ENTREPRENEURSHIP
Words,words, words
entrepreneur (n.)
enterprise (n.)
entrepreneurial (adj.)
 an entrepreneurial approach
 entrepreneurial skills
 small and medium-size enterprises (SME)
An entrepreneur is …
 …an individual who, rather than working
as an employee, runs a small
business and assumes all the risk
and reward of a given business
venture, idea, or good or service offered
for sale. The entrepreneur is commonly
seen as a business leader and
innovator of new ideas and business
processes.
Source: www.investopedia.com
Entrepreneurs …
 … play a key role in any
economy. These are the people who
have the skills and initiative
necessary to take good new ideas
to market and make the right
decisions to make the idea
profitable. The reward for the risks
taken is the potential economic
profits the entrepreneur could earn.
Source: www.investopedia.com
An entrepreneur …
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a business
all the risk and reward
a key role in any economy
the skills and initiative
good new ideas to market
the right decisions
the idea profitable
An entrepreneur …
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runs a
assumes
plays
has
takes
makes
makes
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It all starts with an idea …
Who is behind these inventions?
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Assembly line
Hot-air baloon
Battery
CD
Dynamite
Helicopter
Electric guitar
Printing press
Penicillin
Viagra
Parachute
Teddy the Guardian
What ideas did they bring to life?
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Henry Ford
Montgolfier brothers
Volta
Philips Electronics, Sony Corp
Alfred Nobel
Igor Sikorsky
Les Paul
Johannes Gutenberg
A. Fleming
Phizer Inc.
Faust Vrančić
Ana Burica & Josipa Majić
It all starts with a good idea …
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Assembly line (Henry Ford)
Hot-air baloon (Montgolfier brothers)
Battery (Volta)
CD (Philips Electronics, Sony Corp.)
Dynamite (Alfred Nobel)
Helicopter (Igor Sikorsky)
Electric guitar (Les Paul)
Printing press (Johannes Gutenberg)
Penicillin (A. Fleming)
Viagra (Phizer Inc.)
Parachute (Faust Vrančić)
Teddy the Guardian (Ana Burica, Josipa Majić)
...and sometimes develops into a
great business.
Who is behind these businesses?
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Microsoft
Harry Potter
McDonald’s
Amazon
Apple Computers
Facebook
Help needed?
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Joanne K. Rowling created …
Jeff Bezos created …
M. Zuckerberg created …
Ray Croc created …
Bill Gates and Paul Allen created …
Steve Jobs created …
...and sometimes develops into a
great business.
Who is behind these businesses?
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Microsoft (Bill Gates)
Harry Potter (J.K.Rowling)
McDonald’s (Ray Croc)
Amazon (Jeff Bezos)
Apple Computers (Steve Jobs)
Facebook (Mark Zuckerberg)
It takes a lot more than an idea
to start a business
Business plan
WHAT? WHY? WHO? HOW? …
Business Plan (MK: pp.78-79)
 SWOT analysis, sustainable competitive
advantage
 forecasts, projections vs. actual figures
 break-even point
 exit strategy
 target market
RB.p.60: Crazy Diamonds
 What is entrepreneurship? What is it
usually related to? (1-4)
 Misconceptions? (5)
 Redefining entrepreneurship (6-8)
 Advice to policymakers? (9-10)