Summary

Summary Entrepreneurship notes

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Course
Entrepeneurship

Institution
11th Grade

A brief summary of all things to do with entrepeneurship including a busssiness plan and venture plan. Learn the difference between wholesalers and retailers and learn the skills needed for a good entrepeneur

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Uploaded on August 23, 2022
Number of pages 12
Written in 2021/2022
Type Summary

Institution Secondary school
Education 11th Grade
Course Entrepeneurship
School year 3

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Entrepreneurship

What is business:

Business: producing and or selling goods and or services to people who want and or need them
for a profit.

Retailer: is a company that sells directly to customers or end users. You can shop at a retailer.
(store)

Wholesaler: A wholesaler is a company that sells products in bulk to various retailer stores. you
cannot shop at a wholesaler. (warehouse)

Goods: items that are tangible such as pencil shoes, hats, something you can touch.

Services: activities provided by other people such as doctors, lawn care workers, Barbers,
waiters, tutors.

Needs: are part of the human makeup that include physical needs such as food, Water, Shelter;
social needs for belonging and affection and individual needs for knowledge and
self-expression. (fruits and vegetables are not a need) needs can vary depending on location.

, Wants: are formed by culture and individual personality example you may need food, but you
want a hamburger and fries. People have unlimited wants but limited resources.

How to calculate profit;

price you sell it for - cost you made it for = profit is the money you keep

Parts of a business;

- Production
- Finance
- Accounting
- Payroll
- Sales
- human resources
- Technology
- Packaging

Entrepreneur; a person who sees opportunity and then organizes the resources needed to take
advantage of that opportunity.

Entrepreneur comes from the French word entreprendre, which means to undertake, to pursue
opportunities, to satisfy Needs & Wants through innovation or New Creation.

The only person that can call him or herself that entrepreneur of a particular business is the one
who started or significantly revamped the business. you can be the big boss at a business and
not be an entrepreneur.

The entrepreneur comes up with an idea for a business from identifying a need or want and
develops idea and makes it happen for the purpose of making money.

A new business that an entrepreneur starts is called a venture.

Sometimes entrepreneurs are inventors. All inventors are entrepreneurs, not all entrepreneurs
are inventors.

Characteristics or traits entrepreneurs;

Motivated: entrepreneurs work long hours and days because of their desire to succeed

Hard-working: entrepreneurs work with determination and intestines achieve success in their
Ventures.

Self confidence: entrepreneurs believe in themselves

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