COURSE:
Entrepreneurship I
ESSENTIAL
STANDARD:
1.00
B2
OBJECTIVE:
1.02
B2
UNIT A
8%
Entrepreneurship Foundations
Understand economics, career planning,
information management, and communication
skills.
Participate in career-planning to enhance jobsuccess potential
Essential Questions:
 What distinguishes an entrepreneur from a small business owner or manager?
 What are the reasons that people pursue careers as entrepreneurs?
 What personality traits are associated with successful entrepreneurs?
 What skills are needed for entrepreneurial success?
 How do we assess entrepreneurial potential?
 What are the risks and disadvantages associated with entrepreneurship?
 What are the trends and technological developments in entrepreneurship?
UNPACKED CONTENT
Competency 1.02-A
A. Distinguish among entrepreneurs, small business owners, and managers
1. Entrepreneur – an individual who undertakes the risk associated with creating, organizing, and
owning a business
a. Entrepreneurship – is the process of starting and operating one’s own business
b. Venture – is a business undertaking involving risk
c. Opportunity – is an idea that has commercial value
2. Small Business Owner – the owner of a business that was generally started to create jobs for
the owners and referred to as a “mom and pop” business
3. Manager – an employee who coordinates people, processes, and other resources of a business
in order for the business to achieve success
B. Identify reasons that people pursue careers as entrepreneurs
1. Being your own boss – this is the biggest reward of owning your own business – it gives you
the freedom to make their own business decisions – they have the final word on all aspects of
the operation
2. Doing something you enjoy – a business venture normally begins with something that the
entrepreneur enjoys doing – it might be a hobby or skill that they are good at doing – the
entrepreneur gets satisfaction from creating or developing the hobby into a viable enterprise
3. Having the opportunity to be creative – most people who works for someone else is
following their procedures; while entrepreneurs create their own – entrepreneurs are able to
shape a business in ways that employees cannot – this is true with new, daring or creative ideas
– when an entrepreneur has a creative idea, they have the power to act on it
4. Having the freedom to set your own schedule – even though entrepreneurs have demands on
their time, they have the flexibility to determine their own schedule –they also have the options
of working at home, at the business, or any other location that suits them
5. Having job security – employees today are not guaranteed job security from their employers –
businesses may relocate outside the United States and the employees are left with no company
to work for – entrepreneurs control their own destiny – as long as the business is successful,
they have a job
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OBJECTIVE:
1.02
B2
Participate in career-planning to enhance jobsuccess potential
UNPACKED CONTENT
6. Making more money – people who work for others are paid wages or a salary – if you work
for a company and they do well, you may get a raise or a bonus – a business owner’s earnings
are limited by the potential of the business
7. Being recognized within the community – business ownership carries with it a certain
amount of prestige – entrepreneurs have taken on a responsibility that involves hard
work, daring, and know-how – entrepreneurs make an economic contribution to the
community through their investment and creation of jobs
C. Describe trends in entrepreneurship
1. Internet businesses – new online businesses have emerged along with traditional
businesses adding an online feature – online businesses have the potential to attract a
huge number of customers because anyone with internet capabilities can shop at any
time
2. Service businesses – is one of the dominant types of businesses in the United States
economy – even if a company sells a product, they also provide a service to the
customers – most small businesses are service businesses – services are intangible
things that businesses do for their customers to enhance our lives – examples include:
insurance, sports and entertainment, tourism, banking, real estate, dry cleaning, fitness
centers, and accountants/tax preparers
3. Home-based businesses – this is a business that is conducted from the home – due to
technology a home-based business can have an image that is just as professional as that
of a large corporation
4. Socially responsible nonprofit businesses – social entrepreneurs start a business in
order to better society – they are focused on doing good – social entrepreneurs often
form nonprofit organizations (the business owner makes a profit; but the profits must
be kept within the business) – some nonprofits also can qualify to be tax-exempt –
examples of nonprofits that support specific missions include feeding the hungry,
community theatre groups, education-focused groups, and building homes
5. Focus on technology – entrepreneurs who know how to use technology to improve
their business processes create a strong competitive advantage and enjoy a greater
chance of success – whether technology is a company’s product or it is used to increase
