Entrepreneurship

If you could own your very own business, what type of business would it be and why?

Students will learn what's required to become an entrepreneur and its related terms.

Given a 5 questions about entrepreneurship, SWBAT analyze and answer at least 4/5 questions with at least 80% accuracy.

What makes a successful entrepreneur?

Henry Ford and John Rockefeller were successful entrepreneurs. Thomas Edison was both inventor and an imaginative entrepreneur; Samuel F.B. Morse was a business failure. Success or failure does not measure the difference between an entrepreneur and a business person. An individual’s creative approach to the development, or marketing of a product or service measures his or her success. Entrepreneurs are prone to take more risks.

Not all individuals have the traits needed to become successful entrepreneurs. Entrepreneurs are central to the well-being of our economy. Entrepreneurs must be creative and innovative. Society exerts both positive and negative influences on the entrepreneur.

A merchant in a Middle Eastern bazaar who simply buys and resells traditional goods is not an entrepreneur. However, the occupant of the next stall who finds new products, studies the local consumer and introduces fresh marketing techniques is truly an entrepreneur. They are “movers” and “shakers.”

The entrepreneur does not have to invent something that represents a technological breakthrough to start a successful new company. Most new ventures are based upon the extension of proven ideas. The enterprise will also include marketing a product or service and will require labor and capital. Money can be found from personal savings or income, the sale of stock or by borrowing

The entrepreneur begins with an idea, or the adaptation of an existing idea. The first problem the enterprising business person must resolve is to decide if there is a need for the product or service. Is the product or service distinctive, unique or superior to others in the market?

The entrepreneur begins with an idea, or the adaptation of an existing idea. The first problem the enterprising business person must resolve is to decide if there is a need for the product or service. Is the product or service distinctive, unique or superior to others in the market? What costs are involved in the manufacture of the product or service? 

These individuals have a strong technical orientation. They love inventing things and developing ideas for new products. Developing new markets and even new industries based on state-of-the-art technologies are generally the goal of those with technical orientation.

Some entrepreneurs start their own businesses because they like to build organizations. These organization builders generally have skills in developing people, systems and structures. Such entrepreneurs also generally enjoy working with people and using power and influence, in contrast to the technical entrepreneur, who often prefers working alone.

Deal makers enjoy making the initial deal to start a new venture and often enjoy some start-up activities. However, unlike the organization builders, they dislike having to manage and commit themselves to an organization over the long run.

Technical Entrepreneur

Organization Builder

Deal Maker