ENTREPRENEURSHIP
Resource bank, p. 56-63
MK, p. 78-79
What do they have in common?
ENTREPRENEURS (‘ɒntrəprə’nɜr/)
ENTREPRENEURSHIP, n.
ENTREPRENEURISM, n.
ENTREPRENEURIAL, adj.
What are the easiest routes to making your first
million?
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Intelligence?
Hard work?
Inheritance?
An outstanding education?
Luck?
Risk?
Good looks?
I.Q.?
1.
2.
3.
4.
Name more entrepreneurs you know.
What qualities do entrepreneurs need?
What do you need to start a business?
How can start-ups be funded?
5. Beside funding, what assistance can a new start-up
receive?
6. What advantages and risks are associated with
privately run businesses?
7. Is there any difference between an entrepreneur and
a manager?
Entrepreneur vs. manager
Entrepreneur is an owner or manager of a business
enterprise who makes money through r_ _ _ _ and i_ _ _ _ _ _
_.
A person who is willing to help launch a new
venture or enterprise and accept full
r_ _ _ _ _ _ _ _ _ _ _ _ _ for the outcome.
Manager is a person who is in charge of getting people
together to accomplish desired g_ _ _ _ and objectives
using available resources efficiently and effectively.
Management comprises pla_ _ _ng, or _ _ _ _zing, staffing,
l _ _ _ _ng or directing, and co _ _ _ _ lling an organization.
Entrepreneur vs. manager
Entrepreneur is an owner or manager of a business
enterprise who makes money through risk and initiative.
A person who is willing to help launch a new
venture or enterprise and accept full responsibility
for the outcome.
Manager is a person who is in charge of getting people
together to accomplish desired goals and objectives
using available resources efficiently and effectively.
Management comprises planning, organizing, staffing,
leading or directing, and controlling an organization.
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a start-up
a business
a venture
an enterprise
a firm
a company
venture capital
a venture capital firm
a start-up incubator
business angels
a stake
• conduct/do market
research
• determine the validity of
the idea
• see the feasibility of the
business plan
• Read the text on RB p. 56 and answer the
questions in exerc. 1
• Do voc. II, III
Name more entrepreneurs you know.
What qualities do entrepreneurs need?
What do you need to start a business?
How can start-ups be funded?
Beside funding, what assistance can a new start-up
receive?
What advantages and risks are associated with privately
run businesses?
Is there any difference between an entrepreneur and a
manager?
• PAIR WORK
• Write down 10 tips or/and rules for a future
entrepreneur ( on how to keep and grow his/her
business)
• Watch a short film and compare your list with the top
10 rules provided by the leading world entrepreneurs
Entrepreneurs
• Richard Branson
• Pierre Omidyar
• Mark Cuban
• Jerry Weintraub
• Jay Z
• Michael Dell
• Jeff Bezos
• Elon Musk
• Steve Wozniak
• Howard Schultz
Businesses
• Apple Inc.
• Weg
• Broadcast.com
• Virgin
• Tesla Motors
• Musician (Rap)
• eBay
• Amazon.com
• Starbucks
• Dell
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Richard Branson
Pierre Omidyar
Mark Cuban
Jerry Weintraub
Jay Z
Michael Dell
Jeff Bezos
Elon Musk
Steve Wozniak
Howard Schultz
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Virgin
eBay
Broadcast.com
Weg
Rapper
Dell
Amazon.com
Tesla Motors
Appče Inc.
Starbucks
• https://www.youtube.com/watch?v=0AH8VAqljL8
STUDENTS’ ENTRPRENEURSHIP IN
CROATIA
• Read the text on p. 63, Exerc. I, and fill in the
gaps.
• Answer the questions in exerc. II
• Watch:
• http://tedxtalks.ted.com/video/Vo%C4%91enjemstartupa-do-ostvarenja;search%3Aana%20burica
• http://teddytheguardian.com/#portfolio-pos
• Read:
• http://www.cnet.com/news/from-croatia-to-ces-thestory-of-teddy-the-guardians-unlikely-las-vegasdebut/
ARE YOU READY TO BE AN
ENTREPRENEUR?
• Do you possess a personality of an
entrepreneur?
• Do the questionnaire on p. 58 and find out.
Sort out the phrasal verbs and find all word
partnerships with a business and business. Then fill in
the gaps in the sentences below.
turn smth into
go out of
found
put somebody out of
run
set up
do
close down
go into
____________
___________
___________
_______
_______
____________
____________
____________
____________
a business
____________
_____________
have
start
business
• The company _______ business with China manufacturing most of
the clothes in Asia.
• She has ________ a business as a hairdresser.
• After being out of work for several years, she decided to ________ a
small business.
• When he left school, he _______ a business with his brother.
• If you __________ business privately it will mean a lot of hard work.
• Only few people may say that they successfully managed to _____
their hobbies _______ a business.
• The government introduced new regulations which unfortunately
made a lot of start-ups ___________ business.
