Economics & Management Sciences - Term 1 - Week 4

Entrepreneurship is the process of starting and running a business. An entrepreneur is someone who creates a new product or service to meet a need in the market. For example, if someone opens a lemonade stand on a hot day, they are being an entrepreneur. They identify a need for refreshing drinks and take action to provide it.

Consider famous entrepreneurs like Steve Jobs, who co-founded Apple, or Oprah Winfrey, who created her own media empire. In our community, we might have local entrepreneurs such as a baker who sells cakes or a gardener who offers landscaping services. Each of these individuals saw an opportunity and took steps to turn their ideas into reality.

Let's create a word wall with key terms related to entrepreneurship. Words like 'innovation', 'risk', 'profit', and 'business plan' will be added. As a class, we will discuss each term, and students will take turns explaining what they think each word means in their own words. This will help reinforce their understanding of the vocabulary.

Students will work individually or in pairs to create a simple business plan for a product or service they would like to offer. They should include the name of their business, what they will sell, who their customers will be, and how they will promote their business. After completing their plans, students will present their ideas to the class, explaining their entrepreneurial vision.

• A person who works for someone else
• A person who starts their own business
• A person who sells products online
• A person who manages a store

Answer: A person who starts their own business

An entrepreneur is defined as someone who creates and runs their own business.

• A school
• A bakery
• A park
• A library

Answer: A bakery

A bakery is a business that sells baked goods to customers.

Answer: Steve Jobs

Steve Jobs is known for co-founding Apple and revolutionizing technology.

• Making something new
• Following old methods
• Selling products
• Working in a team

Answer: Making something new

Innovation refers to the process of creating new ideas or products.

• A plan for a vacation
• A guide for starting a business
• A list of employees
• A budget for personal expenses

Answer: A guide for starting a business

A business plan outlines how a business will operate and succeed.

Answer: Investing money in a new business

Entrepreneurs often invest their own money to start a business, which is a financial risk.

• To make products cheaper
• To inform customers about products
• To hire more employees
• To reduce costs

Answer: To inform customers about products

Marketing helps businesses reach potential customers and explain their offerings.