Traits of Entrepreneurs

• Entrepreneurs have several characteristics – They organize resources and manage them in innovative

ways to increase output.– They look for new ways to produce goods and services– They are willing to take risks – They are willing to face stiff competition– They are willing to take advantage of legal ways to limit

competition • Patents • Copyrights

– They take steps to earn as much profit as possible

Shark Tank Clip

• Identify specific traits of entrepreneurship in the clip.

Big Business Strategies

• Corporations:– Organizers raise money by selling shares of stock in the

company. Stockholders who buy the shares receive a percentage of the corporation profits

• Trust:– A group of companies form together and run all of the

companies as a single enterprise. A trust reduces competition• Monopoly:– When a trust has almost complete control over of an industry.

A monopoly has almost complete control over price and quality of a product

Big Business Strategies

• Vertical Integration:– Owning all stages of the manufacturing process– Example: If the manufacturer of lawn mowers

merged with a manufacturer of small engines.• Horizontal Integration:– Owning all businesses in a specific field to cut down

costs – Example: If the manufacturer of lawn mowers

merged with another manufacturer of lawn mowers

Who am I assignment

• Choose a prominent entrepreneur from Section 15.2 p473-480 such as:1. Andrew Carnegie p4752. John D Rockefeller p4773. Cornelius Vanderbilt p4784. George Westinghouse p4785. George Pullman p479

• Write a short biographical “Who Am I?” speech in the role of your assigned entrepreneur, omitting the person’s name .

One Word Summary

• Choose a prominent entrepreneur from Section 15.2 p473-480 such as:1. Andrew Carnegie p4752. John D Rockefeller p4773. Cornelius Vanderbilt p4784. George Westinghouse p4785. George Pullman p479

• Choose one word to describe the prominent entrepreneur and write one paragraph explaining why you selected that word.

Big Business Leaders

• Andrew Carnegie: Innovations in the steel industry used vertical integration

• John D. Rockefeller: Innovations in oil refining used horizontal integration

• Cornelius Vanderbilt: Innovations in the railroad industry. Combined small rail lines to make larger direct routes

• George Westinghouse: Invented the compressed air brake. Trains could haul more cars at greater speeds

• George Pullman: Designed long-distance rail cars

A New Capitalist Spirit

• Laissez-faire capitalism: Means hands off, this theory calls for no government intervention in the economy

• Social Darwinism: Refers to the “Survival of the fittest” – If a person or company is successful in business

through the attainment of wealth, they will be successful in life

DBQ: Introductions

• Grabber: Something interesting about the topic to hook the reader. Do Not begin with a question

• Background: Provide some relevant background information about the topic

• Stating the question with key terms defined: Tell the reader what the question is– Use the following sentence starter – The question is ….

• Thesis and Roadmap: What is your argument? What are the three categories to support your argument