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Entrepreneurship

Entrepreneurship. Mr. Bernstein Entrepreneurship and the Economy pp 6-9 February 18, 2014. Entrepreneurship Mr. Bernstein. What is an Entrepreneur? An individual who undertakes the creation, organization, and ownership of a business Examples? What is a venture?

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Entrepreneurship

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  1. Entrepreneurship Mr. Bernstein Entrepreneurship and the Economy pp 6-9 February 18, 2014

  2. EntrepreneurshipMr. Bernstein What is an Entrepreneur? • An individual who undertakes the creation, organization, and ownership of a business • Examples? What is a venture? • A new business undertaking that involves risk • Examples?

  3. EntrepreneurshipMr. Bernstein What is Entrepreneurship? • The process of recognizing an opportunity, testing it in the market, and gathering resources necessary to go into business What is Intrapreneurship? • The application of entrepreneurship within a large organization

  4. EntrepreneurshipMr. Bernstein What is Economics? • The study of how people choose to allocate scarce resources to fulfill their unlimited wants What is an Economic System? • A set of laws, institutions and activities that guide economic decision making

  5. EntrepreneurshipMr. Bernstein The Free Enterprise System: Capitalism • Individual Economic Freedom • Individuals can choose what they wish to buy • Individuals can choose to own private property • Individuals can start business ventures and compete with other businesses • Role of Competition • Provides consumers choices • Forces businesses to improve quality and become more efficient • Reduces prices • Also known as a Market Economy

  6. EntrepreneurshipMr. Bernstein Market Structure: The Nature and Degree of Competition • Monopoly • Oligopoly • Perfect Competition • Monopolisitic Competition

  7. EntrepreneurshipMr. Bernstein Market Structure: The Nature and Degree of Competition • List three companies that are in direct competition with each other. • What are the products they use to compete? • What are the relative prices of the products? • In addition to product quality and price, in what other dimension do the businesses compete? • Which product would you choose and why?

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