Untitled Quiz

Entrepreneurship Lecture 1

• Entrepreneurship is not necessarily for everyone.
• Individuals need to assess if their business idea is viable.
• Entrepreneurship involves understanding the nature of entrepreneurship, distinguishing it from an enterprise, and recognizing its societal role.
• Entrepreneurship involves the characteristics of an entrepreneur.

Business Defined

• A business aims to make a profit through selling goods or services.
• A business is an entity, whether private or public, providing goods and services to customers.
• A business functions within an economic system, exchanging goods/services for money.
• Investment and a customer base are necessary for consistent profit.

Common Business Elements

• Businesses sell products or services.
• The goal of any business is to profit.
• All businesses cater to customers with specific needs and wants.
• Businesses need a sound financial foundation.
• A potential entrepreneur often starts with a small business, aiming for growth.

Small Business

• A privately-owned business, typically with a limited employee count and sales volume.
• Small businesses often take the form of corporations, partnerships, or sole proprietorships.

Entrepreneurship Defined

• A typical understanding of entrepreneurship involves creating or establishing a business.
• Entrepreneurship is more complex than just running a business; it encompasses innovation.
• Entrepreneurship is a dynamic, social process.
• Individuals collaboratively identify and act on financial opportunities to create new enterprises.

Entrepreneurship (Continued)

• Entrepreneurship is a science and an art.
• The scientific aspect is creating a well-planned and managed business.
• The art of entrepreneurship involves innovation, implementation, and growth in the business.

Defining Entrepreneurship

• Entrepreneurship involves identifying financial opportunities and creating new enterprises.
• Successful entrepreneurship requires more than just a successful business, but also sustainability.
• Modern entrepreneurship actively seeks innovation and involves social, cultural & financial aspects.

Most Popular Entrepreneurial Projects

• Examples of popular entrepreneurial projects like Microsoft, Facebook, Vezeeta and Uber were listed.

Key Characteristics of Entrepreneurship

• Impacts individuals
• Provides financial opportunities
• Strengthens the economic well-being of society
• Demands innovation
• Is a dynamic process

Differences in Definitions of Entrepreneurship

• The first view of entrepreneurship focuses on establishing new businesses.
• The second broadens the concept, adding innovation and broader social/cultural/financial contexts.