Entrepreneurship - Chobani PowerPoint

Entrepreneurs:
A Passion for
Innovation
Session 1
ssion 1: Learning Objectives

Explain who and what an
entrepreneur is.
xplain why entrepreneurs are important to the econo

Understand what innovation is and how it
applies to entrepreneurs.
Copyright 2014 Discovery Education. All rights reserved.

Discovery Education Inc. is a subsidiary of Discovery Communications, L.L.C.
Who what
or
is
entrepreneur?
an

n Entrepreneur Is
a person who organizes and
manages abusiness undertaking,
assuming the risk for the sake of
profit
An entrepreneur: Sees an
opportunity. Makes a plan. Starts
the business. Managesthe
business. Receives the profit.
U.S. Small Business

Administration
ntrepreneurs are
innovators: people who come
up with ideas and embody those
ideas in high-growth companies.
The
Economist

ntrepreneurs are
creative, intuitive risk
takers ready to challenge
conventional wisdom, recognizing
there is far more than profits to be
gained.
Independent Youth.org

he Recipe for Success

You are following a recipe for entrepreneurial
success.
Can you name some of theingredients?
opportunities
creativity
ideas
leadership
planning
risk-taking
There is another key ingredient. What is it?

training
experience
passion

passi
on
one thing
There is
hat all successful entrepreneurs have in comm
passion.
and that is
Ferran Adria, chef and entrepreneur

ntrepreneurs and America
Thomas Edison did not invent the light bulb

but he did invent the electric utility syste
which
made
light bulbs
practical.to
From
Benjamin
Franklin
Henry Ford, entrepreneurs

He invented the phonograph, and improved
have played an
the telegraph, telephone, typewriter, and
important role in American
stock ticker.
history.
He started various companies based aroun

Sometimes
his inventions
and these
improvements.
entrepreneurs were also

Entrepreneurs like Thomas Edison played a
inventors. Often, inventors
vital role in shaping America and helping
took existing
the economy
grow. objects and

merican DreamMeet an Entrepreneur: Hamdi Ulukay
Over the years, millions of people have

come to America in search of new
opportunities. Many of these people have
turned to entrepreneurship as a way to
achieve their dreams.
Over 40% of Fortune 500 firms
were started by immigrants or
children of immigrants.
Hamdi Ulukaya moved to America

from
Turkey and found success as an Hamdi Ulukaya, founder and CE
entrepreneur.
of Chobani yogurt

The American DreamMeet an Entrepreneur:

Hamdi Ulukaya
The U.S. is an amazing country that welcomes so
many people from
around the world and provides opportunities for
ieveryone.
Ulukaya came from a family of dairy farmers and yogurt and cheese ma
- Hamdi Ulukaya, founder and CEO,
He moved from Turkey to upstate New York in 1994 to study
Chobani
English.
In 2005, he found an ad for a recently closed yogurt factory.
nst the advice of his friends, Hamdi took out a loan and bought the factor
ent five years perfecting his yogurt recipe and then started the company
bani.
Today, Chobani employs more than 2,000 workers.
We Need Entrepreneurs
Entrepreneurship plays a vital role in
the U.S.economy.
Bureau of Labor
Statistics
It is entrepreneurs who present the

best hope of creating sustained
economic growth around the world.
Maria Pinelli, Board Chair,
National
FederationforTeachingEntrepren
eurship

Today, entrepreneurs are everywhere. In labs and

garages, all across America, theyre working on
new sources of clean energy, cures for lifethreatening diseases, and inventions that will
Because
the businesses
they
create
responsible
transform
the way
we
seeare
the
world. for most of the new jobs
in this country, helping them succeed is essential to helping our economy
Because the businesses they create are responsible
grow.
for most of the new jobs in this country, helping
them succeed is essential to
helpingBarack
our economy
President
Obama
grow.
We Need
Entrepreneurs
est What You Know

Why are entrepreneurs vital to the economy?
Entrepreneurs
provide valuable products and
services
help the economy grow
create new jobs

nnovation Means
What does it mean to be innovative?
new ideas
What does it introducing
mean to be innovative?
or
methods
having new ideas about how
something can be done
y are entrepreneurs considered innovative?

They take new ideas and
methods and apply them to a
business setting.

