Entrepreneurship: Is it for You?

• Entrepreneurship may sound exciting but might not be for everyone
• There are a number of questions to ask yourself to determine if you should proceed with your business idea
• The course will explore the nature of entrepreneurship, differentiate it from entreprise, examine its societal role, and discuss the characteristics of an entrepreneur

Entrepreneurship Explained

• The word "entrepreneur" comes from the French "entreprendre," meaning "to undertake"
• Entrepreneurship has gained attention as people realize small firms boost a country's economy
• Emerging economies use policies and tax breaks to promote small business planning and execution
• This is due to the belief that small businesses can evolve into large corporations

Business basics

• A business is an entity aiming to profit from selling goods/services
• It can be private or public and provides goods/services to meet customer needs
• Businesses function as economic systems where goods/services are exchanged for money based on perceived value
• Businesses need investment, and sufficient customers to consistently sell outputs at a profit

Business Defined cont.

• Businesses sell/buy services and products
• Businesses exist to make a profit
• Businesses require financial stability
• All business types must consider customer needs and wants
• Entrepreneurs create "small businesses" with the hopes of expanding into successful enterprises

Small Business Details

• A small business is privately owned, operated with few employees, and has relatively low sales
• They are typically privately owned corporations, partnerships, or sole proprietorships

Entrepreneurship, in brief

• Entrepreneurship involves creating or establishing a business
• Entrepreneurship extends beyond simply operating a small business
• Entrepreneurship merges science and art
• Science involves business planning and management
• Art involves innovative thought, implementations and company expansion

Entrepreneurship Defined

• It's a dynamic, social process where individuals, alone or together, spot financial opportunities and act to create new ventures
• It requires more than just business success and sustainability for a business
• It's a dynamic process where people find opportunities for innovation

Qualities of entrepreneurship

• Impacts individuals
• Provides financial opportunities
• Impacts a society's economy
• Requires innovation
• Is dynamic

Entrepreneurship takeaways

• Entrepreneurship goes beyond just success and sustainability
• The initial concept is focused on creating businesses by establishing new enterprises
• The later understanding incorporates innovation and broader environmental factors(social, cultural, financial aspects)