Chapter 1
What is Entrepreneurship?
Differences between employees and entrepreneurs Business is the buying and selling of products or services to make a profit Employees are people who earn a living by working for someone else’s business Entrepreneurs people who start their own business and work for themselves A successful business sells products or services that a customer needs at a reasonable price
Think like an Entrepreneur Always look for opportunities to learn new skills and take on new responsibilities Show your employer that you understand business and are working to improve the profitability of the company Quote Jeffrey Timmons” Entrepreneurship is a way of thinking, reasonable, and acting that is opportunity-obsessed, holistic in approach and leadership balanced.”
Entrepreneurs do three important things They listen They observe They think
Big and small business A small business has about 100 employees and sells more than 1million worth of products a year Most neighborhood business are small business
A business must make profit to stay in business The amount of money coming in must be greater than the amount required to pay bills The business must be profitable to stay up
Profit is the sign that the entrepreneur is adding value Resources is something of value that can be used to make something else or to fill a need Losing money is a sign that the entrepreneur is not using resources well and is not adding value to them.
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