Meet a Food Entrepreneur

We have an opportunity to change the way
people think about fast foodSteve Ells, founder of
Chipotle Mexican Grill
Steve Ells dreamed of opening a fine-dining restaurant.
While watching an assembly line of workers at a local taqueria, he
an idea.
had
He could
open a burrito restaurant to raise money to fund a finerestaurant.
dining
He would set his restaurant apart by using only fresh ingredients.
He quit his job as a chef in San Francisco, moved back to Colorado,
and borrowed money from his father to open his first Chipotle.
He personally taught his employees exactly how he wanted the food
at Chipotle
cooked.
est What You Know

Steve Ells followed his own recipe for success.
See if you can fill in the blanks.
cooking, restaurants,
Steve Ells passion was
______
and food.
open a burrito restaurant to
He had an idea to
_______
raise money.
quitting his job and borrowing money to open
Steve Ells took a risk by _______
a restaurant.
change how people think about
He saw an opportunity to _______
fast food.
taught his employees
He showed leadership when he _______
to cook.
Meet a Young Entrepreneur

Entrepreneurs use innovation to solve problems and
improve the things we use every day. Their innovation
allows them to solve problems, follow their passion, and
create opportunities for themselves.
Christina Ramirez is a young entrepreneur who is
passionate about the
environment.
She was concerned about the amount of plastic waste
that peoplegenerate.
Christina wanted to develop a toothbrush that was not
made outof plastic.
She started Plus Ultra, a company that sells 100%
biodegradable bamboo
toothbrushes.
est What You Know

PASSION
PROBLEM
starting a
company
plastic waste
INNOVATION
OPPORTUNITY

using bamboo
the
environment
pportunities Are Everywhere

There is a better way to do itfind it.
Thomas Edison
Where others see a problem or a need,

entrepreneurs see an opportunity.
They use innovation to find a solution.
They also make a plan and start a business.
They follow their passion.
Look Around You

There are objects you use every day in your classroom.
Maybe some of these objects have problems associated
with them. Maybe you see something that needs to be
replaced or improved.
OPPORTUNITY
PLAN
Do you see an
opportunity?
Can you make a plan to

take
advantage of this
PASSION
opportunity?
Will this business let you
pursue your passion?
IDEA
Can you turn this

opportunity
into a business?
Entrepreneurs:
A Passion for
Innovation
Session 2

Describe the challenges and rewards of
entrepreneurship.
Recognize that becoming an entrepreneur is a
process, with many steps.
Understand that there are advantages and
disadvantages to starting a business at a
young age.
The Process
Every entrepreneur is unique.
However, they generally follow
a similar process.
See if you can put the steps
of the process
in order:
opportunity
evaluation
company
formation/launch
growth
idea generation
planning
Starts with an Idea

Ideas are opportunities and
innovation.
Maya Penn, teen
entrepreneur
Everything begins with an idea.

Earl
Nightingale
Take up one idea. Make that one idea

your life.

idea generation
The Process in Detail
opportunity
evaluation
planning
company
formation/launch
growth
5
STEP 2
3
1
4:
growth
opportunity
idea
planning
company
generation
evaluation
formation/launch
How
will
you
let
people
know
What
recognize
is your
a need
strategy?
or a problem;
what
you
are
doing?
Is
there
an
opportunity
here?
think
What
of
will
you
innovative
call
yoursolution
How
will
you
go
about
making
company?
What
will your
you call
Can
you
Is
it worth
time,
your
ideaincrease
ainvesting
reality?
your products/services?
yourproduction?
Your profits?
energy,
andmoney?
Will you
Yourimpact?
have a team working for you?
Key Terms
Match the terms
with their
definitions.
ventu
re
target
marke
t
asset
capita
l
invest
or
reven
ue
strate
gy

wealth in the form of money

or othergoods
something of value that is
owned by aperson or a
company
customers most likely to
patronize aparticular business
a new activity, project, or
business that typically
involves risk
a careful plan or method for
achieving a particular goal
someone who commits money
or capital in the hopes of
making a profit
money that is earned by
abusiness organization
Have a Plan
If you fail to plan, you are
planning to fail.
Benjamin
Entrepreneurs need moreFranklin
than passion to succeedthey need
aplan.This is often referred to as abusinessplan.
what you
plan to dofuture. It
A business plan is a detailed description
of a businesss
is taking your ideas atthe planning
stage
in
how
you andputting
plan to do them
it
writing.
It lets investors, future employees, and suppliers know:

