ENTREPRENEURSHIP

Resource bank, p. 56-63MK, p. 78-79

What do they have in common?

ENTREPRENEURS (‘ɒntrəprə’nɜr/)

ENTREPRENEURSHIP, n.ENTREPRENEURISM, n.ENTREPRENEURIAL, adj.

What are the easiest routes to making your first million?

• Intelligence?• Hard work?• Inheritance?• An outstanding education?• Luck?• Risk?• Good looks?• I.Q.?

1. Name more entrepreneurs you know.2. What qualities do entrepreneurs need?3. What do you need to start a business?4. How can start-ups be funded?5. , -Beside funding what assistance can a new start

?up receive6. What advantages and risks are associated with

privately run businesses?7. Is there any difference between an entrepreneur

and a manager?

Entrepreneur vs. managerEntrepreneur is an owner or manager of a businessenterprise who makes money through r_ _ _ _ and i_ _ _ _ _ _

_ .A person who is willing to help launch a newventure or enterprise and accept full r_ _ _ _ _ _ _ _ _ _ _ _ _ for the outcome.

Manager is a person who is in charge of getting peopletogether to accomplish desired g_ _ _ _ and objectivesusing available resources efficiently and effectively.Management comprises pla_ _ _ng, or _ _ _ _zing, staffing,l _ _ _ _ng or directing, and co _ _ _ _ lling an organization.

Entrepreneur vs. managerEntrepreneur is an owner or manager of a businessenterprise who makes money through risk and initiative.A person who is willing to help launch a newventure or enterprise and accept full responsibilityfor the outcome.

Manager is a person who is in charge of getting peopletogether to accomplish desired goals and objectivesusing available resources efficiently and effectively.Management comprises planning, organizing, staffing,leading or directing, and controlling an organization.

• -a start up• a business• a venture• an enterprise• a firm• a company• venture capital• a venture capital firm• - a start up incubator• business angels• a stake

• / conduct do marketresearch

• determine the validity of the idea

• see the feasibility of the business plan

• Read the text on RB p. 56 and answer the questions in exerc. 1

• Do voc. II, III

Name more entrepreneurs you know.What qualities do entrepreneurs need?What do you need to start a business?How can start-ups be funded?

, - Beside funding what assistance can a new start up?receive

What advantages and risks are associated with privately run businesses?

Is there any difference between an entrepreneur and a manager?

• PAIR WORK• W 10 / rite down tips or and rules for a future

( / entrepreneur on how to keep and grow his her)business

• W atch a short film and compare your list with the 10 top rules provided by the leading world

entrepreneurs

Entrepreneurs• Richard Branson• Pierre Omidyar• Ma rk Cuban• Jerry Weintraub• Jay Z• Michael Dell• Jeff Bezos• Elon Musk• Steve Wozniak• Howard Schultz

Businesses• .Apple Inc• Weg• .Broadcast com• Virgin• Tesla Motors• ( )Musician Rap• eBay• .Amazon com• Starbucks• Dell

• Richard Branson• Pierre Omidyar• Ma rk Cuban• Jerry Weintraub• Jay Z• Michael Dell• Jeff Bezos• Elon Musk• Steve Wozniak• Howard Schultz

• Virgin• eBay• .Broadcast com• Weg• Rapper• Dell• .Amazon com• Tesla Motors• .Appče Inc• Starbucks

• https://www.youtube.com/watch?v=0AH8VAqljL8

STUDENTS’ ENTRPRENEURSHIP IN CROATIA

• Read the text on p. 63, Exerc. I, and fill in the gaps.

• Answer the questions in exerc. II

• Watch:• http://tedxtalks.ted.com/video/Vo%C4%91enjem-

startupa-do-ostvarenja;search%3Aana%20burica • http://teddytheguardian.com/#portfolio-pos

• Read:• http://www.cnet.com/news/from-croatia-to-ces-the-

story-of-teddy-the-guardians-unlikely-las-vegas-debut/

ARE YOU READY TO BE AN ENTREPRENEUR?

• Do you possess a personality of an entrepreneur?

• Do the questionnaire on p. 58 and find out.

Sort out the phrasal verbs and find all word partnerships with a business and business. Then fill in

the gaps in the sentences below.

turn smth into put somebody out of run have go out of found set up do close down start go into

____________ ___________

___________ _______ _______ a business ____________ business

____________ _________________________

____________

____________

• The company _______ business with China manufacturing most of the clothes in Asia.

• She has ________ a business as a hairdresser.• After being out of work for several years, she decided to ________ a

small business.• When he left school, he _______ a business with his brother.• If you __________ business privately it will mean a lot of hard work.• Only few people may say that they successfully managed to _____

their hobbies _______ a business.• The government introduced new regulations which unfortunately

made a lot of start-ups ___________ business.• The company is ___________ its London office due to reduced

business operations.

