2. Entrepreneurship : business started by someone who notices a need for a product or service › Internet became the arena for entrepreneurs to sell Virtual business or a dot-com company : business that operates on the internet

3. Entrepreneur: person who recognizes a business opportunity and organizes, manages, and assumes the risks of a business enterprise, with the intent of increasing the market value of the business Risk Taker : someone who likes to take risks › Entrepreneurs are risk takers

4. 1. Satisfaction from taking a risk and becoming a success 2. Showing Expertise and skills 3. Working from home 4. Gaining profit Profit : money left over after a business has paid all costs of producing its goods or services.

5. 1. Total responsibility for the business 2. Long hours 3. Financial risks Main reason why entrepreneurs fail is that they run out of money.

6.  (Story of Walton Family) 8 min. 41 sec. https://www.youtube.com/watch?v=VAmmofP_Itc (Story of Walton Family) 8 min. 41 sec. https://www.youtube.com/watch?v=VAmmofP_Itc  (History of Walmart Part 1) 6 min. 53 sec. https://www.youtube.com/watch?v=q_hqa25bsYo (History of Walmart Part 1) 6 min. 53 sec. https://www.youtube.com/watch?v=q_hqa25bsYo  (History of Walmart Part 2) 6 min. 49 sec. https://www.youtube.com/watch?v=fJgdZk0xyyo (History of Walmart Part 2) 6 min. 49 sec. https://www.youtube.com/watch?v=fJgdZk0xyyo  (Fortune 500 ranking) http://money.cnn.com/magazines/fortune/fortune500/20 13/snapshots/2255.html?iid=F500_sp_list (Fortune 500 ranking) http://money.cnn.com/magazines/fortune/fortune500/20 13/snapshots/2255.html?iid=F500_sp_list  (Walmart Locations) http://corporate.walmart.com/our- story/our-business/locations/#/united-states/texas (Walmart Locations) http://corporate.walmart.com/our- story/our-business/locations/#/united-states/texas  (Stock Listing) http://finance.yahoo.com/q?s=WMT (Stock Listing) http://finance.yahoo.com/q?s=WMT

7. Small business: independently owned business that according to the Small Business Administration, usually has the owner as its manager. Good managerial skills needed for the success of small business Small business serves a limited geographic area, employs fewer than 500 people, and is not dominant in its industry Most businesses in U.S. are small businesses

8. 1. Being the boss 2. Opportunity to offer services large companies cannot offer 3. Easy to form

9. http://www.statisticbrain.com/startup- failure-by-industry/ Why a small business might not work: 1. Effect of change › Styles and trends change. 2. Managerial skills needed › Keeping poor records, lack of business knowledge 3. Inadequate financial planning › Starting with too little money, not making profit

10. Once you’ve decided that you want to start a business, the next step is to assess entrepreneurial opportunities. › Checklist to organize thinking › Should be detailed and take time to prepare Business Plan : written description of a new business venture that describes all aspects of the business. › Helps you focus on exactly what you want to do, how you’ll do it, and what you expect to accomplish.

11. 1. Summary 2. Company Description 3. Products and Services 4. Marketing Plan 5. Legal Plan 6. Management plan and operation plan 7. Financial plan