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A Successful
A Successful Entrepreneur able to adapt and
make adjustments in the ever
changing world of the marketplace,
adaptation to new trends, technology,
products, and marketing strategies,
always working with the plan in mind, and
brainstorm with the team ways you can best
adapt to changes,
implement the necessary changes with the
thought always in mind that the plan is a
virtual living tool, not static doctrines that
would actually be worthless if one could not
adapt them to the ever changing
Needs and Wants

Biological Needs

Needs and Wants
Societal Needs

The Concern of Economics

What its about

Our efforts to provide ourselves

with our material needs and
Economic Resources
(The Factors of
Property Resources

Economic Resources
(The Factors of Production)

Human Resources

The Three Basic
What to Produce?

How to Produce?

For Whom to Produce?

The wants and needs for material
things among people in a society
are unlimited
The economic resources to fulfill
those wants and needs are limited
This limits our options and forces
us to make choices
Opportunity Cost
The value of the next best
alternative given up when a
choice is made
TINSTAAFL There is no such
thing as a free lunch
Everything has a cost, but not
necessarily a price
To get one thing, you must
always give up something else
Every choice involves both costs
and benefits that must be
Examples of Cost/Benefit
Economics Defined
The science of economics is
concerned with the efficient use
of limited resources to achieve
maximum satisfaction of human
material wants.
How to get the most stuff that
people want at the least cost

(Peter F. Drucker) the practice
of consistently converting
good ideas into profitable
commercial ventures.

systematic act of turning
something (product, idea,
information, technology, etc.)
into a resource that is of high
value to its target market.
Technology is
not necessarily hi-tech,
indeed does not always
have to be technical.
Technology is simply
defined asapplications
of knowledge to
What is technopreneurship then?
human work.
technopreneurship is, by a large part, still
entrepreneurship. The difference is that technopreneurship
is either involved in delivering an innovative hi-tech
product (e.g. Intel) or makes use of hi-tech in an innovative
way to deliver its product to the consumer (e.g. eBay), or
both (e.g. most pharmaceutical companies).
High-tech and
entrepreneurial skills
are driving our economy back to
merging technology prowess
entrepreneurial skills- is
the real source of power in today's
knowledge-based economy.
Who are THEY?
Types of Entrepreneurship

Discovering the price gaps that exist
and acting on that margin to close the
Buy low Sell high
Discovering new trading opportunities
Discovering lower cost or new
technologies (Schumpeter)
Economic Growth
Factors affecting
Economic Growth
Economic Growth and Development

Economic growth is a measure of

increased productivity;
productivity, in turn, is measured
by the dollar value of goods and
services produced.
Nationally, economic growth is
most often measured in terms of
the Gross National Product (GNP).
Because economic growth
attempts to measure productivity
by showing the total dollars paid
for goods and services, GNP, or
total productivity, typically rises
While to inflation,
inflation sotoeconomic
refers general rise in
prices of goods
growth and service,
is adjusted whereas
for inflation.
deflation refers to fall in price of
goods and services.
Gross Domestic Product
Gross domestic product is the most important
measure of the state of the economy,
according to Investor Guide.
Gross Domestic Product indicates the activities
of the government during a particular financial
year. It is an indicator of whether an economy
is growing or declining. GDP is valued by
either adding all the government income or by
adding all the government spending.
These figures are usually similar no matter
which is used. The change in GDP also affects
inflation. For example, if the investors believe
that the GDP of a country is going to increase,
they are more encouraged to increase their
Economic Growth and
Economic development is the process of
investing in an economy in anticipation
of economic growth.
Examples of economic development range,
from building roads and bridges for
commerce to supporting universities for
research and innovation. Economic
development is generally geared toward
helping businesses start up, grow or
relocate to a specific area.
Employment and Wages
The unemployment rate helps
economists judge how the economy is
performing. A lower unemployment rate
implies that more people have jobs.
During the current economic recession
Factors Influencing Economic Development

Natural resources include

minerals, animals, forests, oil
and other fossil fuels.
Some resources are renewable,
such as forests, because you can
replenish the resource after use.
However, many are non-renewable,
such as minerals, oil and other fossil
Natural resources provide a ready
source of income for economic
development, but their continued
importance to the economy
depends on how the resource and
extraction costs are managed.
Factors Influencing Economic
Price indices point to the
rate of inflation in a countrys
economy. In a healthy economy,
wages keep in step with prices.
Price indices are used in
developing economic policy to
maintain wage and price
stability, according to the Bureau
of Labor Statistics.
Education. Economic
development increases with
greater levels of education in
the workforce. Modern
economies increasingly focus
on high tech industries, which
need skilled workers. Even
less skilled industries, such as
manufacturing, are more
efficient when workers have
basic education. Greater
education also means people
can obtain higher paying jobs
Infrastructure--such as roads,
energy transmission and ports--help the
movement of goods and people in the
Infrastructure is often called public
goods provided by the government
for use by everyone in society, but
tends to concentrate in areas with
more economic activity.
Extraction of resources requires roads
for access; manufacturing requires
electricity in the area and roads for
workers. Without sufficient
infrastructure, economic development
cannot begin.
Trade. No economy can
produce everything it needs to
continue development. Most
economies need to import
energy, raw resources or workers.
Many economies pursue
export-oriented strategies to
increase their growth rates by
selling their goods in foreign
markets. In addition to trade,
investment in the country can
help economies develop.