Lesson 1: Foundations for an Entrepreneur

In this lesson students will be introduced to entrepreneurs and the role they play in the economy. Complete lesson instructions and supporting slides can be downloaded.

Economics

Economics is the study of choices. Entrepreneurs must make choices as they create and implement their business. Therefore it is important that entrepreneurs understand the importance of economics in their decision-making. This lesson introduces students to entrepreneurs but defining entrepreneurship, thinking about characteristics of an entrepreneur, and beginning the process of brainstorming an idea for a business as a solution to a specific problem they identify in a given industry. 

Objectives:

After completing this lesson students will be able to:

• identify entrepreneurs globally, nationally, and locally. 
• describe the characteristics of an entrepreneur.

Standards and Benchmarks

Voluntary National Content Standards in Economics

Standard 14: Entrepreneurship 

Entrepreneurs take on the calculated risk of starting new businesses, either by embarking on new ventures similar to existing ones or by introducing new innovations. Entrepreneurial innovation is an important source of economic growth.  

• Benchmark Grade 12
  • Entrepreneurial decisions affect job opportunities. 

• Benchmark Grade 8
  • In addition to profits, entrepreneurs respond to other incentives, including the opportunity to be their own boss, the chance to achieve recognition, and the satisfaction of creating new products or improving existing ones. In addition to financial losses, other disincentives to which entrepreneurs respond include the responsibility, long hours, and stress of running a business.

Concepts

Entrepreneur, Entrepreneurship

Time Required

60 minutes