Entrepreneurs

/:ntrəprə’nəЗם,/

/,a:ntrəprə’nəЗ:r/

General meaning

• assuming, organizing and managing risk of a business in return for the profits

• pioneering change

• working for himself/herself

• 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) 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

CHALLENGE!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...

Talented entrepreneurs...

1 provide a useful service for society2 come from families which run a number of

businesses3 enjoy working alone whenever necessary4 often give good advice or help5 try to resolve difficulties all by themselves6 know how to organize special events7 sometimes write down plans for the next

week

Talented entrepreneurs...(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?

Capital$$$? Finance$$$?

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

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 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

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.

Vision statement (cont.)

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

CHALLENGE!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!

Mission statement or Purpose

• 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

CHALLENGE!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.

Business PlanA 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