Characteristics of Entrepreneurs

1. Characteristics of Entrepreneurs Economics & Business Sample Lesson

2. Prepare for Learning Being in the Sixth Form is different! • As soon as you come into the room, write your name on a label and wear it • form a horseshoe around the room. • Line up in order of the alphabetical order of the third letter of your first name. • Those nearest the door = nearest the beginning of the alphabet • Those nearest the window = nearest the end of the alphabet

3. Agree Learning Outcomes Would today be successful if you could…? • Describe what is meant by the word ‘entrepreneur’ • Be able to recall at least 5 characteristics of entrepreneurs • Find out about some real entrepreneurs in their teens and early twenties • Be artistic, with the chance to be rewarded with chocolate • Know what to expect from a typical Economics & Business lesson

4. Present Information What is an Entrepreneur? http://www.youtube.com/watch?v=lZKhZmvJuZY

5. Construct Meaning What is an Entrepreneur? • Working with the person next to you,and recalling the video you have just seen, devise a one-sentence definition of an Entrepreneur • Discuss your definitions with the rest of the class. • How does it compare with the definition in the revision guide?

6. Present Information Revision Guide • Highlight the revision guide. • Try and memorise: • Eight characteristics of entrepreneurs • The names of six entrepreneurs mentioned in the text

7. Construct Meaning Profile Hunt • Teams of 4 • In your packs, you will find pictures of 10 entrepreneurs and a selection of facts about them. • At the front of the room, you will find profiles of each entrepreneur • Your Task: • Match all the descriptors to the correct entrepreneur • Only one person from each group is allowed to look at the profiles at any one time • You have 15 minutes to complete as much as possible!

8. Apply to Demonstrate Profile Poster • There are 10 bars of chocolate to win on this task. • You are required, in your groups to produce a profile poster for one or more of the entrepreneurs you have found out about today. • Your group may choose to produce any number of posters. How many chocolate bars will your group try to win? • Winning posters will include: • Information from the previous task • Information from the entrepreneur’s web-site • Other info researched from the Internet • Key characteristics of the entrepreneur • A strong visual appeal, with use of colour (use the pens provided) • Blu-tac finished posters to the whiteboard with your name on the reverse

9. Review Learning Review Time • Which of the entrepreneurs do you think is likely to have: • The biggest success • The biggest flop With their current idea? Why? • What entrepreneurial characteristics do these people demonstrate? • Who will win some chocolate?

10. Review Learning Last Question • Without looking at your work or your hand-outs, how many of the 8 entrepreneurial characteristics can you remember?

11. Characteristics of Entrepreneurs Economics & Business Lessons 2 and 3

12. Prepare for Learning Being in the Sixth Form is different! • As soon as you come into the room, write your name on a label and wear it • form a horseshoe around the room. • Line up in order of the alphabetical order of the third letter of your first name. • Those nearest the door = nearest the beginning of the alphabet • Those nearest the window = nearest the end of the alphabet

13. Prepare for Learning Steve Jobs and THAT Speech Make a note of three key things in the speech which you think you will or would like to remember. Why do you think that this speech has been described as ‘inspirational’? • http://www.youtube.com/watch?v=D8XMS7n8N9Q&feature=youtu.be

14. Agree Learning Outcomes Would today be successful if you could…? • Identify the characteristics of successful entrepreneurs? • Evaluate whether you have what it takes to run your own business?

15. Present Information What is an Entrepreneur? Joseph Schumpeter (1949) An entrepreneur is an innovator who uses the inventions of others, sees a profitable opportunity to combine these inventions in a new way, raises finance for it, organises the human and physical resources required and provides leadership. An entrepreneur upsets convention and is responsible for creative destruction. It could be a new product, a new process, a new market for an existing product – all can lead to creative destruction. The steam engine, the railway, electricity, the car, the computer, the Internet, are all examples of new technologies which have created new jobs and destroyed jobs too. Entrepreneurs are responsible for this creative destruction which provides us in the long-run, with economic growth. Which aspects of this description would you say apply to Steve Jobs?

