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