productive, it is a critical component of any business strategy
6. Outsourcing – is contracting with other companies for services – most common types
of outsourcing is business-process outsourcing (accounting, human resources
management, benefits, payroll, and finance functions) – benefits of outsourcing:
- outsourcing allows greater efficiency, saving time and money
- outsourcing decreases overhead investment or debt
- outsourcing lowers regulatory compliance burdens
- outsourcing allows companies to start new projects quickly
- outsourcing makes companies more attractive to investors because it allows
companies to direct more capital directly into money-making activities
7. Strategic Alliances – one step beyond outsourcing is forming a partnership with
another company – join with a larger company to purchase items in large quantities or
help support a product – example: 3M produces tape and will look to smaller
companies to provide the dispensers
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8. Corporate Ventures – is a new venture started inside a large corporation – large
companies are finding that they must act like entrepreneurs to remain competitive –
these are spin-off companies – the parent company supplies resources to the corporate
venture get started – often the new corporate venture becomes an independent company
D. Discuss risks and disadvantages associated with entrepreneurship
If being an entrepreneur is so great, why doesn’t everyone do it? Because of the intense
competition business owners are fighting for the consumers dollars. The prospective
entrepreneur should consider the costs and risks. The risks include
1. Working long hours – long hours are the norm for entrepreneurs, especially during
the start-up period – during start-up survival depends on making wise decisions and not
relying on paid help, so the responsibilities are left to the entrepreneur – many
entrepreneurs work 7 days a week from the time the business opens until close
2. Having an uncertain income – business owners make more money than employees;
but only when the business is good and making money – if a business is bad then
earnings can be low or nonexistent – most businesses do not make a profit right away –
most business owners put the profits back into the business so that it can grow –
business owners do not get a paycheck or benefits such as health insurance and time off
for vacations
3. Being fully responsible – the owner of a business is responsible for more than just
decision making; they must make sure everything get done – there is no one else to
take care of tasks such as sweeping the floors, paying bills, making repairs or other
tasks in the business – the success or failure of the venture rests entirely on the owner
4. Risking one’s investment – the biggest risk is the possibility of losing one’s
investment – the investment is the amount of money a person puts into their business as
capital – capital includes the buildings, equipment, tools, and other goods needed to
produce a product or the money used to buy these things – employees do not risk
losing money – before an entrepreneur can earn money they have to get the venture up
and running
E. Identify reasons that business start-ups often fail
The overall cause of business failure is lack of control on the part of the entrepreneur.
Never leave total control of your business to your employees even if they are professionals.
Remember, professionals are only there to advise you on what to do. The final decision lies
in your hand as the entrepreneur and business owner.
1.
H i gh Deb t Rati o - t he first cause of business failures you must watch out for
is high debt ratio. This is the measurement of the percentage of total dollars in a business
that is provided by creditors. You are looking at what you owe your creditors in
comparison to what the business owns in assets. If you owe your creditors $59,000 and
your assets (what the business owns) are $106,000 then your debt ratio is 55.6%. This
means that 55.6% of what you own would have to be sold off to pay your creditors.
2.
H i gh l evel of mi sman agemen t -The second cause of business failures is
high level of mismanagement. If your key staff lacks professionalism, then your business is
in trouble. Since your staff are in charge of running the day to day affairs of your business,
their professionalism should not be compromised for anything.
3.
Un exp ected r esi gn ati on of staff -The third to watch out for is the
unexpected resignation of staff from sensitive position. This can really pose a threat to your
business so you must be prepared for it. In business, poaching is really a factor to deal
with. Big companies are always poaching good employees away from other companies by
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enticing them with improved salaries and incentives.
4.
In ad eq u ate In ven tory - Another factor that leads to small business failures is
inadequate stock or inventory. If you have inadequate stock either for production or for
your customers, your business is bound for failure. Also; if you stock too much inventory,
you are still bound to fail because you are tying down working capital.
5.
