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• Entrepreneurship – is the ability and readiness to develop, organize and run a business enterprise, along with any of its uncertainties in order to make a profit. – is creating a new business based on an original idea and assuming the risk and reward. – is the process of starting and running a new business, often with risk-taking and innovation. – is the practice of launching, running, and growing a business venture. –is the process of creating a new enterprise and bearing any of its risks, with the view of making the profit.
• Buyers – are persons who agree to purchase products or avail services presented with the prescribed or correct features.
• Sellers – are persons who transfer products or services to buyers in exchange for money.
• Short-term relationships – are one-time shallow commitment purchases. Long-term relationships – involve regular purchases based on an agreement that had been established for purchases lasting for a long period of time
• Needs – are the necessities of people such as food, clothing, and shelter. – people cannot survive without them.
• Wants – are products or services that people desire or wish to have.

  – are not an obligatory part of life; people can still live even without them.
• Demands – are a step ahead of wants; are the amount of interest to a product or service that consumers are willing to buy or have at a given price and period.
• Abraham Maslow – is an American psychologist who proposed the different levels of humans needs. – categorized the needs according to basic, psychological, and self-fulfillment.
• 1. Physiological/Basic Needs – are things for survival such as food, water, air, clothing, and shelter
• 2. Safety/Security Needs – are also important for survival but not as demanding as the basic needs.
• 3. Psychological/Social Needs – include belongingness, love, affection, friendship, attachment, and affliction from family, friends, colleagues, etc.
• 4. Esteem Needs – include personal worth, social recognition, and accomplishments.
• 5. Self-actualization/Self-fulfillment Needs – are personal awareness, growth, and having less concern with the opinions of others.