• entrepreneur, n (C)
/,a:ntrəprə’nəЗ:r/
Someone who starts a company, arranges
business deals and takes risk in order to make
a profit.
• entrepreneurship, n (U) /,a:ntrəprə’nəЗ:r∫ip/
The act of being an entrepreneur
• entrepreneurial, adj.
Possessing qualities of an entreprenur
Complete the sentences with: entrepreneurship,
entrepreneurial, entrepreneurs
entrepreneurship has
• Once again private _______________
not waited for government to take the
initiative.
• State government had sought to promote
economic development through close links
entrepreneurs
with local ___________.
• We are looking for art and design
entrepreneurial
graduates with an _____________
approach to the subject.
1 How would you define an entrepreneur?
2 What do you need to start up a business?
3 How can start-ups be funded?
→ RB, p 56: read and answer questions 2 & 3
Exercises II to V (57)
VOCABULARY
• venture capital = risk capital
• venture capital firm
• institutional investors (insurance firms, mutual funds)
• start-up companies – start-ups
• crowdfunding (link to crowdfunding tips on p 62)
Vision & Mission Statements
• Before you start your business...
establish your strategic framework:
1 – state your goals - vision
2 – say what you are doing to realize them - mission
3 – present potential investors with a b......s p..n
- business plan
Vision statement
• a statement about what your organization
wants to become
• the image that a business must have of its
goals before it sets out to reach them
• describes aspirations for the future,
without specifying the means that will be
used to achieve those desired ends
Examples of VISION STATEMENTS
Can you tell the company?
• Ford
• Microsoft
• IBM
• Westin
• To become the world’s leading consumer
company for automotive products and
services.
• To enable people and businesses
throughout the world to realize their full
potential.
• Our goal is simply stated. We want to be
the best service organization in the world.
• Year after year, XXXX and its people will
be regarded as the most sought after hotel
and resort management group in N.A.
Mission statement or Purpose
• a precise description of what an
organization does
• a definition of “why” the organization exists
currently
Examples of MISSION STATEMENTS
• FedEx
• Wal-Mart
• Saturn
• We will produce outstanding financial
returns by providing totally reliable,
competitive, superior, global, air-ground
transportation of high-priority goods and
documents that require rapid, time-certain
delivery.
• To give ordinary folk the chance to buy the
same thing as rich people.
• Our mission is to earn the loyalty of XXXX
owners and grow our family by developing
and marketing U.S.-manufactured vehicles
that are world leaders in quality, cost and
customer enthusiasm through the
integration of people, technology, and
business systems.
Business Plan
A written report stating a company’s plans
regarding sales, product development,
financing.
Check it out: MK, p 78-79
• Order elements
HW: Vocabulary tasks 1&2 on p 79
Check out: Business Plan Contest (by eStudent)
https://estudent.hr/timovi/natjecanja/business-plan-contest-organizacijski-tim/business-plan-contest-organizacijski-tim-2013-2014