S el l i n g p rodu cts b el ow cost p ri ce - The fifth cause of business failures is
the sales of goods and services below cost price. Sometimes in business, cash crunch,
fierce competition or economic factor make businesses sell their goods below cost price
and this can ruin your business.
6.
Dw i nd l i n g w ork in g cap i tal - Dwindling working capital is also a cause of
business failures and you must watch out for. Depreciating working capital may be as a
result of unnecessary expenditure, too much inventory and weak cash flow management on
the part of the entrepreneur.
7.
Con si sten t n egati ve cash f l ow - The seventh factor that could lead to
business failure is consistent negative cash flow. Cash flow is to a business what blood is
to humans. No business can survive without strong cash flow management. A solution to
negative cash flow is to hire a professional accountant to keep a keen eye on the cash flow.
8.
Decl i n i n g Prof i t - Declining Profit, if not handled properly can cause business
failure. If there is a down turn in profit margins due to competition or deflation, your
business could be negatively affected. A solution to declining profit is to increase your
sales volume so you can make more profit on turnover or better still; diversify.
9.
L oss of mark et sh are - Loss of market share is the ninth cause of most
business failures. If you observe you are losing your market share due to either
competition, new technology, innovation or trend, then this is a sign that your business is
on the verge of been liquidated.
The only prevention to loss of market share is to keep your ears to the ground for
any new industrial trend, technology or innovation. You must also keep an eye on your
competitor and be quick to act and adapt to any positive or negative industrial change or
once again; you can diversify.
1 0. In ab i l i ty to secu re op erati on al cap i tal - Lastly, your inability to secure
funds from financial institutions could lead to business failure. Raising capital is one of the
most difficult tasks in business. But it is often said that “where there is a will, there is a
way.” If financial institutions refuse to assist you financially, you have to turn to other
sources of funds.
G. Explain skills needed for entrepreneurial success
1. Communication skills – person-to-person, telephone, and written communication skills
– also need listening skills to build positive relationships – do accurate work
2. Math skills – they use basic math skills to budget, keep records, make decisions and
calculations, and put together financial statements
3. Problem-solving skills – they need to be able to come up with logical ideas to solve
problems – solving problems requires creativity and thinking skills
4. Technology and computer skills – computer skills are essential in almost any business
– the ability to understand and use technology is also essential
5. Decision-making skills – they must be able to choose the best option from among
many – good decision makers know their values and are good at predicting the
consequences of actions
6. Organizing and planning skills – they must be expert organizers and planners, which
require logical thinking and good time management
7. Teamwork skills – they need teamwork skills to coordinate and manage work teams –
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this involves respecting others, being flexible, and knowing when to exercise leadership
8. Social skills – they need social skills to interact well with employees, customers, and
vendors – involve verbal and nonverbal behavior
9. Adaptability skills – they should be adaptable because they business and economic
environment is constantly changing
10. Basic business skills – they should have a basic understanding of how the economy
works and an understanding of fundamental concepts of finance, marketing, and
management
H. Discuss reasons that entrepreneurs need to be aware of industry trends and technological
developments
1. By observing the world around you and looking at demographic changes, the development
of new ideas can identify a possible business opportunity or expansion of a current
business
2. Popular trends such as health and fitness; ethnic diversity; and an improving economy can
provide guidance in product development
3. Technology and industry trends can assist in the business operations
4. Recognizing new trends and to think creatively are essential for business success
I. Identify professional-development opportunities for entrepreneurs
1. Government agencies such as SBA
2. Workforce Development agencies
3. Chamber of Commerce
4. Community colleges to improve skills
5. Professional organizations
6. Trade associations
7. Internet programs
8. Mentor/relatives
Competency 1.02-B
A. Describe personality traits associated with successful entrepreneurs
1. Persistent – willing to work until a job is done, no matter how long it takes – they are
tenacious in overcoming obstacles and pursuing their goals