16. Present Information Case Study: http://www.bbc.co.uk/news/business-27371167

17. Present Information Case Study: http://www.bbc.co.uk/news/uk-england-devon-27371000

18. Present Information Case Study: http://www.bbc.co.uk/news/technology-27829873

19. Present Information Case Study: http://www.bbc.co.uk/news/business-28082782

20. Present Information What is an Entrepreneur? Frank Knight (1921) An entrepreneur is someone who takes risks and is willing to put their own time and capital into an idea. Knight also distinguished between risk and uncertainty: with risk you know that there could be a range of possible outcomes and you can assess the probability of each; with uncertainty, you can’t even guess what the range of possible outcomes might be. So an entrepreneur takes on both risk and uncertainty. Which aspects of this description would you say apply to: Steve Jobs; MetteLykke; Thor Fridriksson; Chris Dawson; Steve Smith

21. Present Information Characteristics of Entrepreneurs What can we learn about entrepreneurs from the Dragons Den? http://www.bbc.co.uk/programmes/b006vq92 Kirsty Henshaw (Worthenshaws) Levi Roots Jessica Ratcliffe Alan Burton and Gavin Oates (Tree of Knowledge) Sarah & Mike Longthorn & Laura Booth (WedgeWellie)

22. Which Factors have most influence in Determining Business Success? (Top 3?) • Peer group • School education • Understanding money from an early age • High appetite for risk • Support from an individual family member • Innate talent for wealth generation • Local business network • Determination • Modest family background • Wealthy family background • University education • Independence from an early age • Strong family ties • University education • Receiving good professional financial advice

23. Construct Meaning Characteristics of Entrepreneurs

24. Construct Meaning Characteristics of Entrepreneurs • What it means to be your own boss • What are the qualities you need to be your own boss? • Have you got what it takes to be your own boss? • http://tinyurl.com/EntQualCheck • Decide if running a business is for you (StartUp Donut) • http://tinyurl.com/donutSU • Characteristics of Entrepreneurs worksheet (16)

25. Apply to Demonstrate Who is Your Role Model? • Visit the BBC Dragon’s Den web-site to look at profiles of different entrepreneurs. • Choose one entrepreneur which you particularly admire. • See what other information you can find out about this entrepreneur on the Internet • Send them a Tweet or message via Facebook to let them know your appreciation • Write an A4 page to explain: • Who your role model is • What their background is • What it is about them that makes you admire them • What you think you might be able to learn from them • Any communication you have had with them via social media

26. Week 2 What Motivates Entrepreneurs/ Leadership Styles Economics & Business Lesson 1

27. Prepare for Learning Why was Eric a deranged lunatic? • Can you think of 10 reasons to start your own business?

28. Agree Learning Outcomes Would today be successful if you could…? • Explored profit and non-profit related motives for why people set up businesses

29. Present Information Motivations of Entrepreneurs Watch the videos about: i) The entrepreneur who started a jewellery-making business from home. ('Why do people work?' ) [videos folder] ii) The One Water Story Find the motives of other entrepreneurs at www.startups.co.uk Start-Up stories: What can we learn from Charles Armstrong?

30. Construct Meaning Motivations of Entrepreneurs As a class, can you compile 15 reasons why people start up businesses? Get someone to type them up and e-mail them to everyone in the class!

