Economics & Management Sciences - Term 3 - Week 10

Entrepreneurship is the process of starting and running a business to make a profit. Entrepreneurs are individuals who identify a need in the market and create solutions to meet that need. They take risks to develop their ideas and often contribute to the economy by creating jobs and providing goods or services. In our discussion, we will explore various entrepreneurs, including local business owners, and how their work impacts our community.

Let's consider a few examples of entrepreneurs. For instance, a local baker who opens a bakery to sell bread and pastries is an entrepreneur. They saw a demand for fresh baked goods in the neighborhood and decided to meet that need. Another example is a child who starts a lemonade stand during summer. They identify a hot day as an opportunity to sell lemonade to thirsty customers. Both examples illustrate how entrepreneurs recognize opportunities and take action to create a business.

As a class, we will create a vocabulary list related to entrepreneurship. Words such as 'business', 'profit', 'risk', 'innovation', and 'market' will be discussed. Each student will then choose one word from the list and explain it in their own words. This activity will help reinforce their understanding of key concepts and allow them to express their thoughts clearly.

Students will create a mini-project where they will design their own business idea. They will write a short description of their business, what products or services they will offer, and how they plan to attract customers. They can draw a logo or create a poster to present their idea. After completing their projects, students will share their ideas with the class, allowing for feedback and discussion.

• A person who works for someone else
• A person who starts and runs a business
• A person who only sells products
• A person who only works in an office

Answer: A person who starts and runs a business

An entrepreneur is defined as someone who takes the initiative to create and manage a business.

• Risk-taking
• Creativity
• Avoiding challenges
• Determination

Answer: Avoiding challenges

Entrepreneurs are known for facing challenges head-on rather than avoiding them.

Answer: A local baker who owns a bakery.

This answer shows an understanding of entrepreneurship by identifying a specific individual and their business.

• The money spent to start a business
• The money earned after expenses are paid
• The total sales of a business
• The number of customers served

Answer: The money earned after expenses are paid

Profit is the amount of money a business makes after subtracting costs.

Answer: Investing money in a new business.

This answer highlights a common risk entrepreneurs face when starting a business.

• It helps them avoid competition
• It allows them to create new products or services
• It guarantees success
• It reduces costs

Answer: It allows them to create new products or services

Innovation is crucial for entrepreneurs as it helps them stand out in the market.

Answer: Offering promotions or discounts.