneur?
Ages of entrepreneurs:
All ages
Usually between 25-40
What entrepreneurs do:
Try to identify the needs of the marketplace
Meet those needs by supplying a service or a product

5. Employees vs. Entrepreneurs
Entrepreneurs assume risk
Employees- people who work for someone else
Both make decisions
Only the entrepreneur is affected by the consequences of those decisions

6. Why do People Become Entrepreneurs?
Leave the fast-paced corporate environment
Be at home while earning income
Pursue a personal dream

7. Checkpoint>>
In your own words, how are entrepreneurs different from employees?

8. Types of Entrepreneurial Businesses
Manufacturing businesses- produce the products they sell
Wholesaling businesses- sell products to people other than the final customer
Retailing businesses- sell products directly to the people who use or consume them
Service businesses- sell services rather than products

9. Checkpoint>>
Provide one real-life example for each of the following types of businesses:
Manufacturing
Wholesaling
Retailing
Service

10. Entrepreneurs in U. S. History
Entrepreneurs change American business decade after decade
They establish huge companies or fill unmet needs
They change how things are done and contribute to the overall good of the nation

11. Nineteenth-Century Entrepreneurs
1831- Cyrus McCormick innovated the reaper to mechanize the job of harvesting crops
Started with $60
Company evolved to International Harvester
Today the company is called International Transportation Company
Manufacturers International Brand Trucks

12. Nineteenth-Century Entrepreneurs
1896- Lydia Moss Bradley made millions in investments and real estate
She transformed seemingly unusable marshland into productive farm land and founded Bradley University

13. Nineteenth-Century Entrepreneurs
1872- John D. Rockefeller began working at age 16 as a clerk
At age 23, he saved money to enter the oil refinery business
Standard Oil owned all the main refineries in Cleveland, New York, Pittsburgh, and Philadelphia
During his life time he was the richest man in the world

14. Early Twentieth-Century Entrepreneurs
Henry Ford- developed and mass produced the Model-T
Sold at a price that many Americans could afford
Olive Ann Beech- co-founded the Beech Aircraft Company with her husband
She ran the business on her own in 1940 when her husband became ill
Her company merged with Raytheon Company in 1980 to lead the aviation industry

15. Early Twentieth-Century Entrepreneurs
Clarence Birdseye- pioneered the development of packaged frozen foods in the 1920s
His efforts had a major impact on eating habits throughout the world
Rose Knox- leader in the food industry when she took over Knox Gelatine Company in 1908
First to provide employees with paid sick and vacation leave and a five-day work week

16. Checkpoint>>
Choose your favorite entrepreneur from above and tell why they are your favorite.

17. Entrepreneurs Today
More than 5.8 million small businesses contribute billions of dollars each year to the U.S. economy.
These companies employ more workers than all of the country’s large corporations combined
Microsoft, Intel, and Apple all started as small businesses
Small companies can be more creative and take more risks than large companies
Experiments and innovations lead to technological change and increased productivity

18. Checkpoint>>
In your own words, why are small businesses so important to our economy?

19. Assignment
THINK CRITICALLY
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