• The company is ___________ its London office due to reduced
business operations.
• The company DOES business with China manufacturing most of the
clothes in Asia.
• She has SET UP a business as a hairdresser.
• After being out of work for several years, she decided to START a
small business.
• When he left school, he RAN a business with his brother.
• If you GO INTO business privately it will mean a lot of hard work.
• Only few people may say that they successfully managed to TURN
their hobbies INTO a business.
• The government introduced new regulations which unfortunately
made a lot of start-ups GO OUT OF business.
• The company is CLOSING DOWN its London office due to reduced
business operations.
win
make (2x)
do
launch
take on
invest supervise expand set up
go out of improve
Renata Ivić (1) ________ a small business providing childcare services
a few years ago. She (2) ________ a loss at the beginning, but after
some time she started (3) _________ a profit. Since the recession
started, a lot of small firms (4) _____________ business. Last year
Renata (5) ________ a contract to provide a childcare service for a
well known shopping centre chain. She (6) _________ staff and (7)
________ her business. Her sales figures (8) ________ and now her
firm’s annual turnover is more than ten million kunas.
When people ask her what the secret of her success is, she says she
has always been very cautious. Whenever she plans to (9) _______ a
new childcare service on the market, she (10) ______ market
research. Besides, she (11) ________ in the training of her staff and
personally (12)________ the business. However, a successful
business, Renata says, means years of hard work, determination to
overcome obstacles and last but not least, good luck.
win
make (2x)
do
launch
take on
invest supervise expand set up
go out of improve
Renata Ivić (1) SET UP a small business providing childcare services a
few years ago. She (2) MADE a loss at the beginning, but after some
time she started (3) MAKING a profit. Since the recession started, a
lot of small firms (4) HAVE GONE OUT OF business. Last year Renata
(5) WON a contract to provide a childcare service for a well known
shopping centre chain. She (6) TOOK ON staff and (7) EXPANDED her
business. Her sales figures (8) IMPROVED and now her firm’s annual
turnover is more than ten million kunas.
When people ask her what the secret of her success is, she says she
has always been very cautious. Whenever she plans to (9) LAUNCH a
new childcare service on the market, she (10) DOES market research.
Besides, she (11) INVESTS in the training of her staff and personally
(12)SUPERVISES the business. However, a successful business, Renata
says, means years of hard work, determination to overcome obstacles
and last but not least, good luck.
When starting a business, you
need ...
• a great idea
• raise funds (borrow money or take a loan)
• and a business plan
DRAWING UP A BUSINESS PLAN
What should it consist of?
Brainstorm in pairs
Turnover profit sources wages funds
equipment skills competition savings
premises
advertise price
Your business plan will include the ______ of finance which
are either your personal ______ or borrowed _____ from
private investors or a bank.
It will state the location of the _____, the ______, method
and cost of production, the product’ design, its ____ and
your employees’ required ______ and _____.
It is good to include the size of the market, who will buy the
products, existing ______ as well as how to promote and
_____ the business.
Last but not least, a good business plan must include the
calculation of a ______, costs and expected ____.
Your business plan will include the sources of finance which
are either your personal savings or borrowed funds from
private investors or a bank.
It will state the location of the premises, the equipment,
method and cost of production, the product’ design, its
price and your employees’ required skills and wages.
It is good to include the size of the market, who will buy the
products, existing competition as well as how to promote
and advertise the business.
Last but not least, a good business plan must include the
calculation of a turnover, costs and expected profit.
BUSINESS PLAN
MK, p. 78
• Read the text on p. 78 and put ten standard
elements in the order of the actual business
plan.
• Exercises 1 & 2
Words you might need when preparing your
business plan:
Funds
property
offices
factories
Leased
purchased
target customers
up or down market position of products and services
Major competitors
to market (sell) products
Press
mass media
word of mouth advertising
web ads
internet
Equipment
potential customers
Comparative advantage
distribution network
conduct the sale
( a business )break even
Sales targets
QUESTIONS FOR CREATIVE THINKING
A. What kind of business would you start if your family would lend
you 15,000 kn to get it started?
B. What kind of business would you start if you and two classmates
had access to a loan for 100,000 kn?
C. What kind of business could you start if you want to do business
with another country?
D. What type of business could you start while still going to the
faculty?
E. What type of business could you run while also working part
time job (to provide the security of a salary while the business
grows)?
F. How could you start a business and then later make it into your
own franchising business for purposes of expansion?
II Think about a business you could start as a group. Then write a
draft for a business plan. Get started by using one of the following
proposals.
Refreshment stand
Food delivery service
House cleaning service
Second hand clothes shop
Childcare service
Shopping service for the elderly
Computer service business
Pet sitting
Youth hostel
B&B on the coast
Fried fish stand
• HW Assignments
1. Crazy Diamonds text with exercises (p. 60, 61, 62)
1. Crowdfunding : Finding the funds p. 62
Watch the link and write down the tips