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