Entrepreneurship Module 7 PDF

Entrepreneurs Definition of an entrepreneur An entrepreneur is a person who organizes factors of production to start a business, takes risks, sees an opportunity for gaining profit and takes advantage of it. An entrepreneur makes a plan, often manages the business and they recei...

Entrepreneurs Definition of an entrepreneur An entrepreneur is a person who organizes factors of production to start a business, takes risks, sees an opportunity for gaining profit and takes advantage of it. An entrepreneur makes a plan, often manages the business and they receive the profit if the business is successful.  Are entrepreneurs born or made? Entrepreneurs ultimate aim is to make a PROFIT. BOTH Profit = income – expenses Entrepreneurs are involved in The price that the the buying, product is sold to Pricing is very important customers/consume selling and to both rs is the price that producing of customers/consumers customers are goods and and prepared and services in order producers/entrepreneurs. willing to pay. to make a profit.  Implementing a business How does one go about starting a business? One needs to look at the opportunities that exist There is a difference between opportunity and idea, but idea can take advantage of the opportunity in order to create the business. What is an idea and what is an opportunity? Entrepreneurial Opportunity A want, problem or challenge that can be addressed, solved, and/or satisfied by an innovative individual. Entrepreneurial Idea A specific innovative way to satisfy a want, overcome a problem, or meet a challenge.  Entrepreneurial opportunity vs Entrepreneurial Idea Examples of opportunity: Examples of ideas: People are increasingly conscious of the A health food or fresh food restaurant. food they eat and the water they drink. People are increasingly concerned about A new form of health club. health and fitness. There is a need for widespread A new, innovative way to provide AIDS education regarding AIDS. education. Many people are mystified by computers. A home education program on computers. Many people cannot read or write. A new type of program to combat illiteracy. Video – A bath without water  Design Brief for Entrepreneurs Day: Group Work Design a craft market product that will be mass produced and sold at an end of the year market e.g. a Christmas Market. NB You may do a food product, you must make it at school. Task 1: As a group you will need to come up with 4 entrepreneurial opportunities and 4 entrepreneurial idea that matches that opportunity. – It needs to be relevant and suitable to the design brief above as this is what market research you will be basing your idea on for the upcoming weeks.