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Entrepreneurship

Entrepreneurship.

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Entrepreneurship

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  1. Entrepreneurship

  2. MSBCS-BCSIII-7: The students will examine basics of entrepreneurship.a) Define entrepreneurship (National Standards for NBEA, pg. 70) and steps needed to start and maintain a business opportunity.b) Distinguish the role of the entrepreneur in business.c) Identify necessary traits of a successful entrepreneur.d) Describe the difference between an employer and employee.e) Differentiate between a manager and an entrepreneur.

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

  4. Unit vocabulary • Entrepreneur • Entrepreneurship • Employee • Employer • Manager

  5. Distinguish the role of the entrepreneur in business. • Entrepreneurs are innovators • Entrepreneurs provide choice • Entrepreneurs provide jobs • Entrepreneurs help the economy grow

  6. Identify 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. More 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. Describe 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. Differentiate between a manager and an entrepreneur. Entrepreneur Manager • 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"

  10. Differentiate 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.

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