1. January 6, 2011 Objective: Students will review key terms and identify the differences between Entrepreneurship, Intrapraneurship, and Social Entrepreneurship.

2. TAKE NOTES! At this time I still don’t know about a textbook for this class. We have to move forward though to make sure that we keep pace, so you need a notebook exclusively for this class to keep your notes together, and you need to make sure you are taking notes. You do NOT need to write down every word. Paraphase/Summarize so that you can understand, this will help you understand the material better as well.

3. Key Terms Entrepreneur – An innovator of business enterprise who recognizes opportunities to introduce a new product, a new process, or an improved organization, and raises the necessary money, assembles the factors of production, and organizes an operation to exploit the opportunity. Factors of Production – Commodities or resources used to produce goods and services. Outsourcing – Term used in business to identify the process of subcontracting work to outside vendors. Downsize – Term used to indicate employee reassignment, layoffs, and restructuring in order to make a business more competitive, efficient, and/or cost effective. Research – A systematic process to study, or investigation, of facts. Planning – The systematic process of formulating a program for a definite course of action for a project or enterprise.

4. Helpful Websites Small Business Administration – www.sba.gov www.sba.gov Entrepreneur Magazine – www.entrepreneur.com www.entrepreneur.com Wall Street Journal – www.startupjournal.com www.startupjournal.com www.bplans.com

5. The Social Entrepreneur Social entrepreneurs are individuals with innovative solutions to society’s most pressing social problems. Rather than leaving societal needs to the government or business sectors, social entrepreneurs find what is not working and solve the problem by changing the system, spreading the solution, and persuading entire societies to take new leaps.

6. The Intrapraneur Intrapraneur – Fostering entrepreneurship within established organizations. – Why would an established organization want to foster entrepreneurship? – Talk to one of your elbow partners about why. At some point every entrepreneurial venture becomes an established business. A concern is that when business reach this point they will lose their entrepreneurial spirit which is the reason for intrapraneurship.

7. Entrepreneurship vs. Intrapraneurship Entrepreneur is the order of the day when it comes to the booming economy and market. There are umpteen numbers of opportunities to be explored and only a true entrepreneur can grab the best use of those opportunities. Intrapreneurs are the ones working for an organization and seamlessly try to improve the working conditions of the employees in the office. Opportunities come with the changes that happen in the nearby environment. Entrepreneurs are free to take risk and it is subjected to an individual risk taking ability. Intrapreneurs cannot take such risks and their innovating capability is very much restricted by the size of the organization.