The meaning of Entrepreneurship

Mrs. Chandler

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

What is Entrepreneurship?

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.

Supply and demand

May apply to a business but other undertakings as well.

Ex. Charities

  Characteristics of ventures/businessesFor – Profit/Not for Profit

-Profit-Revenue - costsLarge Scale/Small scaleService production/goods productionPhysical/VirtualLocal/Provincial/National/International

What is a venture?

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.

Examples of Business

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?

Influences on ventures and the entrepreneur

What is the impact of Entrepreneurship on communities?

Impact on Community

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

What is an “ENTREPRENEUR”?

An ENTREPRENEUR is someone who creates and runs his/her own business

The trait test PowerPoint

Characteristics of an entrepreneur PowerPoint.

Are you an entrepreneur?

Handouts◦Needs and wants◦Characteristics of entrepreneurial ventures

Review

Instructions:1) Choose an entrepreneur. This person can be familiar or unfamiliar, living or dead.2) Using the handout provided, find the information requested about this entrepreneur.3) Your assignment must be presented through a PowerPoint presentation. In keeping with the entrepreneurial spirit, use that creativity, innovation and imagination you all possess!4) This assignment is to be done in pairs.5) This assignment will be due ___. On this date, presentations will be made and you are expected to be ready to present.6) Consult the rubric on the handout to be aware of what is being evaluated.7) You will be presenting your assignment, but a write-up is required as well. See handout for further details.

Assignment 1:

“Great Entrepreneurs”

Examples of entrepreneurs