Steve Jobs, young entrepreneur started his own company at age 21. Today he is CEO of Apple, Inc.
Class Review, Day 1
What is an entrepreneur?
An entrepreneur is a person who starts his or her own business in hope of earning a profit. Profit is income earned after all your expenses are paid. An entrepreneur is able to recognize customer wants and provide a product or service for this want.
The 'Big 4', as an entrepreneur you must:
1. Fill A Need: know what is needed in your area and know your potential competitors
2. Research: Know your customer and your product (or service). Have expert knowledge of both the customer and the product.
3. Be Creative and Innovative: think outside the box, look for new and different solutions to needs that have been identified
4. Believe in Yourself and Love what you do: Know your likes and passions, skills/abilities, and work to improve them.
Vocabulary Review
Business: A company or organization that buys or sells products or product services
Customer: A person who purchases a product or service
Entrepreneur: A person who starts his or her own business in hope of earning a profit
Innovative: To create something new, original, or groundbreaking
Product: An item created for sale, like cookies or computers.
Service: Providing something useful, like babysitting or animal care.
Profit: Income earned after all expenses are paid
Class Chat: Today we played a quiz game and learned about famous entrepreneurs and how they got their start. We talked about Bill Gates, Steve Jobs, Jennifer Lopez, Oprah Winfrey, and Madame CJ Walker, some entrepreneurs were very young when they started their businesses. All of these entrepreneurs decided to pursue their passions and make money doing what they loved the most.
But let's not forget not all business owners are entrepreneurs, remember the Ray Kroc example? Ray Kroc purchased McDonald's, a well established business, expanded on it and took the risks to make it a huge thriving business.
Homework, please have the answers to these questions ready for our next class:Next week we will start file folders to collect our work and business plans
Writing Work:
How am I like the entrepreneurs I learned about?
What types of marketing set them apart from others in their speciality? (Example, Ben and Jerry's have funny names for flavors)
What are my specials skills and areas of expertise?
Start brainstorming and listing what type of business you will be opening
What type of business do I want to run?
How will I fund my venture? Bank money, personal money, shareholder
Additional Work:
Collect examples of businesses showing entrepreneurial risk taking - sales advertisements with sayings such as "The best in town", 'Lowest Prices Around", etc. If you are able to please clip or print out these examples so we can share them with the class.