2. Creative – they look for new ways to solve old problems
3. Responsible – they do not pass the buck – they take responsibility for their decisions and
actions
4. Inquisitive – they want to know as much as possible about whatever affects their venture –
they conduct research and ask questions to solve problems
5. Goal-oriented – they set and achieve goals
6. Independent – they want to make their own decisions
7. Self-demanding – they have high expectations
8. Self-confident – they believe in themselves
9. Risk-taking – they take risks, but they are not reckless
10. Restless – once they achieve their goals, they begin looking for new challenges
11. Action-oriented – they are doers as opposed to spectators – they set goals, make decisions,
and act on their decisions
12. Enthusiastic – they are energetic and passionate about their pursuits
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B. Explain skills needed for entrepreneurial success – SAME AS 1.02A
C. Demonstrate procedures for assessing entrepreneurial potential
1. Assessing your entrepreneurial characteristics and skills
2. Develop your profile (set of characteristics or qualities that identifies a type or category of
person) based on being a successful entrepreneur
3. Identify your strengths and weaknesses
4. Continue to work at maintaining and/or improving your strengths
5. Another way to strengthen your entrepreneurial potential is to think and act like an
achiever (is a person with a record of successes)
6. Develop the foundation skills and if these are your weaknesses then take courses or classes
to improve the skills Set out to be the best at whatever you do
- Set your sights on accomplishing the extraordinary
- Write your goals down on paper
- Pursue your goals with confidence and commitment
- View difficulties as opportunities to learn and grow
7. You do not need to be an expert, however, you must develop the skills necessary to set up
and run a successful business
8. Obtain employment is similar or related positions to improve and monitor your skills
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OBJECTIVE:
Participate in career-planning to enhance jobsuccess potential
RELEVANCY
INSTRUCTIONAL ACTIVITIES
TO OBJECTIVE
1.02
B2
1. Divide students into three groups – Entrepreneurs, Small-business
owners, and Managers. Have each group identify the skills and
characteristics for their assigned person. Have a recorder for each
group and list the discussed characteristics/skills. Place on the
board or on flip chart paper and report to the class their findings.
Compare similarities amongst the three types.
Develop definitions for each type of business person and record in
their notebooks.
2.
Present the Competency 1.02A Power Point and have students
complete the graphic organizer/notes for the concepts. (Appendix #1 Graphic Organizer)
3. Have the students complete “Why be an Entrepreneur” worksheet
identifying the rewards and risks along with the twelve characteristics
of an entrepreneur. Students will use this worksheet in Activity 5.
(Appendix #2)
4.
Complete the “As An Entrepreneur I. . .” activity. Have students
write a reflection of the assessment identifying their strengths and
weaknesses. This can be done via the computer or handwritten.
They are to then review the Entrepreneurial Skills as presented and
place the appropriate skill under their strengths or weaknesses.
(Appendix #3)
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Participate in career-planning to enhance jobsuccess potential
RELEVANCY TO
INSTRUCTIONAL ACTIVITIES
OBJECTIVE
5. Divide the class into groups of 3-4 students. Have each group take
the 12 Characteristics of Successful Entrepreneurs as recorded on
their “Why be an Entrepreneur” worksheet and rank them from #1 –
Most Important to #12 – Least Important according to the members
of the group. Have groups justify why they selected that
characteristic as their #1 item. Have the each group report their
findings on the board. Have students analyze the top five
characteristics based upon the number of occurrences found in each
group.
OBJECTIVE:
1.02
B2
5%
6. Have students complete “Do you have what it takes” activity and
discuss their responses with the class (Appendix #4)
7. Complete the Entrepreneur Match (Appendix #5)
8. Complete Famous Entrepreneur Project (Appendix #6)
9. With your classmates, form a group of four or five students. In your
group, discuss the group members’ interests, talents, and hobbies.
Identify and record what you all have in common. Then, with your
group, develop a possible business start-up idea that would allow all
of you to enjoy or share your interest, talent, or hobby with others.
After determining what business you as a group would start, answer
the following questions as a group to create an ideal entrepreneur to
start the business:
a.
b.
c.
d.
e.
f.
g.
What interest does your group have in common?
What business start-up idea would allow your group to enjoy or
share its interest with others?
What personal talents—if any—are needed to start this business?
