1. Entrepreneurs /,םntrəprə’nə З :/ /,a:ntrəprə’nə З :r/

2. General meaning assuming, organizing and managing risk of a business in return for the profits pioneering change working for himself/herself

3. 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) The act of being an entrepreneur entrepreneurial, adj. Possessing qualities of an entreprenur

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

5. Once again private entrepreneurship has not waited for government to take the initiative. State government had sought to promote economic development through cose links with local entrepreneurs. We are looking for art and design graduates with an entrepreneurial approach to the subject. HW: Reader, p 31

6. CHALLENGE! Open to: ALL TEAMS Task: MIND MAP one of the following topics: - Types of economic systems - Economic sectors & employment - Public and private sector - Types of businesses in the private sector Get input on mind-mapping – on my web site! Deadline: 26 November

8. → Reader, p 32 Do the quiz! Test yourself! Answer the questions! According to the quiz, talented entrepreneurs...

9. Talented entrepreneurs... 1 provide a useful service for society 2 come from families which run a number of businesses 3 enjoy working alone whenever necessary 4 often give good advice or help 5 try to resolve difficulties all by themselves 6 know how to organize special events 7 sometimes write down plans for the next week

10. Talented entrepreneurs...(cont.) 8 would invest a large sum of money in something they have always wanted to do 9 like taking risks if neccessary 10 are enthusiastic about everything they do 11 keep trying when it gets difficult 12 would have a job they like even if they don't make much money Can you think of other qualities? Is there anything else that might be important?

11. Capital$$$? Finance$$$? SOURCES OF FINANCE? past savings, bank loans and overdrafts capital of partners, bank loans sale of shares over the counter - off-exchange trading sale of shares on public stock exchanges...... FIND “ADVENTUROUS” INVESTORS OR... FIND AN A _ _ _ _...

12. INSTITUTIONAL INVESTORS (insurance firms, mutual funds) & ANGEL INVESTORS (affluent individuals) invest in start-up companies, (start-ups) VOCABULARY venture capital = risk capital venture capital firm venture capitalist institutional investors (insurance firms, mutual funds) start-up companies – start-ups

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

14. 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

15. Can you tell? GE Ford Microsoft IBM Westin HR Assoc. We bring good things to life 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. To be recognized and respected as one of the premier associations of XXXX.

16. Vision statement (cont.) Key terms in vision statements: To be, to become Leading The best Achieves Distinctive Makes marked contribution Success

17. CHALLENGE! Open to: ALL TEAMS!!! Task: MIND MAP one of the following topics: - Types of economic systems - Economic sectors & employment - Public and private sector - Types of businesses in the private sector Get input on mind-mapping – on my web site! Deadline: extended to 27 November!

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

19. More key terms? 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.

20. Mission or Purpose (cont.) Key terms in mission statements? Match? 1 To create 2 To be 3 To offer 4 To facilitate 5 To give 6 To provide 7 To recognize / appreciate 8 To preserve a) values, needs, differences b) processes, communication c) reputation d) high-quality products, reputation e) adequate reward f) leading institution, most desirable employer g) excellent service h) learning, personal development, career building

21. Mission or Purpose (cont.) Key terms in mission statements? 1d To create 2f To be 3g To offer 4b To facilitate 5e To give 6f To provide 7a To recognize/ appreciate 8c To preserve → Reader, p 34 high-quality products, reputation leading institution, most desirable employer excellent service processes, communication adequate reward learning, personal development, career building values, needs, differences reputation

22. CHALLENGE! Open to: ALL TEAMS!!! Task: MIND MAP one of the following topics: - Types of economic systems - Economic sectors & employment - Public and private sector - Types of businesses in the private sector Get input on mind-mapping – on my web site! Deadline: extended to 29 November!

23. Corporate Vision may contain commitment to: -creating an _____________ value for ______________ and other stakeholders -developing a great new product or _____________ -developing a great company

24. Corporate Vision may contain commitment to: -creating an outstanding value for consumers and other stakeholders -developing a great new product or service -developing a great company

25. At its most basic, the mission statement describes the overall __________ of the organization. When wording the mission statement, consider the organization’s ___________, services, ___________, values, and concern for ___________ image, and maybe priorities of activities for survival.

26. At its most basic, the mission statement describes the overall purpose of the organization. When wording the mission statement, consider the organization’s products, services, markets, values, and concern for public image, and maybe priorities of activities for survival.

27. Business Plan A written report stating a company’s plans regarding sales, product development, financing. Check it out: Reader, p 35 Sort out the questions Project work? Further input MK p 78-9 HW, MK p 78 Reading + Vocabulary, p 79