Entrep mod 1

• Entrepreneurship is the capacity and willingness to develop, organize, and manage a business venture along with any of its risks in order to make a profit
• The most obvious example of entrepreneurship is the starting of new businesses
• An entrepreneur is the person who ventures into an enterprise
• The resources that an entrepreneur puts together consist of human resources (workers, managers, customers, and suppliers) and non-human resources (land, building, money, machines, materials, and methods)
• Entrepreneurial spirit is characterized by innovation and risk-taking, essential for a nation's success in a competitive global marketplace
• An entrepreneur perceives business opportunities in the environment
• An entrepreneur takes risks to make use of these business opportunities
• An entrepreneur invests his own or borrows money to use in business
• An entrepreneur introduces innovations or improvements to make the business better, more efficient, and more profitable
• An entrepreneur makes plans and decisions for the business
• An entrepreneur generates profit for the business
• An entrepreneur is not the person who gives or lends money to another to set up a business and sits back and relaxes until his money is returned with interest earnings; this person is a financier or investor, not exactly an entrepreneur
• An entrepreneur is not the person hired and paid big salaries to manage a business full time for its owners; this person is more of a professional or salaried manager
• An entrepreneur is not an inventor of a product who stops working after inventing and developing a product; to be sure, an entrepreneur, but only if he goes on to commercialize his product by manufacturing it on a commercial volume and then distributing it in the market
• An entrepreneur is not the person who guides or gives advice to an entrepreneur to make his business more efficient and profitable; this person is rather a business management consultant or counselor
• Entrepreneurship, according to Joseph A. Schumpeter, is the carrying out of new combinations of means of production, resulting in creative destruction at the individual level and disequilibrium in the economic process
• Entrepreneurs provide goods and services that members in the community or group need but cannot provide themselves
• Entrepreneurs earn profits that help the economy grow
• Entrepreneurs provide jobs
• Entrepreneurs who succeed and grow help other entrepreneurs succeed and grow too through outsourcing or subcontracting with similar businesses
• Entrepreneurs help develop small towns and cities and thus stem the migration of rural people into big cities
• An entrepreneur perceives opportunities in the environment and sees business ideas and opportunities in every human need, want, or problem
• An entrepreneur moderates risks by preparing feasibility studies and business plans, seeking information from friends or acquaintances, doing trial production runs, and conducting market tests