What skills are needed to start the business?
What kind of training or education would an entrepreneur need to
start the business?
What would this entrepreneur’s duties and responsibilities be in
starting the business?
Where could this entrepreneur go for professional development?
When your group has completed the activity, discuss your answers with
the class. After every group in the class has shared its results, discuss the
similarities and differences among the groups’ entrepreneurs.
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Literacy Strategy:
A Quick-Write is a short written response to a question. The teacher is trying to help students connect or
show what they know. The teacher is looking for evidence of thinking, not grammar, punctuation, or
mechanics. Usually a Quick-Write takes one-two minutes. Quick-Writes are often the type of writing a
student puts in a learning log or journal.
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OBJECTIVE:
1.02
B2
REFERENCES
Textbook References:
Entrepreneurship and Small Business Management –
Kathleen Allen and Earl Meyer; Glencoe Publishing;
2006 Edition
Supplemental Resources:
WEBSITES
http://ezinearticles.com/?EntrepreneurAdvantages-andDisadvantages&id=618160
Finding Entrepreneurial Opportunities
www.zeromillion.com/entrepreneurship/o
pportunities.html
http://www.entrepreneurship.org/en/reso
urce-center/risk-inentrepreneurship.aspx
http://www.strategicbusinessteam.com/sm
all-business-development-strategy/10causes-of-business-failure-you-mustwatch-out-for/
http://www.ehow.com/about_6402050_gr
owth-trends-business.html
http://ezinearticles.com/?Top-Eleven2011-Trends-forEntrepreneurs&id=5662583
http://www.entrepreneur.com/article/174
142
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O BJECTIVE 1.02
A PPENDIX OF
I NSTRUCTIONAL S UPPORT M ATERIALS
1.01 S UPPLIES


Supplies Needed
Flip Chart or Whiteboard
Markers
8716 Entrepreneurship I
Where Supplies Are Used
Activity Related Appendix/ Lesson
1
1
Unit A: Entrepreneurship Foundations
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Appendix #1 – Graphic Organizer or Notes
1.02 Explain Career Opportunities in Entrepreneurship
Distinguish between…
______________– people who sense ______________ and take risks in the face of
uncertainty. One who has a fire, a _____________ for their mission
Small _____________ owners – Those who __________ their own companies usually with
________ or less employees. They may also perform all tasks.
______________ – Person who ______________ the people, ________________, and other
resources of your operation on a ___________ basis
Reasons people pursue ____________________:
Eureka – you have a brilliant ___________ and want to give it a try!
You’re ________ the ____________ of me
Ka-ching, I want to be ______________
I hate my __________ – you’re no longer _____________, you’re at a dead end
It’s ___________________ and exciting
________________, professional growth, and increased ________________
Flexibility and _______________
From The First 10 Steps to ___________________for Women – Down to _____________by
Claire Villarosa and http://ezinearticles.com/?Entrepreneur-Advantages-andDisadvantages&id=618160
_________________: There are ____________ skills ________________to successful
business. They apply ____________to any business.
_______________ - the skill to ______________ and develop new products (or services).
______________________ - the skill to deliver them, consistently and _____________, with
quality, service, and price.
_______________ - the skill to ____________ them.
___________________ - the skill to make a _____________ doing the other three.
Read more: Finding ____________________ Opportunities
www.zeromillion.com/entrepreneurship/opportunities.html
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Trends, _________________, and Disadvantages:
_____________ stable income - Lack of family ________________
______________ hours - No health ____________
All ___________ are yours - It’s ALL your __________
You don’t ___________, you - Didn’t _______________ don’t eat
Start up ____________ - Thinking, I’m my ________ boss
Risks and Disadvantages:
No Regular _____________: when you start a business, you should be ____________ to
leave behind the __________ of having a _____________ each month. Even successful
_______________ experience lean ________ when all financial ______________ are being
taken up by the new business.
Work _______________: although they have the luxury of a ____________schedule,
_________________ also make ______________ especially during situations that
__________ them to work longer ____________. Unlike regular ______________ who are
not worried too much about the status of the business, ________________ must make sure
that everything is going well.
