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Entrepreneurship: The "Nature"

The document discusses entrepreneurship and what it means to be an entrepreneur. It defines entrepreneurs as people who own, operate, and take the risk of starting a business venture. Entrepreneurs identify unmet needs in the marketplace and provide products or services to meet those needs. The document outlines some common reasons people become entrepreneurs, such as setting their own schedule or pursuing a personal dream. It also discusses the importance of entrepreneurship in meeting consumer needs and demands, creating jobs and investing in communities through new business ventures.

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35 views

Entrepreneurship: The "Nature"

The document discusses entrepreneurship and what it means to be an entrepreneur. It defines entrepreneurs as people who own, operate, and take the risk of starting a business venture. Entrepreneurs identify unmet needs in the marketplace and provide products or services to meet those needs. The document outlines some common reasons people become entrepreneurs, such as setting their own schedule or pursuing a personal dream. It also discusses the importance of entrepreneurship in meeting consumer needs and demands, creating jobs and investing in communities through new business ventures.

Uploaded by

S H A S H I
Copyright
© © All Rights Reserved
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Entrepreneurship

The “Nature”
What is Entrepreneurship?
Entrepreneurs
people who own, operate, and take the risk of a
business venture

Entrepreneurship
 running a business of one’s own

Entrepreneurs identify unmet needs in the marketplace.

 They provide a service or product to meet those unmet


needs.
Employees vs. Entrepreneurs

employees
 people who work for someone else for a fixed
income

Additional earnings go to the business owner, not to


the employee.
Why do people become
Entrepreneurs?
to set your own schedule

to work out of your home

to pursue a personal dream


Integrity and Ethical Behavior

Entrepreneurs should behave ethically in all areas of


business.

 The actions taken and the results of the those actions


should be considered.
Types of Entrepreneurial Business
 Manufacturing

 Wholesaling
 Retailing
 Service
Other Business Areas

Agricultural

Mining and extracting


Recognizing Opportunities
Many companies began with one person who started a
business based on a single opportunity.

Small firms, with fewer than 500 employees, represent


99.9 percent of American businesses.
Changing the world with
coffee
Starbucks Coffee Company
 retailer of coffee products
 introduced new product, Espresso

markets coffee and tea products through

 website

 national retail supermarkets


Self-Assessment
 self-assessment

 an evaluation of your strengths and weaknesses


Considerations
Will people buy my product or service?

How much money is required to start the business?

How many hours per week will it take to run the


business?
 What are the risks associated with this business?

 Do I have the right background to run this business?

 How much money could I make running this business?


Task
List and identify any business ventures you feel that
you would like to run.

Develop what you might want to include in your


Venture
Entrepreneurship
The “Importance”
Is It a Need or a Want?

Needs- things that are necessary for survival

Wants- things you think you must have in order to be


satisfied and add comfort and pleasure to your life
Needs and Wants are
Unlimited
Needs and wants never end.
One purchase often leads to another.
Economic resources the means through which goods
and services are produced

 Goods are products you can see and touch

 Services are activities that are consumed as they are


produced
Factors of Production
natural resources
raw materials supplied by nature

human resources
the people who create goods and services
Supply and Demand
Entrepreneurs look for unmet needs to satisfy
consumer needs and want
Capital Investment and Job
Creation
Entrepreneurs invest in their communities by
 contributing to the local economy
 providing jobs
Change Agents
The creation of new products can:

change the way people live


alter the way people conduct business

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