2. entrepreneur, n (C) /,a:ntrəprə’nə З :r/ Someone who starts a company, arranges business deals and takes risk in order to make a profit. entrepreneurship, n (U) /,a:ntrəprə’nə З :r∫ip/ The act of being an entrepreneur entrepreneurial, adj. Possessing qualities of an entreprenur

3. Complete the sentences with: entrepreneurship, entrepreneurial, entrepreneurs Once again private _______________ has not waited for government to take the initiative. State government had sought to promote economic development through close links with local ___________. We are looking for art and design graduates with an _____________ approach to the subject. entrepreneurship entrepreneurs entrepreneurial

4. 1 How would you define an entrepreneur? 2 What do you need to start up a business? 3 How can start-ups be funded? → RB, p 56: read and answer questions 2 & 3 Exercises II to V (57) VOCABULARY venture capital = risk capital venture capital firm institutional investors (insurance firms, mutual funds) start-up companies – start-ups crowdfunding (link to crowdfunding tips on p 62)

5. Vision & Mission Statements Before you start your business... establish your strategic framework: 1 – state your goals 2 – say what you are doing to realize them - 3 – present potential investors with a b......s p..n - vision - mission - business plan

6. Vision statement a statement about what your organization wants to become the image that a business must have of its goals before it sets out to reach them describes aspirations for the future, without specifying the means that will be used to achieve those desired ends

7. Examples of VISION STATEMENTS Can you tell the company? Ford Microsoft IBM Westin To become the world’s leading consumer company for automotive products and services. To enable people and businesses throughout the world to realize their full potential. Our goal is simply stated. We want to be the best service organization in the world. Year after year, XXXX and its people will be regarded as the most sought after hotel and resort management group in N.A.

8. Mission statement or Purpose a precise description of what an organization does a definition of “why” the organization exists currently

9. Examples of MISSION STATEMENTS FedEx Wal-Mart Saturn We will produce outstanding financial returns by providing totally reliable, competitive, superior, global, air-ground transportation of high-priority goods and documents that require rapid, time-certain delivery. To give ordinary folk the chance to buy the same thing as rich people. Our mission is to earn the loyalty of XXXX owners and grow our family by developing and marketing U.S.-manufactured vehicles that are world leaders in quality, cost and customer enthusiasm through the integration of people, technology, and business systems.

10. Business Plan A written report stating a company’s plans regarding sales, product development, financing. Check it out: MK, p 78-79 Order elements HW: Vocabulary tasks 1&2 on p 79 Check out: Business Plan Contest (by eStudent) https://estudent.hr/timovi/natjecanja/business-plan-contest-organizacijski-tim/business-plan-contest-organizacijski-tim-2013-2014