Entrepreneurship Taking a good idea … … to the “next level”

Entrepreneurship The recognition of opportunities (needs, wants, problems) and the use of resources to implement new or innovative ideas to address those opportunities An entrepreneur is someone who accomplishes this task

Opportunity vs. Idea An Opportunity is … a current need, want or problem that can be satisfied or solved An Idea is … a specific new venture to satisfy or solve an existing opportunity

Innovation vs Invention Innovation = Changing or improving an existing item, technology or process to satisfy an existing need or want. Invention = Creation of a new and unique item, technology or process to satisfy an existing need or want. Think of three (3) examples of each in the last 5 years?

Entrepreneurs Contributions to the Community Create new ventures that provide new or improved products and services Create competition which may lead to lower prices and better products Create jobs in the community

Entrepreneurs Contributions to the Community Promote economic growth by increasing product production Create opportunities for others Inspire others to do the same

What Motivates Entrepreneurs? Personal Satisfaction Financial Rewards (employment and profits) Helping others Be your own boss (freedom)

Characteristics ? features or qualities of our personality things that you are born with but can be improved upon (slightly) An entrepreneur must have certain characteristics and skills to be successful

Skills ? abilities we possess things that are learned, practiced and greatly improved upon An entrepreneur must have certain characteristics and skills to be successful