Details About a Business

Plan
Foryou
more
information,
out:a business?
Are
interested
in check
starting
CreateaYour
Business
Creating
business
planPlan.
is one of the
The U.S. Small Business Administration, n.d.
most
important
steps
you
will
take
http://www.sba.gov/writing-business-plan
because the plan serves as your road map
forand
the early years of your business.
How to Write a Business
U.S.Plan.
Small Video.
Business
The U.S. Small
Administration
Business Association, 8 Jan. 2013.
http://www.youtube.com/watch?v=SMr_uLZVeM

Funding
Starting a business? Someone needs to pay for it.

ou think of some methods entrepreneurs might use to fund their venture
$
They can use money they have saved.
They can borrow money from family or friends.
They can apply for a loan from a bank.
$ They can find people willing to invest in their

business.
Remember Steve Ells? How did he fund his first
restaurant?
He borrowed money from
his father.
The Launch
How does an entrepreneur launch a business?
Test your idea by talking to
Understand your
people who have similar
customers:
What do
businesses, and to potential
they like? What dont
customers.
they like? What do they
Analyze the market, or where
want?
your
product or service will be
How
sold. did Christina Ramirez launch her business, Plus
Ultra?
She got a job at Whole Foods, where she wanted to
sell her product.
Growth
You may know what you are doing, but no one
else does.
Cyrus McCormick, early American
entrepreneur
How do you grow the business?
Marketing is how you let everyone else know whatyou are

doing.
Marketing is how you let people know howamazing your products are
Marketing is how you convince people your products or
services will make their lives better.
Madam C.J. Walker was born Sarah

Breedlove on
a Louisiana plantation in 1867. She
began Dont
losing
sit down and wait for
her hair in the 1890s, and experimented
opportunities
to
come....
with different scalp treatments.
Get up and make them!

Madam C.J. Walker
opened a C.J. Walker
Madam
image
hairdressing
business in Denver, CO, in 1905. Soon
after, she
began selling hair care products under
the name
Madam C.J. Walker. In 1910, she
* image courtesy of Library of
incorporated
Congress
the Madam
C.J. Walker Manufacturing
Meet
an Entrepreneur:
Madam C.J.
Company.
Walker
Madam C.J. Walker started with

an investment of $1.50.
She turned it into one of the
most successful minority-owned
businesses of the early 20th
century.
She became the nations first
female
self-made millionaire.
Madam C.J. Walker

y Was Madam C.J. Walker So Success

Marketing
She sold her products door to
door.
She began advertising in
newspapers.
She went on a national sales
tour.
She recruited a team of doorto-door saleswomen.
et an Entrepreneur: Ruth Handle

Like Madam C.J. Walker, Ruth Handler
was a marketing pioneer. Ruth:
invented the Barbie doll in 1959
was the first person to market toys
directly to children using television
was selling 20,000 Barbie dolls per
week within the first three months
through her company Mattel
In what way was Ruth Handler
innovative?
developed a new way to market products.
arketing Then and Now
How did marketing change between

when Madam C.J. Walker was selling
her products andRuth Handler started
selling Barbie dolls?
What types of marketing are available
ocompanies today that were not available
oMadam C.J. Walker and Ruth Handler?
Think of an example of marketing
you thought was really effective.
What did you like about it?
t Was Easy, Everyone Would Do I

Being an entrepreneur is challenging. Starting anew company
can be expensive. And, there is no guarantee you will make your
money back, or that your company will stay in business.
Being a young entrepreneur presents unique challenges.

dvantage or Disadvantage?
fresh ideas
advantage
lack of assets
lack of
experience
more time
tostartover
fewer
financial
obligations
many other
time
commitments
disadvantage
se Your Time Wisely

For teens that run businesses, it is hard to
balance academics, athletics, extracurricular
activities, and at the same time spend time
cultivating acompany.
Jordan William, co-founder of Making Money for Teens
Imagine that you are starting a

company while you are in high school.
How will you balance this with school,
homework, sports, clubs, hobbies,
spending time with family and friends,
andwhen will you sleep?
Entrepreneurs:
A Passion for
Innovation
Session 3

Recognize the skills and characteristics
common to successful entrepreneurs.
Identify the factors that motivate
entrepreneurs.
Learn about social entrepreneurs, ecoentrepreneurs, and serial entrepreneurs.

hat They Have in Common

Each entrepreneur is unique, but there are
certain characteristics and skills that most
successful entrepreneurs share.
What do you think these are? Name as
many as you can.
determined
ambitious
competitive
able to manage others
willing to take risks
re,
o You Have What It Takes?

