1. Entrepreneurship Standard 1
Students will identify & recognize entrepreneurial traits, characteristics, & roles. Students will examine the role of innovation & entrepreneurship activity to society & the economy. Students will identify methods & processes of idea generation, problem solving, & innovating.

2. Entrepreneurship Standard 1 Objective 1
Students will be introduced to the role of entrepreneur in the economy.

3. What is an Entrepreneur?
When an entrepreneur starts a new business, risk is involved. Risk is the chance of losing something.
Because employees work for someone else and entrepreneurs work for themselves, entrepreneurs risk more than employees.

4. Why Be an Entrepreneur?
Making Your Own Rules. When you own a business, you get to be your own boss.
Doing Work You Enjoy. Since the majority of most peoples lives is spent working, why not spend that time doing something you enjoy?
Creating Greater Wealth. There's no limit to what an entrepreneur can make.
Helping Your Community. Being an entrepreneur lets you make your community and world a better place.

5. Risks of Being an Entrepreneur
Potential Business Failure. Being fully responsible means the success or failure of your business rests on you.
Unexpected Obstacles. Problems can happen that you don't expect.
Financial Insecurity. Many new businesses don't make much money in the beginning, so you may not always be able to pay yourself.
Long Hours and Hard Work. Its not unusual for entrepreneurs to work a lot of extra hours to make their businesses successful. This is especially true during the initial start-up process.

6. What is Entrepreneurship?
The process of getting into & operating ones own business.

7. Difference between Employee & Entrepreneur & Intrapreneur
Entrepreneur creates & owns a business.
Employee is someone who works for a business owned by someone else.
Intrapreneur is an employee of a large corporation who is given freedom & financial support to create new products, services, systems, etc.. &

8. The Local Economy Entrepreneurs can benefit their local economies by:
Purchasing materials and supplies from local merchants
Opening an account at a local bank, credit union, or other financial institution
Joining a local business association, trade group, or civic organization that supports local economic development
Paying local taxes that benefit schools and other public services Investing money in local businesses
Donating money, time, or goods to local charities and organizations
Hiring local employees
Supplying goods and services to local consumers

9. Government Role in Business
 1. Purchases: Government purchases huge amounts of goods and services
 2. Taxes: Government taxes certain goods and services
Sales tax on retail
Extra charge on cigarettes, gasoline, and alcoholic beverages
 3. Subsidies: Payment to producers of certain kinds of goods
Agricultural products, businesses that locate their businesses in certain inner-city neighborhoods

10. Government Programs & Laws to Protect Consumers
 1. Inspection:
USDA-inspects meat and poultry plants to ensure appropriate hygienic measures are being observed
OSHA-inspects factories to ensure that conditions are safe for workers
 2. Licenses: Government regulates by requiring some businesses to obtain licenses
Barber and Beauticians, Real Estate, and more…
To obtain a license, professionals must pass examinations and pay licensing fees before they can start their business

11. Laws Enacted by the Government to Protect the Consumer
1. Equal Employment Opportunity Commission (EEOC)
Charged with protecting the rights of employees age, race, color or national origin, religion, gender or physical challenge
2. Equal Pay Act of 1963
All employers must pay men and women the same wage for the same work
3. Fair Labor Standards Act of 1938
Minimum wage and maximum working hours are identified. Children under 16 years of age could not be employed full-time except by their parents.

12. Laws Enacted by the Government to Protect the Consumer
4. Occupational Safety & Health Act (OSHA)
Ensuring safe and healthy working conditions for employees
5. Food and Drug Administration (FDA)
Monitoring product safety
6. Consumer Product Safety Commission (CPSC)
Watchdog for consumers over products that may be hazardous
7. Fair Packaging and Labeling Act
Requires that manufacturers labels truthfully list all raw materials used in the production of products

13. Protect Your Invention/Business
The government has created laws to protect the entrepreneurs ideas and intellectual property
1. Patent: A legal document that gives an inventor the sole right to produce, use, and
sell an invention. A patent lasts for 20 years. During this period, no business or individual can
copy or sue the patented invention without the patent holders permission.
2. Copyright: Protects original works of an author. (e.g., music, books, computer software.) A
copyright lasts for 70 years after the death of the author.
3. Trademark: Word, symbol, design, or combination of these that a business uses to identify
itself or something it sells

14. Parts of the Entrepreneurship Infrastructure
SBDC (Small Business Development Centers) – provide assistance to small businesses and aspiring entrepreneurs throughout the U.S.
SBA – (Small Business Administration) government agency that provides support to entrepreneurs and small businesses. They help with loans, contracts, and counseling.

15. Parts of the Entrepreneurship Infrastructure
SCORE (Service Corps of Retired Executives) – Provides free business mentoring services to entrepreneurs in the U.S. Business mentoring services are provided by both active and retired business executives and entrepreneurs who donate their time and expertise as mentors to assist new & established small businesses.
GOED (Governors office of Economic Development) – Provides business resources for the creation, growth and recruitment of companies to Utah and to increase tourism & film production in the state.

16. Startup Company
Startup – a young company that is just beginning to develop. Startups are usually small and initially financed & operated by a handful of founders or one individual. These companies offer a product or service that is not currently being offered elsewhere in the market or that the founders believe is being offered in a poor/weak manner.

17. Private Investors, Angel Investors, Venture Capitalists
Private Investors: A company or individual that takes their own money & uses it to help another business or individual.
Angel Investors: Wealthy individuals who are interested in investing in entrepreneurial ventures for a variety of reasons, from friendship to a desire to support entrepreneurship in a given field. Like any investor, an angel wants to make a profit but may have additional reasons for investing. Bill Gates, for example, has invested in several biotechnology start-ups because of his interest in the field
Venture Capitalists: investors or investment companies who specialize in financing high- potential entrepreneurial companies. They seek a high rate of return. They will not usually invest in a company unless its business plan shows it is likely to generate high sales. They sometimes seek a majority interest in the business so that they will have the final word in management decisions.

18. Trends in Entrepreneurship
BOOM Startup – mentorship business. Boom Startup selects a handful of startups and enrolls them in a 12 week program, during which they will refine their products/ideas and work on their pitch to investors. At the end of the 12 weeks is DEMO Day. At DEMO DAY the startups will have an opportunity to pitch to private investors, angel groups, venture capitalists, banks and others.
Business Incubators – a company that helps new & startup companies to develop by providing services such as management training or office space. They affordably provide entrepreneurs with everything from office spaces to office equipment, plus access to advisors & potential investors.
Business Plan Contests & Pitch Contests: