Notes

2.  The word was originally used to described people who “take
on the risk” between buyers and sellers or “undertake” a
task such as starting a new venture.
Origin of the Word “Entrepreneur”
Difference Businessman and Entrepreneur
 Businessman run their business for the primary purpose of
making profits. Entrepreneurs on the other hand, also
intends to make profits but with the greater purpose of
making a change, making the life of his/her community
easier and promotes convenience lifestyle.
 An Entrepreneur puts together all the resources needed-
the money, the people, the strategy, and the risk bearing
ability to transform the invention into a viable business.

3.  Entrepreneurship is the process by which individuals pursue
opportunities without regard to the resources they currently
control.
 The essence of entrepreneurial behavior is identifying
opportunities and putting useful ideas into practices.
 The set of tasks called for by this behavior can be
accomplished by either an individual or a group typically
requires creativity, drive, and a willingness to take risks.

4.  Entrepreneurship is the process by which individuals pursue
opportunities without regard to the resources they currently
control.
 The essence of entrepreneurial behavior is identifying
opportunities and putting useful ideas into practices.
 The set of tasks called for by this behavior can be
accomplished by either an individual or a group typically
requires creativity, drive, and a willingness to take risks.

5. 1. Initiator – man who envisages new opportunities.
2. Innovator – brings in overall change through innovation for maximum social
good. Human values remain sacred & inspire him to serve society.
3. Coordinator – has firm belief in social betterment, carries out responsibility
with conviction. Accelerates personal, economic and human development.
4. Leader – he is a visionary with leadership skills. Desires to excel and
priorities research and development.
5. Development Agent – contributes to the development of his community by
providing employment and building up the economy. Raising the standard way of
living of the people.
6. Social Worker – works for the well-being of the society.

6.  All these qualities were exemplified by Pierre
Omidyar, the founder of Ebay. In 1995, Omidyar saw
an opportunity to create a marketplace where people
could buy and sell products online, he risked his
career by quitting his job to work on eBay full time,
and he worked hard to build a profitable company
that delivers a creative and useful services to its
customers at their leisure through online shopping.
Origin of the Word “Entrepreneur”

7.  All resources (wood, coal, oil, etc.) that cost money are
“scarce.” scarce resources are typically exhaustible and
limited to a certain degree. These types of resources are
typically needed sustainable planning through sustaining it and
preserving it.
 Entrepreneurs add value to scarce resources by shifting them
from areas of lower to higher productivity modifying them and
turning them into something that is innovative and useful, a
new product.
 The set of tasks called for by this behavior can be
accomplished by either an individual or a group typically
requires creativity, drive, and a willingness to take risks.

8. An economy is a country’s financial structure. It is the system that
produces and distributes wealth.
 What should be produced?
 When will it be produced?
 How will it be produced?
 Who will produce it?
 Who gets to have what is produced?

9. Why be an Entrepreneur?
1. Control over time
2. Fulfillment
3. Creation/Ownership
4. Control over Compensation, Salary, Wage, Dividend &
Commission
5. Control over Working Conditions

10.  Business Failure
 Obstacles
 Loneliness
 Financial Insecurity
 Long Hours/Hard Work
Costs Benefits
 Independence
 Satisfaction
 Financial Reward
 Self-Esteem
 Contribution to Society

14.  Use of new technology to produce a new product.
 Use an existing technology to produce a new product.
 Use an existing technology to product an old product in a new
way.
 Find a new source of (cheaper) resources.
 Develop a new market for an existing product.

15. 1. Problems
2. Changes
3. Inventions
4. Competition
5. Technological Advances.
Where other see problems, entrepreneurs recognize opportunities

17. 1. Recognize an opportunity
2. Evaluate it with critical thinking (SWOT)
3. Build a team
4. Write a business plan
5. Gather resources
6. Decide ownership
7. Create Wealth

18.  Do not sell counterfeit knockoffs of popular brands.
 Do not take graphics, music, or content from the Web without
permission.
 Know the sources of goods you sell, to avoid the risk of selling stolen
property.

19.  Do not sell counterfeit knockoffs of popular brands.
 Do not take graphics, music, or content from the Web without
permission.
 Know the sources of goods you sell, to avoid the risk of selling stolen
property.

20.  Do not sell counterfeit knockoffs of popular brands.
 Do not take graphics, music, or content from the Web without
permission.
 Know the sources of goods you sell, to avoid the risk of selling stolen
property.

21.  Do not sell counterfeit knockoffs of popular brands.
 Do not take graphics, music, or content from the Web without
permission.
 Know the sources of goods you sell, to avoid the risk of selling stolen
property.

22.  Do not sell counterfeit knockoffs of popular brands.
 Do not take graphics, music, or content from the Web without
permission.
 Know the sources of goods you sell, to avoid the risk of selling stolen
property.