1. Entrepreneurs
BMI3CI/BMX3EI

2. WHAT IS AN ENTREPRENEUR?
A person who operates their own business or businesses taking on all the risks involved in being responsible for that business including financial, legal, etc

3. Products Services Goods
Tangible items of monetary value that satisfy needs and wants of consumers and customers.
Intangible items of monetary value that satisfy needs and wants of consumers and customers.

4. Product Ideas Market-pulled Idea-pulled
When a product is created to meet a market demand.
For example creating a snow tire business in a location with snow
When a product is developed through the creative idea of the producer. The market does not necessarily have the demand to support the product.

5. SWOT analysis Strengths (competitive advantages) Weaknesses
Opportunities
Threats
Competitive advantage: the aspects of a product or service that lead a customer to buy that product or service rather than another

6. Entrepreneurship Pros Cons Personal freedom Personal satisfaction
Increased self-esteem
Increased income
High level stress
Possible setbacks
The risk of failure
Potential loss of income
Long and irregular hours
The need to handle multiple tasks
Required strong self-discipline

7. Entrepreneurs Are Determined Risk takers/adventurous Self-motivated
social
Self-confident
Organized
Leaders
Self-disciplined
Creative
Hard workers

8. Business Risks
Economic risks: result from changes in overall business conditions.
Natural risks: caused by natural occurrences
Human risks: triggered by human mistake, or dishonesty, or other risks controlled by humans
Economic: competition, consumer lifestyles, population changes, obsolescence, gov’t regulations, inflation or recession
Natural: loss of property or damages caused by flood, tornado, earthquake, etc.
Human: customer dishonesty (theft, fraudulent payment, non-payment), employee (mistakes), stress, skills, computer crime

9. What strategies can be used by businesses for risk prevention and control?

10. Dragon’s Den
Local Entrepreneur