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The Meaning of

Entrepreneurship

Needs are essential for human survival

Wants are human desires that go


beyond basic needs and are not essential
for survival.

Entrepreneurship -Is the creation and


Building of a venture to fill a market niche.

Characteristics of Entrepreneurial Ventures

For Profit to make money


Not-For-Profit raising money they need to
deliver a special service or satisfy a specific
need.

Entrepreneurship is NOT dependent on the


size of the business

Service Production / Goods


Production
A Good- a product

A Service could be anything from work a


mechanic would do, to advice from a lawyer

Physical / Virtual
Bricks and mortar physical locations that
customers could visit.

Virtual is conducted electronically through ecommerce with the us of the internet

Local / Provincial / National /


International
The gross national product (GNP) is the total of
all goods and services produced in Canada in
one year.

Technology and Change


Demographics- data about groups of people
including age, ethnic origin, religion, family
size, income, and more

Supply and Demand


Demand what the customer needs or wants

When supply is greater than demand, the price will go


down. When demand is greater than supply the price
goes up.

Impact on the community


Multiplier effect when the creation of new jobs leads
to the further creation of more new jobs because of
demand.

Intrapreneurship entrepreneurship occurring within an


corporation or organization