Chapter 1 What is Entrepreneurship?. Entrepreneurship & Economy Entrepreneur- an individual who takes on the creation, organization, and ownership of.

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Presentation transcript:

Chapter 1 What is Entrepreneurship?

Entrepreneurship & Economy Entrepreneur- an individual who takes on the creation, organization, and ownership of a business. Entrepreneurship- the process of recognizing an opportunity for a business venture

Small Business Owners In U.S. economy 90% of all businesses are small business ventures.

Economic System What is produced? How is it produced? How much is produced? Who is using the production?

What affects our economy? Our Laws Institutions Federal Reserve Activities Entrepreneurship Activities (new business growth) War Consumer spending

History of Economic Systems Traditional Bartering and farm trade Pure Market System Based on supply and demand (little gov’t intervention Command Strong industrial trade (strong gov’t intervention) Ex: _Soviet Union/Cuba Mixed system Combine principles of market and command economics Ex: United States and England (socialist&capitalist)

Free Enterprise System Capitalistic societies have this type of economic system Gives economic choices to people Other names Market economy capitalism

Free Enterprise System con’t Main Characteristics Make a profit Competition between similar businesses System has a market structure-nature and degree of competition

Economic Indicators Gross National Product Employment Rate Consumer Confidence

Business Cycle Includes all the ups and downs of the economy for a period of time Growth and prosperity Recession Recovery

What Entrepreneurs Contribute Help to turn demand into supply-recognize wants and seize the opportunities Entrepreneurs supply money to the economy- seek venture capital Provide jobs Can change society ex: Apple PC Catalyst for future expansion ex: Bill Gates

Small Business vs Entrepreneurs All small businesses can be entrepreneurs Not all entrepreneurs have small businesses

6 Types of Entrepreneurial Business Manufacturing- actually produce the products they sell Wholesaling- sell the products to people other than the final customer Retailing- selling products to people Service- sell services

6 Types of Entrepreneurial Businesses cont’d Agricultural- generate fresh produce & other farm products Mining & extracting- take resources like coal out of the ground so they can be consumed

Small Businesses Employ fewer than 20 people!

Advantages of Entrepreneurship They are their own boss They can choose a business that interest them They can be creative They can make lots of money

Disadvantages of Entrepreneurship Entrepreneurship is risky Entrepreneurs face uncertain an irregular incomes Entrepreneurs work long hours Entrepreneurs must make all decisions by themselves

THINK CRITICALLY!! Entrepreneurs can fail even if they are committed and have the characteristics needed to be successful. Why do you think this can happen? Why is it important for entrepreneurs to choose a field that they will enjoy? Do you think the advantages of entrepreneurship outweigh the disadvantages? Why or why not?

The principle goals of most entrepreneurs are to prosper and be innovative