З
З

• assuming, organizing and managing risk of a business in return for the profits
• pioneering change
• working for himself/herself

• entrepreneur, n (C) /,a:ntrəprə’nə З :r/
Someone who starts a company, arranges business deals and takes risk in order to make a profit.
• entrepreneurship, n (U)
The act of being an entrepreneur
• entrepreneurial, adj.
Possessing qualities of an entreprenur

Complete the sentences with: entrepreneurship, entrepreneurial, entrepreneur
• Once again private ____________ has not waited for government to take the initiative.
• State government had sought to promote economic development through cose links with local _______________.
• We are looking for art and design graduates with an ___________ approach to the subject.

• Once again private entrepreneurship has not waited for government to take the initiative.
• State government had sought to promote economic development through cose links with local entrepreneurs.
• We are looking for art and design graduates with an entrepreneurial approach to the subject.
HW: Reader, p 31

Open to: ALL TEAMS
Task: MIND MAP one of the following topics:
Types of economic systems
Economic sectors & employment
Public and private sector
Types of businesses in the private sector
Get input on mind-mapping – on my web site!
Deadline: 26 November

Reader, p 32
• Do the quiz! Test yourself!
• Answer the questions!
According to the quiz, talented entrepreneurs...

1 provide a useful service for society
2 come from families which run a number of businesses
3 enjoy working alone whenever necessary
4 often give good advice or help
5 try to resolve difficulties all by themselves
6 know how to organize special events
7 sometimes write down plans for the next week

...(cont.)
8 would invest a large sum of money in something they have always wanted to do
9 like taking risks if neccessary
10 are enthusiastic about everything they do
11 keep trying when it gets difficult
12 would have a job they like even if they don't make much money
Can you think of other qualities?
Is there anything else that might be important?

SOURCES OF FINANCE?
• past savings, bank loans and overdrafts
• capital of partners, bank loans
• sale of shares over the counter - off-exchange trading
• sale of shares on public stock exchanges...
...
FIND “ADVENTUROUS” INVESTORS
OR ...
FIND AN A _ _ _ _ ...

INSTITUTIONAL INVESTORS
(insurance firms, mutual funds)
&
ANGEL INVESTORS
(affluent individuals) invest in start-up companies , ( start-ups )
VOCABULARY
• venture capital = risk capital
• venture capital firm
• venture capitalist
• institutional investors (insurance firms, mutual funds)
• start-up companies – start-ups

• 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 business plan

• 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

Can you tell?
• GE
• Ford
• Microsoft
• IBM
• Westin
• HR
Assoc.
• We bring good things to life
• 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.
• To be recognized and respected as one of the premier associations of XXXX.

Key terms in vision statements:
• To be, to become
• Leading
• The best
• Achieves
• Distinctive
• Makes marked contribution
• Success

Open to: ALL TEAMS!!!
Task: MIND MAP one of the following topics:
Types of economic systems
Economic sectors & employment
Public and private sector
Types of businesses in the private sector
Get input on mind-mapping – on my web site!
Deadline: extended to 27 November !

• a precise description of what an organization does
• a definition of “why” the organization exists currently

More key terms?
• 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.

Mission or Purpose (cont.)
Key terms in mission statements? Match?
• 1 To create
• 2 To be
• 3 To offer
• 4 To facilitate
• 5 To give
• 6 To provide
• 7 To recognize / appreciate
• 8 To preserve
• a) values, needs, differences
• b) processes, communication
• c) reputation
• d) high-quality products, reputation
• e) adequate reward
• f) leading institution, most desirable employer
• g) excellent service
• h) learning, personal development, career building

Mission or Purpose (cont.)
Key terms in mission statements?
1d To create
2f To be
3g To offer
4b To facilitate
5e To give
6f To provide
7a To recognize/ appreciate
8c To preserve
→ Reader, p 34
• high-quality products, reputation
• leading institution, most desirable employer
• excellent service
• processes, communication
• adequate reward
• learning, personal development, career building
• values, needs, differences
• reputation

Open to: ALL TEAMS!!!
Task: MIND MAP one of the following topics:
Types of economic systems
Economic sectors & employment
Public and private sector
Types of businesses in the private sector
Get input on mind-mapping – on my web site!
Deadline: extended to 29 November !

Corporate Vision may contain commitment to:
- creating an _____________ value for
______________ and other stakeholders
- developing a great new product or
_____________
- developing a great company

Corporate Vision may contain commitment to:
- creating an outstanding value for consumers and other stakeholders
- developing a great new product or service
- developing a great company

At its most basic, the mission statement describes the overall __________ of the organization.
When wording the mission statement, consider the organization ’s ___________, services, ___________, values, and concern for ___________ image, and maybe priorities of activities for survival.

At its most basic, the mission statement describes the overall purpose of the organization.
When wording the mission statement, consider the organization’s products, services, markets , values, and concern for public image, and maybe priorities of activities for survival.

A written report stating a company’s plans regarding sales, product development, financing.
• Check it out: Reader, p 35
• Sort out the questions
• Project work? Further input MK p 78-9
HW , MK p 78 Reading + Vocabulary, p 79