____________________ because they own the business, all major _______________ are
made by ___________________. This is quite a burden and handling such
________________ is quite difficult. Every ________________ directly affects the future of
their businesses and _______________ costly mistakes is _________________.
Risk: see http://www._______________________.org/en/resource-center/risk-inentrepreneurship.aspx
Reasons for _____________:
High ___________ ratio – you’re heavy in debt or others ___________ you
High levels of __________________ – lack of ____________________
Unexpected staff __________________
__________________ inventory
Selling products ____________ cost
_______________ working capital, ______________ negative cash flow, & __________ to
secure operational capital
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__________________profit
______________ of market share
http://www.strategicbusinessteam.com/small-business-development-strategy/10-causes-of________________-failure-you-must-watch-out-for/
__________________ & Skills needed for ________________ success:
Are you a ___________starter?, Are you a positive thinker?, Are you ______________?, Can
you be objective?, Traits, Gain _____________ of their peers, Believe and _____________ in
themselves, Follow a plan, Think creatively, Explore their ________________ skills, Envision
their ____________, ___________GIVE UP, ________________, Math,
_________________, Technology and computer, _____________-making, Organizing and
_______________, Teamwork, Social, ___________________, Basic _________________
Reasons to be ________________ of industry trends and technology:
_________________________ need to be aware of ____________ and technology as a
_________________ of GROWTH and future __________________. Read more @
http://www.ehow.com/about_6402050______________-trends-business.html
See article @ http://ezinearticles.com/?Top-Eleven-2011-Trends-for___________________________&id=5662583
See one more article @ http://www.__________________________.com/article/174142
___________: Internet Businesses, ___________ Businesses, ________________
Businesses, Socially Responsible _______________Businesses, ____________ on
Technology
_________________ – contracting with other companies for service
Strategic _______________ – forming a _______________ with another company
Corporate _____________ – new venture started inside a large corporation
__________________ Products/services, _________________ development opportunities
There are many! __________________ will depend on your industry/business choice.
Some examples:
__________________.com – Meetup, Minority Business Network – ____________, Asian
_____________ in Business – Colleges, SCORE – ______________, __________ –
Conferences, LinkedIn – ______________, ________________ - PLCs
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Appendix #1 – Key
1.02 Explain Career Opportunities in Entrepreneurship
Distinguish between…
Entrepreneurs – people who sense opportunity and take risks in the face of uncertainty. One
who has a fire, a passion for their mission
Small business owners – Those who manage their own companies usually with 100 or less
employees. They may also perform all tasks.
Managers – Person who coordinates the people, processes, and other resources of your
operation on a daily basis
Reasons people pursue entrepreneurship:
Eureka – you have a brilliant idea and want to give it a try!
You’re not the boss of me
Ka-ching, I want to be rich
I hate my job – you’re no longer inspired, you’re at a dead end
It’s glamorous and exciting
Satisfaction, professional growth, and increased responsibility
Flexibility and freedom
From The First 10 Steps to Entrepreneurship for Women – Down to Business by Claire
Villarosa and http://ezinearticles.com/?Entrepreneur-Advantages-andDisadvantages&id=618160
Opportunities: There are four skills necessary to successful business. They apply equally to
any business.
Engineering - the skill to invent and develop new products (or services).
Manufacturing - the skill to deliver them, consistently and reliably, with quality, service, and
price.
Selling - the skill to sell them.
Business - the skill to make a profit doing the other three.
Read more: Finding Entrepreneurial Opportunities
www.zeromillion.com/entrepreneurship/opportunities.html
Trends, Risks, and Disadvantages:
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Losing stable income - Lack of family support
Long hours - No health benefits
All expenses are yours - It’s ALL your fault
You don’t work, you - Didn’t research don’t eat
Start up costs - Thinking, I’m my own boss
Risks and Disadvantages:
No Regular Salary: when you start a business, you should be prepared to leave behind the
security of having a paycheck each month. Even successful entrepreneurs experience lean
months when all financial resources are being taken up by the new business.
