ECONOMICS AND ENTREPRENEURSHIP: MAKING IT HAPPEN

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ECONOMICS AND ENTREPRENEURSHIP MAKING IT HAPPEN

• ACTE CONFERENCE
• ATLANTA, GA
• December 1, 2006
• GREGORY P. VALENTINE, Ph. D.
• UNIVERSITY OF SOUTHERN INDIANA

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ECONOMICS

• Greek Root
• Eco Land
• Nomic Law
• Law of the Land

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ENTREPRENEURSHIP

• French Root
• Entre Enter
• Preneur Undertaking
• Entering a new Undertaking (business)

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Entrepreneurs

• Entrepreneurs are people or groups that use
• Limited or Scarce Resources to
• Provide those goods and services
• that consumers
• Need and Want

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Land/ Natural
Economic Resource Pyramid (Factors of Production)
Capital/ Physical
Human/ Labor
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Idea
ENTREPRENEURIAL PYRAMID
Labor/ Team Members
Capital/ Fiscal
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MEET THE ENTREPRENEURS

• BILL GATES MICROSOFT
• OPRAH WINFREY HARPO PRODUCTIONS
• SAM WALTON WAL-MART

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MEET YOUR LOCAL ENTREPRENEURS
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CHARACTERISTICS OF AN ENTREPRENEUR

• 1.
• 2.
• 3.
• 4.
• 5.
• 6.
• 7.
• 8.
• 9.

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HOURLY WORKER

• Federal/State Min. Wage ?
• Avg. Hours in Work Week ?
• Avg. Days in Work Week ?
• Avg. No. of Weeks Worked per Year ?
• Avg. Yearly Income ?

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ENTREPRENEUR

• Number 1 Entrepreneur in the world
• Bill Gates
• 52,000,000,000 Net Worth
• Divide 52,000,000,000 by 50 Weekly (a)
• Divide (a) by 5 Daily (b)
• Divide (b) by 8 Hourly (c)
• Divide (c) by 60 Minute (d)
• Divide (d) by 60 Seconds

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ENTREPRENEUR FOR A DAY

• 1. Select Entrepreneur(s)
• 2. Entrepreneur(s) select workers
• 3. Entrepreneur determines what to produce
• 4. Entrepreneur obtains funds
• 5. Entrepreneur/workers produce
• 6. Entrepreneur pays all bills first
• 7. Entrepreneur determines profits/losses
• 8. Debriefing