Entrepreneurs BMI3CI/BMX3EI.

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Entrepreneurs BMI3CI/BMX3EI

WHAT IS AN ENTREPRENEUR? A person who operates their own business or businesses taking on all the risks involved in being responsible for that business including financial, legal, etc

Products Services Goods Tangible items of monetary value that satisfy needs and wants of consumers and customers. Intangible items of monetary value that satisfy needs and wants of consumers and customers.

Product Ideas Market-pulled Idea-pulled When a product is created to meet a market demand. For example creating a snow tire business in a location with snow When a product is developed through the creative idea of the producer. The market does not necessarily have the demand to support the product.

SWOT analysis Strengths (competitive advantages) Weaknesses Opportunities Threats Competitive advantage: the aspects of a product or service that lead a customer to buy that product or service rather than another

Entrepreneurship Pros Cons Personal freedom Personal satisfaction Increased self-esteem Increased income High level stress Possible setbacks The risk of failure Potential loss of income Long and irregular hours The need to handle multiple tasks Required strong self-discipline

Entrepreneurs Are Determined Risk takers/adventurous Self-motivated social Self-confident Organized Leaders Self-disciplined Creative Hard workers

Business Risks Economic risks: result from changes in overall business conditions. Natural risks: caused by natural occurrences Human risks: triggered by human mistake, or dishonesty, or other risks controlled by humans Economic: competition, consumer lifestyles, population changes, obsolescence, gov’t regulations, inflation or recession Natural: loss of property or damages caused by flood, tornado, earthquake, etc. Human: customer dishonesty (theft, fraudulent payment, non-payment), employee (mistakes), stress, skills, computer crime

What strategies can be used by businesses for risk prevention and control?

Dragon’s Den Local Entrepreneur