Remember the skills and
characteristics from the
previous slide?
Take the interactive quiz to
see which of those are your
strongest.

link to interactive widget

[coming soon]
Why Do They Do It?

Entrepreneurs are
motivated by
the thrill of taking risks.
the desire to make a lot of
money.
the opportunity to be their
own boss.
the desire to deliver a product
or service that is superior to
what is currently available.

e Business of Making a Difference

To operate the Company in a way that
actively recognizes
the central role that business plays in
society by initiating
innovative ways to improve the quality of
life locally,
nationally, and internationally.
from Ben and Jerrys Mission

Giving Back
Entrepreneurs are passionate about their businesses.
Many are also passionate about giving.
Just as they put their hearts and souls into their

9 out of 10 entrepreneurs donate money personally and through
businesses,
entrepreneurs pour themselves into
their companies.
the
causes
they care
about.
They giving
are passionate
25%
of entrepreneurs
integrate
charitable
into
their business plans.
about
investingin the causes most important to
70% of entrepreneurs donate their time to causes
them
thatand
they their
support.companies.
Over 50% of entrepreneurs encourage their
Sarah
C. Libbey,
President,
Fidelity
Charitable
employees
to volunteer
or donate
money.

Gift Fund
Meet an Entrepreneur Who is Making

the World a Cleaner, Better Place
We have created a company that is 360 degrees of good.

Bridget Hilton, cofounder of
Jacks
Soap
Entrepreneurs
do more than donate money. They can make the
world a better place
the way
sell
theirofproducts.
everysimply
bar ofby
Jacks
Soapthey
soldmake
in theand
U.S.,
a bar
soap is donated to a ch
eed.
recipients of the donated soap are educated about the importance of go
giene.
s Soap works with soap companies in developing countries to support lo

onomies.
s Soap is not tested on animals, is made with organic ingredients, and is
kaged in recycled materials.
The Big Picture

What are some ways
entrepreneurs can
change
the world for the
better?
* image courtesy of NASA
ocial Entrepreneurs
A social entrepreneur
is aperson who
establishes an
enterprise with the
aim of solving social
problems or
effecting social
change.
Meet a Social
Entrepreneur
As a 12-year-old growing up in a suburb of St. Louis,
Missouri, SimoneBernstein wanted to get involved in

community service.
discovered that there was a lack of accessible volunteer opportunities
young people.
the help of her brother Jake, Simone founded St. Louis Volunteen in 200
n 2012, Simone established VolunteenNation.org,

a national organization that helps teens find
volunteer opportunities across the country.
y is Simone Bernstein considered a

ial entrepreneur?
Meet an EcoEntrepreneur
The reason I am in business is I want to protect
what I love.
Yvon Chouinard, founder and CEO of

Patagonia
Eco-entrepreneurs are people who use
their business as a means of improving
the environment, or reducing negative
impacts
on the environment.
Yvon Chouinard cofounded 1% for the
Planet,
an organization that encourages
businesses to donate 1% of sales to
environmental groups.
Since 2002, 1% for the Planet has

erial Entrepreneurs
A serial entrepreneur is
someonewho:
starts a successful
company, thendoes it
againand again
is often active in many
industries
learns about and
understands avariety of
businesses
Often, serial entrepreneurs

will sell a company once it is
Meet a Serial
Entrepreneur
By the time she was 21, Annie Ryu was on her
third company.
cofounded
Remindavax with her brother Alex while a sophomor
ard University.
text messages, Remindavax alerts patients in rural areas when
n they have medical appointments.
I do all these things because I love them

Annie cofounded Lifeguard Games
Annie R
in2012.
Lifeguard Games creates health-related
educational mobile games.
Annies latest company is Global
Village Fruits.
ompany aims to make jackfruit, a nutritious tropical fruit, widely
able in the U.S., with the profits benefiting farmers who grow th
ame That Entrepreneur

Play the Name That Entrepreneur game!
(Answers must be in the form of a question.)
Start multiple companies
over thecourse of their
career
Start businesses in order to
protect or improve the
environment
Work to solve problems
affecting people in their
community andbeyond
Who are serial

entrepreneurs?
Who are ecoentrepreneurs?
Who are social
entrepreneurs?
Now Its Your Turn!

You have learned about all types
ofentrepreneurs.
You know what they do.
You know how they do it.
Now its your turn to be the
entrepreneur.