Work Schedule: although they have the luxury of a flexible schedule, entrepreneurs also
make sacrifices especially during situations that require them to work longer hours. Unlike
regular employees who are not worried too much about the status of the business,
entrepreneurs must make sure that everything is going well.
Administration: because they own the business, all major decisions are made by
entrepreneurs. This is quite a burden and handling such responsibility is quite difficult. Every
decision directly affects the future of their businesses and avoiding costly mistakes is
imperative.
Risk: see http://www.entrepreneurship.org/en/resource-center/risk-in-entrepreneurship.aspx
Reasons for failure:
High debt ratio – you’re heavy in debt or others owe you
High levels of mismanagement – lack of professionalism
Unexpected staff resignation
Inadequate inventory
Selling products below cost
Dwindling working capital, consistent negative cash flow, & inability to secure operational
capital
Declining profit
Loss of market share
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http://www.strategicbusinessteam.com/small-business-development-strategy/10-causes-ofbusiness-failure-you-must-watch-out-for/
Mind-set & Skills needed for entrepreneurial success:
Are you a self-starter?, Are you a positive thinker?, Are you disciplined?, Can you be
objective?, Traits, Gain respect of their peers, Believe and trust in themselves, Follow a plan,
Think creatively, Explore their exceptional skills, Envision their success, NEVER GIVE UP,
Communication, Math, Problem-solving, Technology and computer, Decision-making,
Organizing and planning, Teamwork, Social, Adaptability, Basic business
Reasons to be aware of industry trends and technology:
Entrepreneurs need to be aware of trends and technology as a predictor of GROWTH and
future opportunities. Read more @ http://www.ehow.com/about_6402050_growth-trendsbusiness.html
See article @ http://ezinearticles.com/?Top-Eleven-2011-Trends-forEntrepreneurs&id=5662583
See one more article @ http://www.entrepreneur.com/article/174142
Trends: Internet Businesses, Service Businesses, Home-Based Businesses, Socially
Responsible Nonprofit Businesses, Focus on Technology
Outsourcing – contracting with other companies for service
Strategic Alliances – forming a partnership with another company
Corporate Ventures – new venture started inside a large corporation
Convenience Products/services, Professional development opportunities
There are many! Opportunities will depend on your industry/business choice.
Some examples:
Hispaniconline.com – Meetup, Minority Business Network – Facebook, Asian Women in
Business – Colleges, SCORE – Universities, SBA – Conferences, LinkedIn – Workshops,
Conventions - PLCs
8716 Entrepreneurship I
Unit A: Entrepreneurship Foundations
Summer 2012, Page 17
Appendix #2
REWARDS/RISKS
REWARDS
RISKS
1.
2.
3.
4.
5.
6.
7.
CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS
List the 12 characteristics of successful entrepreneurs.
1. _____________________________________
2. ______________________________________
3. ______________________________________
4. ______________________________________
5. ______________________________________
6. ______________________________________
7. ______________________________________
8. _____________________________________
9. _____________________________________
10. ____________________________________
11. ____________________________________
12. ____________________________________
8716 Entrepreneurship I
Unit A: Entrepreneurship Foundations
Summer 2012, Page 18
Appendix #3
As an Entrepreneur I …
Answer the questions below as it relates to you. If you are in between a yes or no, select one that is nearer to
your characteristic.
Yes
No
____
____ am a self-starter
____
____ like to compete and learn from competitors.
____
____ am able to determine risk and have the courage to take risks but am not a gambler
____
____ am independent and self-confident, yet know when to get help
____
____ am able to do many things at once
____
____ like a challenge
____
____ am creative, and have dreams and goals
____
____ like to work for myself and be in control
____
____ hardworking and willing to stick with a project
____
____ am not easily discouraged
____
____ am in good health, have lots of energy and can handle stress
____
____ have a strong sense of self-worth
____
____ am motivated by a strong desire to achieve and attain financial success
____
____ am a positive thinker who does not dwell on setbacks
____
____ focuses my attention on the chances of success rather than the chances of
____
____ have a close friend or relative who owns a business
____
____ am a recent immigrant to North America (within two generations)
8716 Entrepreneurship I
Unit A: Entrepreneurship Foundations
failure
Summer 2012, Page 19
Appendix #4
Entrepreneurship I
Objective 1.02
Prepare your response to the following. Be prepared to discuss with the class.
