Professional Documents
Culture Documents
Chapter 1 What Is Entrepreneurship
Chapter 1 What Is Entrepreneurship
Entrepreneurship?
2
What Is Entrepreneurship?
1.1
1.1
1.1
entrepreneur need
venture want
entrepreneurship factors of production
entrepreneurial scarcity
economics demand
free enterprise system elastic demand
profit inelastic demand
market structure diminishing marginal utility
monopoly supply
oligopoly equilibrium
goods Gross Domestic Product
services business cycle
Section 1.1 Entrepreneurship and the Economy 5
What Is Entrepreneurship?
Entrepreneurship Today
Economic Systems
? ?
What goods and What quantity of
services should be goods and services
produced? should be produced?
? ?
For whom should
How should goods and
goods and services be
services be produced?
produced?
services intangible
(nonphysical) products
that satisfy consumers’
wants and needs
Factors of Production
Scarcity
equilibrium.
provide
turn demand
venture
into supply
capital
What
Entrepreneurs
create Contribute provide
more jobs
wants
promote
changes in
society
1.1
1.1
1.1
1.1
1.1
1.2
1.2
1.2
The History of
Entrepreneurship
Entrepreneurship has been a distinct feature of
American culture since the American Revolution,
but it was not until the 1980s that it became a
popular topic.
The Entrepreneurial
Start-Up Process
The five components of the entrepreneurial
start-up process work together to create a new
business.
the entrepreneur
the environment
the opportunity
start-up resources
the new venture organization
Section 1.2 The Entrepreneurial Process 42
What Is Entrepreneurship?
The Entrepreneurial
Start-Up Process
The entrepreneur is the driving force of the
start-up process.
Four Categories of
Environmental Variables
Ways to Incentives to
realize value create new
businesses
The Environment
The Opportunity
Start-Up Resources
1. Recognize opportunity
1.2
1.2
1.2
Tech Terms
e-business
a company that does business over an electronic network
e-commerce
the act of selling products and services over the Internet
information age
the era of history that began in the 1970s when computers became
popular with the masses
Tech Terms
information technology (IT)
any technology that is used to communicate or exchange information
intranet
an electronic network used to communicate in-office with staff
technology infrastructure
all the hardware and software used to support electronic
communication
What Is
Entrepreneurship?