Entrepreneurship Ch. 1.1. Do you know anyone who owns a business?
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Transcript of Entrepreneurship Ch. 1.1. Do you know anyone who owns a business?
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Entrepreneurship
Ch. 1.1
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Do you know anyone who owns a business?
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Entrepreneurs
• People who own, operate, and take the risk of a business venture.
• They try to meet the needs of the marketplace by supplying a service or product & make a profit by doing so.
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Entrepreneurship
• The process of running a business of one’s own.
• When their business flourishes, the profits go to them.
• When their business fails, they may go out of business and lose money.
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Employees vs. Entrepreneurs
• Entrepreneurs assume RISK, employees don’t
• Both may make decisions, but only the entrepreneur is directly affected by the consequences of those decisions
• Employees – people who work for someone else
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Group Activity
Advantages of Being an Employee
1.2.3.
Disadvantages of Being an Employee
1.2.3.
Advantages of Being an
Entrepreneur1.2.3.
Disadvantages of Being an
Entrepreneur1.2.3.
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Types of Businesses
• Manufacturing – produce items
• Wholesaling – sell to other businesses
• Retailing – sell to the consumer
• Service – sell services rather than products
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Group Work
• List 3 specific businesses for each category– Manufacturing– Retail– Service– Wholesale (we skip this one)
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Other Business Areas
• Agriculture – farming
• Mining & Extracting – coal mines, oil, etc.
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Entrepreneurs in Colonial Times
• Rice & Tobacco Farmers
• Bankers
• Merchants
• Silversmiths
• Candlemakers
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After American Revolution
• During Industrialization, entrepreneurs invented machines that increased productivity and helped the economy grow.
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Entrepreneurs Change the World
• They strengthen the economy
• They fill unmet needs
• They change how things are done
• They increase productivity
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19th Century Entrepreneurs
• Cyrus McCormick – International Harvester & International Trucks (year 1831)
• Lydia Moss Bradley – investments & real estate; founded Bradley University in 1896
• John D. Rockefeller – oil (1870s)
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20th Century Entrepreneurs
• Henry Ford – cars anyone can afford; assembly line
• Olive Ann Beech – Beech aircraft co.
• Clarence Birdseye – packaged frozen foods
• Rose Knox – Knox Gelatine; employee sick leave and 5 day work week
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Small Businesses Today
• 5.8 million + in the U.S.
• Employ more workers than all of the U.S. large corporations combined
• Can be more creative and take more risks
• Lead technological change & can be innovative