Entrepreneurship -- What is it?

Three characteristics of a recession

1. Demand for goods and services decrease 2. Unemployment increases 3. Production decreases

Success Requires (not on the review)

1. Strong Commitment 2. And a ton of energy

Entrepreneur

A person who owns, operates and takes care of their own business

Manufacturing Business

Actually produces the products they sell

During a recession big businesses

Become much more conservative

During a recession entrepreneurs

Can be more creative and take risks and even aid in the economic recover process

Service businesses

Company that doesn't sell stuff, but sells a service (lawn care, manicure, etc...)

Ethics

Doing the right things all the time, not just when you should

Integrity

Following your ethical or moral convictions (Honesty)

Agricultural Business

Generates fresh produce and other farm products

To an entrepreneur failure could mean

Losing the business and all the money they invested

Wholesaling business

Sells products to other businesses rather than directly to the consumer

Employee

Someone who works for someone else

Retailing business

Stores that sell products directly to the people that use them

Mining and extracting business

Takes resources of the natural variety out of the ground -- Lumber, coal, oil, etc...

To an entrepreneur success could be

a flourishing business and profits

Entrepreneurs provide

a product or service to meet the needs of the consumer

Entrepreneurship

the process of running a business of one's own

Entrepreneurs Identify

unmet wants and needs in the marketplace