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Entrepreneurs
The Business of Owning a Business
The News & Lemonade Stand
My first business (5th grade)
Ever dream of being your own boss someday?
Difficulties and risks
Economic Institutions “An organization or idea (formal or
informal) that influences economic behavior.”
Many products are designed with certain economic institutions in mind.
Examples: Families Businesses Workers
Which economic institution is in mind?
Which economic institution is in mind?
Which economic institution is in mind?
Which economic institution is in mind?
Which economic institution is in mind?
Which economic institution is in mind?
Which economic institution is in mind?
Which economic institution is in mind?
Starting a Business
The Entrepreneur “An individual who is
willing to organize and manage a business.”
They take risks to develop original ideas, start businesses, create new industries, and fuel economic growth.
They answer the basic economic questions of what, how, and how much.
Famous Entrepreneurs Magic Johnson
Enterprises ($700 Million):
Magic Johnson Movie Theaters
“The Magic Hour” (T.V. Show)
Magic Johnson Productions (Promo Company)
Magic Johnson Entertainment (Movie Studio)
Fat Burgers
Famous Entrepreneurs (Cont’d)
Various Cookbooks “30 Minute Meals”
(Food Network show) Every Day with
Rachael Ray (Magazine)
“The Rachael Ray Show” (Syndicated Talk Show)
Yum-O Organization
An Infamous Entrepreneur
Tom Vu, Real Estate Entrepreneur (Now in Prison)
Tom Vu Infomercial from the 1980’s
The Captains of Industry
John D. Rockefeller (Oil) Founded Standard Oil
Co. Philanthropy:
University of Chicago, Rockefeller University, & Spelman College
Rockefeller Foundation (medicine, health, & the arts)
Gave away $550 million
The Captains of Industry (Cont’d)
Henry Ford (Cars) Founded Ford Motor Co.
Invented the modern assembly line & mass production
Introduced the minimum wage ($5-per-day) & 40-hour work week
Philanthropy: The Ford Foundation
(education, arts, & human rights)
Gave away $530 million
The Captains of Industry (Cont’d)
Andrew Carnegie (Steel) Founded U.S. Steel Philanthropy
Founded Carnegie Mellon University
Carnegie Endowment for International Peace
Carnegie Corporation of New York
Carnegie Hall Gave away $350
million
Help for Entrepreneurs
Patents and copyrights The Small Business Administration
(SBA) Government agency created in 1953 Advises, helps, and protects the
interests of small businesses Provides loans to help begin or
expand businesses
Breakdown of Business Ownership
U.S. Ownership of Businesses
Corporations13%
Partnerships11%
Sole Proprietorships
76%
Do you have what it takes?
You have the entrepreneurial spirit if you: Seek out responsibility Are willing to take risks Believe in yourself Desire to reach your full
potential Have high energy levels Are upbeat and
optimistic
You have the entrepreneurial spirit if you: Look toward the future rather than the past Value achievement over money Maintain flexibility as you face new
challenges Are strongly committed to your goals
Do you have what it takes (Cont’d)?