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Mrs. Chandler.  to undertake, to pursue opportunity, or fulfill needs/wants through innovation or the establishment of a business or venture.  Needs.

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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:

1 Mrs. Chandler

2  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

3  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.

4  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

5  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.

6  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?

7  What is the impact of Entrepreneurship on communities?

8  On a piece of paper, write down your definition of an ENTREPRENEUR.

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11  The trait test PowerPoint  Characteristics of an entrepreneur PowerPoint.

12  Handouts ◦ Needs and wants ◦ Characteristics of entrepreneurial ventures

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