Final
Exploration
Your teacher will divide the class
into four teams to reflect the
different types of entrepreneurs.
Each team will be given:
an assignment
handouts that explain the
assignment in detail
handouts that review key points
and questions toconsider
u Are a Social Entrepreneur

Your task is to develop an innovative solution to
a problem impacting your school,
neighborhood, town, state, country, or the
world
atslides
large.50 and 51.
Review

u Are an Eco-Entrepreneur
Your task is to develop a product or service that
will either:
have a positive impact on the environment
eliminate or reduce a negative impact on the
environment
Review slide 52.
or additional information, you can check out:

Patagonia: Company History. Patagonia, n.d. Web.
Karol, Gabrielle. Shark Diving Thrives, Saving Sharks Around
the World.
Fox Business, 26 Jul. 2013. Web.

u Are a Food Entrepreneur

Your are passionate about food. You want to
start a business that will help you share your
passion.
Review slides 9 and 10.
additional information, you can check out:
SBA Delivering Success: Entrepreneurial Spirit. Video. SBA.gov, n.d.

Salter, Chuck. The Worlds Top 10 Most Innovative
Companies in Food.
Fast Company, 31 Mar. 2014. Web.
u Are an Inventor/Entrepreneur
You like to see how things work, take things apart, put
them back together. You like to invent, build, and
create. When you look at everyday objectslight
bulbs, pencils, appliancesyou think of ways to make
them better, or put them to new uses. Think of a product
a company
that
will
and
Review
slides 12
and
18.allow you to turn this passion
into a career.
r additional information check out:
The Life of Thomas A. Edison. American Memory. The

Library of Congress, n.d. Web.

Twenty years from now you will be more

disappointed by the things that you didnt
do
than by the ones you did. So throw off
the bowlines. Sail away from the safe
harbor.
Catch the trade winds in your sails.
Explore. Dream. Discover.

Mark Twain

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Entrepreneurs:

ssion 1: Learning Objectives

xplain why entrepreneurs are important to the econo

Copyright 2014 Discovery Education. All rights reserved.

Copyright 2014 Discovery Education. All rights reserved.

U.S. Small Business

Copyright 2014 Discovery Education. All rights reserved.

Copyright 2014 Discovery Education. All rights reserved.

he Recipe for Success

There is another key ingredient. What is it?

Copyright 2014 Discovery Education. All rights reserved.

hat all successful entrepreneurs have in comm

Ferran Adria, chef and entrepreneur

Copyright 2014 Discovery Education. All rights reserved.

ntrepreneurs and America

Thomas Edison did not invent the light bulb

Henry Ford, entrepreneurs

He started various companies based aroun

entrepreneurs were also

Copyright 2014 Discovery Education. All rights reserved.

merican DreamMeet an Entrepreneur: Hamdi Ulukay

Over the years, millions of people have

Hamdi Ulukaya moved to America

Copyright 2014 Discovery Education. All rights reserved.

The American DreamMeet an Entrepreneur:

It is entrepreneurs who present the

Copyright 2014 Discovery Education. All rights reserved.

Today, entrepreneurs are everywhere. In labs and

est What You Know

Copyright 2014 Discovery Education. All rights reserved.

y are entrepreneurs considered innovative?

Copyright 2014 Discovery Education. All rights reserved.

Meet a Food Entrepreneur

est What You Know

Meet a Young Entrepreneur

est What You Know

Copyright 2014 Discovery Education. All rights reserved.

pportunities Are Everywhere

Where others see a problem or a need,

Look Around You

Can you make a plan to

Can you turn this

ssion 2: Learning Objectives

Starts with an Idea

Everything begins with an idea.

Take up one idea. Make that one idea

Copyright 2014 Discovery Education. All rights reserved.

The Process in Detail

Copyright 2014 Discovery Education. All rights reserved.

wealth in the form of money

Copyright 2014 Discovery Education. All rights reserved.

Details About a Business

Copyright 2014 Discovery Education. All rights reserved.

Starting a business? Someone needs to pay for it.

They can use money they have saved.

They can borrow money from family or friends.

They can apply for a loan from a bank.

$ They can find people willing to invest in their

How do you grow the business?

Marketing is how you let everyone else know whatyou are

Madam C.J. Walker was born Sarah

Get up and make them!

Madam C.J. Walker started with

Madam C.J. Walker