Presentation on theme: "Mrs. Chandler. to undertake, to pursue opportunity, or fulfill needs/wants through innovation or the establishment of a business or venture. Needs."— Presentation transcript:
to undertake, to pursue opportunity, or fulfill needs/wants through innovation or the establishment of a business or venture. Needs – essentials Wants – desires What are needs? Examples What are wants? Examples
Business is based on supply and demand. Demand – What the consumer needs and wants ◦ Ex. August – school supplies advertised for the entire month. ◦ What happens when the supply is greater than the demand? ◦ What happens when the demand is greater than the supply? Snow blowers.
May apply to a business but other undertakings as well. Ex. Charities Characteristics of ventures/businesses For – Profit/Not for Profit -Profit-Revenue - costs Large Scale/Small scale Service production/goods production Physical/Virtual Local/Provincial/National/International
Self-employment business personal service ex. Lawyers, engineers, plumbers Owner/Operator business provide a product/service (or mixture) to a limited geographical area. Ex. Dry cleaner, corner store National Organizations manufactures/distributes more than one product not limited to geography. Ex. Wal- Mart, Kraft Foods.
Technology and change Demographics (age, family size, income and religion) and consumer buying habits. Ex. Baby boom Economy- the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services. Environment How has the above influenced ventures over the last 10 years?
What is the impact of Entrepreneurship on communities?
On a piece of paper, write down your definition of an ENTREPRENEUR.