31. Construct Meaning How Many of These Did You Get? What were the Top 3 in a survey? • Financial independence • Be able to retire early • Enjoy making money • A better personal lifestyle • Personal development • Be my own boss • Contribute to society • Seizing opportunity • Being able to create something new • Be able to help others • Financial security in retirement • Status • Personal satisfaction from the work • Security for children

32. Present Information

33. Construct Meaning Motivations of Entrepreneurs • 62 .Motives For Entrepreneurship Worksheet • 94. Start-Up Objectives Worksheet

34. Apply to Demonstrate www.startups.co.uk/entrepreneurs • Visit this web-site and find out about other entrepreneurs • Can you find: • 2 entrepreneurs whose main motivation was • To be their own boss • To achieve financial independence or make lots of money • To enjoy what they do • To contribute something to society • Write down their names/business/motivation • Thinking of running your own business and need inspiration? Check out these How-To guides (http://www.startups.co.uk/guides)

35. Apply to Demonstrate Alternative Can Artists Be Entrepreneurs Too? • Billy Bragg article • http://youtu.be/KMf-XAOZRmU?t=41s

36. Review Learning Review • Write the names of the entrepreneurs you identified on the board under each of the different headings • If you decided to become an entrepreneur, what do you think would be your main motivation? • How many entrepreneurs can you list after studying this subject for two weeks (excluding Alan Sugar and Richard Branson!)?

37. Week 2 What Motivates Entrepreneurs/ Leadership Styles Economics & Business Lesson 2

38. Prepare for Learning What Is Leadership? • http://www.youtube.com/watch?v=fT2I6hrr4Yk • Watch the video • Write down the quote from Peter Drucker • In your own words… • Explain what it means • Write down your own definition of leadership

39. Agree Learning Outcomes Would today be successful if you could…? • Consider various leadership styles and their appropriateness to different circumstances

40. Present Information What’s Your Leadership Style? • http://tinyurl.com/lead-quiz • When you’ve taken the quiz, you will be given a leadership style • Click on the hyperlink you are given to find out more about this leadership style • Find out another name for this style • Write your name on the board under the appropriate heading • Write down: • Your leadership style • Situations in which this style might work well • Situations in which this style might not work well

41. Present Information Types of Leadership (which one have we not covered so far?) • Autocratic • Strict discipline • Orders given and obeyed • Paternalistic • Leader makes decisions… • …but looks after the welfare of employees • Democratic • involves employees in formulating strategy and making choices • consults to gather views • ultimately takes decisions and responsibility. • Laissez-faire • Leader leaves employees to do things in their own way.

42. Present Information Horses for Courses • Different types of situation/business require different types of leadership • For each type of leadership, can you: • identify examples of this leadership type? • explain advantages? • explain disadvantages? • describe situations where each type might be appropriate

43. Construct Meaning Leadership Styles in Practice (1) • How would you describe these leadership styles? • Is it ever appropriate? • When? Basil Fawlty: http://youtu.be/cwYPCFfbhZM

44. Construct Meaning Leadership Styles in Practice (1) • How would you describe these leadership styles? • Is it ever appropriate? • When? Lean on Me: http://youtu.be/sWyLHU4ZaN0

45. Construct Meaning Leadership Styles in Practice (2) • How would you describe this leadership style? • When is it appropriate? • What are the drawbacks?

46. Construct Meaning Leadership Styles in Practice (2) • How would you describe this leadership style? • When is it appropriate? • What are the drawbacks? Aussie leaders: http://youtu.be/fYgPPwyxoiM

47. Construct Meaning Leadership Styles in Practice (2) • How would you describe this leadership style? • When is it appropriate? • What are the drawbacks? http://www.youtube.com/watch?v=OtVJuMoN7Uw&feature=youtu.be

48. Construct Meaning Leadership Styles in Practice (3) • How would you describe these leadership styles? • When is it appropriate? • What are the drawbacks? Mike Bassett: http://youtu.be/J4x05Z3MSkQ

49. Construct Meaning Leadership Styles in Practice (3) • How would you describe these leadership styles? • When is it appropriate? • What are the drawbacks? Ingvar Kamprad: http://youtu.be/fhQt08zBVzw

50. Present Information Leadership Styles in Practice (4) • In reality, most businesses operate all three of these leadership styles, recognising that the most appropriate style varies according to circumstances. • This is called situational leadership http://tinyurl.com/sit-lead-AS