1. E NTREPRENEURSHIP

2. MSBCS-BCSIII-7: T HE STUDENTS WILL EXAMINE BASICS OF ENTREPRENEURSHIP. A ) D EFINE ENTREPRENEURSHIP (N ATIONAL S TANDARDS FOR NBEA, PG. 70) AND STEPS NEEDED TO START AND MAINTAIN A BUSINESS OPPORTUNITY. B ) D ISTINGUISH THE ROLE OF THE ENTREPRENEUR IN BUSINESS. C ) I DENTIFY NECESSARY TRAITS OF A SUCCESSFUL ENTREPRENEUR. D ) D ESCRIBE THE DIFFERENCE BETWEEN AN EMPLOYER AND EMPLOYEE. E ) D IFFERENTIATE BETWEEN A MANAGER AND AN ENTREPRENEUR.

3. E NTREPRENEUR A person who organizes and manages any enterprise, esp. a business, usually with considerable initiative and risk

4. U NIT VOCABULARY Entrepreneur Entrepreneurship Employee Employer Manager

5. D ISTINGUISH THE ROLE OF THE ENTREPRENEUR IN BUSINESS. Entrepreneurs are innovators Entrepreneurs provide choice Entrepreneurs provide jobs Entrepreneurs help the economy grow

6. I DENTIFY NECESSARY TRAITS OF A SUCCESSFUL ENTREPRENEUR Entrepreneurs are careful about money. Entrepreneurs are competitive by nature. Entrepreneurs believe in the old saying, "the early bird gets the worm." Entrepreneurs are risk-takers who trust their hunches and act on them. They are always thinking of new ideas and new ways to make money or increase their business.

7. M ORE TRAITS OF A SUCCESSFUL ENTREPRENEUR Entrepreneurs are usually loners rather than joiners Entrepreneurs are usually honorable people who do business based on a handshake or a promise. Entrepreneurs do set aside time for leisure activities and family

8. D ESCRIBE THE DIFFERENCE BETWEEN AN EMPLOYER AND EMPLOYEE. An employee is any person hired by an employer to do a specific “job.” An employer is a person or institution that hires employees or workers.

9. D IFFERENTIATE BETWEEN A MANAGER AND AN ENTREPRENEUR. Desire for Control One-Man Show Creativity - Innovation Rapid Reaction Informal, Flexible Intuitive In terms of "Vision" A By-Product Calculated Risks "Entrepreneurial Culture" Delegation of Authority Management Team Establish and Preserve the Status Quote Strategic Planning Organized Collect Information and Seek Advice In Commercial Terms Measure of Success Avoidance of Risks "Management Culture" EntrepreneurManager

10. D IFFERENTIATE BETWEEN A MANAGER AND AN ENTREPRENEUR. Manager- a person who has control or direction of an institution, business, etc Entrepreneur- a person who organizes and manages any enterprise, esp. a business, usually with considerable initiative and risk Entrepreneur is the one who initiate and get into business with some investments and risk, where as manager is one who manages the business and get paid for the same.