What is Entrepreneurship?

Entrepreneur
An

entrepreneur is anyone who takes risks and organizes resources in order to satisfy needs and wants of others They take hold off opportunities when they see them What are needs and wants??

Needs
Are

essential for human survival Can be real or psychological Real or basic needs food, shelter they are tangible Psychological needs companionship, security they are emotional

Wants
Human

desires that go beyond basic needs that are not essential for survival Make you feel good or help achieve a goal Why are needs and wants important to entrepreneurs?

Entrepreneurship
Needs

and wants are important to entrepreneurs because this is where they can find market niches to supply to the public Market Niche a specific segment of the market Examples:

Characteristics of Entrepreneurial Ventures

Entrepreneurial

Ventures are business ideas that are conceived , started, and operated by a person or group Most ventures can fit into the following categories: For-Profit/Not-for profit Large Scale/Small Scale Service production/goods production Physical/virtual Local/provincial/national/international