Do you have what it takes? You work for an entrepreneur. She has suggested that you might have the
potential to start your own business. After talking with teachers, guidance counselors, and other
businesspeople in your community, you think she might be right.
Explain why you think you have what it takes to become a successful entrepreneur. Be sure to include:

Why you want to become an entrepreneur

The risks you are willing to take

The personal characteristics and skills you have that will provide the opportunity for success
Think Critically – Of the personal characteristics needed by an entrepreneur, which three do you feel are
your strongest? Explain why.
8716 Entrepreneurship I
Unit A: Entrepreneurship Foundations
Summer 2012, Page 20
Appendix #5
E N T R E P R E N E U R
M A T C H - U P
Directions: Correctly match the information on the left with the famous entrepreneur on the right. On the back, identify the entrepreneur
using the list of names found here.
YOUR PICTURE HERE
a. I started the body Shop Body in 1976 to create
livelihood for my daughters and myself. I am the
child of Italian immigrants. Natural outsider.
__________ Michael Dell
b. After asking my family doctor for advice on how to pay
for college, and making $1.25 an hour, Dr. Buck told me
to open a submarine sandwich shop.
___________ P.T. Barnum
___________ Oprah Winfrey
c. I said, “There’s a sucker born every minute.” I earned the
title “Master Showman” more than a dozen times.
d. I started at a young age, first growing Christmas trees, then
eventually started a mail order record company. I later signed
Culture Club, the Rolling Stones, and Janet Jackson. I love a thrill.
___________ Russell Simmons
___________ Anita Roddick
e. I am an accomplished television producer, publisher, educator, and
philanthropist. I have my own talk show, and my OWN network.
___________ Fred Deluca
f. I started in my college dorm room with $1,000 and an idea to provide
affordable computers to college students. I am now President and CEO
of my company which sells computers directly to the consumer.
g. Some call me the “Godfather of Hip Hop”.
8716 Entrepreneurship I
___________ Richard Branson
Unit A: Entrepreneurship Foundations
Summer 2012, Page 21
____________________________________
__________________________
_____________________________________
____________________________________
8716 Entrepreneurship I
Unit A: Entrepreneurship Foundations
Summer 2012, Page 22
Appendix #5 Key
Entrepreneurship Match
a. Anita Roddick - photo #1
b. Fred Deluca - photo #6
c. P.T. Barnum
d. Richard Branson - photo #5
e. Oprah - photo #2
f. Michael Dell - photo #3
g. Russell Simmons - photo #4
8716 Entrepreneurship I
Unit A: Entrepreneurship Foundations
Summer 2012, Page 23
Appendix #6
Famous Entrepreneur Project
 Pick an entrepreneur from the list below or from your own knowledge with the teacher’s
approval
 Investigate his/her background to determine the factors that lead to business success
 Include the following information:
- History of the entrepreneur
- Skills, special abilities, and interests that helped to make him/her a successful
entrepreneur
- Personal traits that made him/her successful
 Determine the best way to present the information and make a written report, a Powerpoint
presentation, a brochure, etc.
Selection of Entrepreneurs
P.T. Barnum
Thomas Edison
Andrew Carnegie
Edward Lowe
Ted Turner
Mary Kay Ash
Ray Kroc
Walt Disney
Sam Walton
8716 Entrepreneurship I
Fred Deluca
Earl Graves
William Rosenburg
Bill Gates
Larry Ellison
James Kimsey
Anita Roddick
Steven Spielberg
Steve Jobs
Henry Ford
Bud Hadfield
Richard Branson
Oprah Winfrey
James Kimsey
Debbi Fields
William Lear
Thomas J. Watson
Russell Simmons
Unit A: Entrepreneurship Foundations
Summer 2012, Page 24