ENTREPRENEURSHIP

Lesson 1
• Entrepreneurship is one of the resources economists categorize as integral
to production; the three resources are land/natural resources, labor and capital.
• An entrepreneur combines these three to manufacture goods or provide
services.
• They typically create a business plan, hire labor, acquire resources and
financing,
• and provide leadership and management for the business
(www.investopedia.com).
Entrepreneurship is…
• The act of creating a business or businesses while building and
scaling it to generate a profit.

• An important driver of economic growth and innovation.

• What people do to take their career and dreams into their hands and
lead it in the direction of their own choice.
• About building a life on your own terms. No bosses. No restricting
schedules. And no one holds you back.
An entrepreneur is…
• A person who sets up a business with the aim to make a profit and
creates a new business, bearing most of the risks and enjoying most
of the rewards.
• An innovator, a source of new ideas, goods, services, and
business/or procedures.
• Playing a key role in any economy, using the skills and initiative
necessary to anticipate needs and bring good new ideas to market.
Importance of Entrepreneurship (www.reference.com)
1. Entrepreneurship generates new wealth in an economy.
2. Entrepreneurship decreases poverty.
3. It creates opportunities, ensures social justice, instills confidence and
stimulates the economy.
4. Entrepreneurship improves productivity
5. Entrepreneurs create jobs.
6. Entrepreneurs innovate.
7. Entrepreneurs create innovation and social change
8. Entrepreneurs give to society
Business Innovation- It involves developing new products or improving
existing technologies, processes, designs and marketing to solve
problems, increase efficiency, reach new customers, and ultimately
increase profits.

Business Opportunity- Involves sale or lease of any product, service,

equipment, etc. that will enable the purchaser-licensee to begin a
business.

Entrepreneurship- Refers to the act of creating a business or businesses

while building and scaling it to generate a profit.

Livelihood-Refers to their "means of securing the basic necessities (food, water,

shelter and clothing) of life"
Economy- The system of production, distribution and consumption. The
overall measure of a currency system; as the national economy.
Entrepreneur- Is a person who sets up a business with the aim to make a
profit.
Social Change- Refers to any significant alteration over time in behavior
patterns and cultural values and norms.
Socioeconomic- Related to the differences between groups of people
caused mainly by their financial situation.
Business Venture-It is a new business that is formed with a plan and
expectation that financial gain will follow. It is usually formed out of a
need for a service or product that is lacking in the market.
Relevance- It is simply the noun form of the adjective "relevant,“ which
means "important to the matter at hand."