entrep

´  Entrepreneurship – the activity of setting up a business, taking on financial risk in the hope of profit.

´  Creativity - ability to conceive something new, original and unique.

´  Innovation – introducing change into relatively existing products.

BASIC TERMS AND COMMON CONCEPTS

´  Product - any item offered for sale.

´  Goods – tangible

´  Capital Goods – Raw Materials

´  Consumer Goods – End product/output

´  Services - intangible

·        Producer - manufactures/creates goods and supplies.

·        Consumer - person who purchases goods and services for personal use.

·        Sector - describes a large segment of the economy.

·        Industry - group of companies that are related on their primary business activities.

FACTORS OF PRODUCTION

´  Land is a natural resource utilized in businesses.

´  Labor, on the other hand, refers to the human effort exerted in production.

´  Capital pertains to man-made resources used in the production, like money, machinery, equipment, and more.

´  One important role of entrepreneurs is to make decisions on how to effectively and efficiently utilize the factors of production so that the firm can be successful.

´  Efficiency – ability to maximize output with minimum input. Doing things right.

´  Effectiveness – capacity to attain an intended objective. Doing the right thing.

Entrepreneur

·        Goal-Oriented

·        Highly-Motivated

·        Risk Taker

Entrepreneur

·        French Economist Jean-Baptiste Say

·        Entreprendre

·        To Undertake

Entrepreneur

·        The Theory Of Economic Development By  Joseph A. Schumpeter

·        Creative Destruction

·        Innovation

Entrepreneurship

·        Is the dynamic process of conceptualizing, financing, and running a business profit.

Entrepreneurship

·        Peter F. Drucker

·        Father Of Modern Management

·        It Is A Discipline – Something That Is Capable Of Being Learned And Practiced.

10 CORE COMPETENCIES

First Cluster (Achieving Behaviors)

1)      Opportunity-Seeking And Initiative

2)      Persistence

3)      Fulfilling Commitments

4)      Demand For Quality And Efficiency

5)      Taking Calculated Risks

Second Cluster (Planning Behaviors)

6)      Goal-Setting

7)      Information-Seeking

8)      Systematic Planning And Monitoring

Third Cluster (Power Behaviors)

9)      Persuasion And Networking

10)    Independence And Self-Confidence

´   Entrepreneurship – the activity of setting up a business, taking on financial risk in the hope of profit.

´  Creativity - ability to conceive something new, original and unique.

´  Innovation – introducing change into relatively existing products.