• The company DOES business with China manufacturing most of the clothes in Asia.

• She has SET UP a business as a hairdresser.• After being out of work for several years, she decided to START a

small business.• When he left school, he RAN a business with his brother.• If you GO INTO business privately it will mean a lot of hard work.• Only few people may say that they successfully managed to TURN

their hobbies INTO a business.• The government introduced new regulations which unfortunately

made a lot of start-ups GO OUT OF business.• The company is CLOSING DOWN its London office due to reduced

business operations.

win make (2x) do launch take on invest supervise expand set up go out of improve Renata Ivić (1) ________ a small business providing childcare services

a few years ago. She (2) ________ a loss at the beginning, but after some time she started (3) _________ a profit. Since the recession started, a lot of small firms (4) _____________ business. Last year Renata (5) ________ a contract to provide a childcare service for a well known shopping centre chain. She (6) _________ staff and (7) ________ her business. Her sales figures (8) ________ and now her firm’s annual turnover is more than ten million kunas.

When people ask her what the secret of her success is, she says she has always been very cautious. Whenever she plans to (9) _______ a new childcare service on the market, she (10) ______ market research. Besides, she (11) ________ in the training of her staff and personally (12)________ the business. However, a successful business, Renata says, means years of hard work, determination to overcome obstacles and last but not least, good luck.

win make (2x) do launch take on invest supervise expand set up go out of improve Renata Ivić (1) SET UP a small business providing childcare services a

few years ago. She (2) MADE a loss at the beginning, but after some time she started (3) MAKING a profit. Since the recession started, a lot of small firms (4) HAVE GONE OUT OF business. Last year Renata (5) WON a contract to provide a childcare service for a well known shopping centre chain. She (6) TOOK ON staff and (7) EXPANDED her business. Her sales figures (8) IMPROVED and now her firm’s annual turnover is more than ten million kunas.

When people ask her what the secret of her success is, she says she has always been very cautious. Whenever she plans to (9) LAUNCH a new childcare service on the market, she (10) DOES market research. Besides, she (11) INVESTS in the training of her staff and personally (12)SUPERVISES the business. However, a successful business, Renata says, means years of hard work, determination to overcome obstacles and last but not least, good luck.

When starting a business, you need ...

• a great idea• raise funds (borrow money or take a loan)• and a business plan

DRAWING UP A BUSINESS PLAN

What should it consist of?Brainstorm in pairs

Turnover profit sources wages fundsequipment skills competition savings

premises advertise priceYour business plan will include the ______ of finance which

are either your personal ______ or borrowed _____ from private investors or a bank.

It will state the location of the _____, the ______, method and cost of production, the product’ design, its ____ and your employees’ required ______ and _____.

It is good to include the size of the market, who will buy the products, existing ______ as well as how to promote and _____ the business.

Last but not least, a good business plan must include the calculation of a ______, costs and expected ____.

Your business plan will include the sources of finance which are either your personal savings or borrowed funds from private investors or a bank.

It will state the location of the premises, the equipment, method and cost of production, the product’ design, its price and your employees’ required skills and wages.

It is good to include the size of the market, who will buy the products, existing competition as well as how to promote and advertise the business.

Last but not least, a good business plan must include the calculation of a turnover, costs and expected profit.

BUSINESS PLAN MK, p. 78

• Read the text on p. 78 and put ten standard elements in the order of the actual business plan.

• Exercises 1 & 2

Words you might need when preparing your business plan:

Funds property offices factoriesLeased purchased target customers

up or down market position of products and services Major competitors to market (sell) products

Press mass media word of mouth advertising web ads internet

Equipment potential customersComparative advantage distribution network conduct the sale ( a business )break even

Sales targets

QUESTIONS FOR CREATIVE THINKINGA. What kind of business would you start if your family would lend

you 15,000 kn to get it started?B. What kind of business would you start if you and two classmates

had access to a loan for 100,000 kn?C. What kind of business could you start if you want to do business

with another country?D. What type of business could you start while still going to the

faculty?E. What type of business could you run while also working part

time job (to provide the security of a salary while the business grows)?

F. How could you start a business and then later make it into your own franchising business for purposes of expansion?

II Think about a business you could start as a group. Then write a draft for a business plan. Get started by using one of the following proposals.

Refreshment stand

Food delivery service

House cleaning service

Second hand clothes shop

Childcare service

Shopping service for the elderly

Computer service business

Pet sitting

Youth hostel

B&B on the coast

Fried fish stand

 

•

• HW Assignments

1. ( . 60, 61, 62)Crazy Diamonds text with exercises p

1. Crowdfunding : Finding the funds p. 62

Watch the link and write down the tips