Entrepreneurship

Learning Objective

Understand activites and careers in small business management and entrepreneurship.

What is a Small Business?

  • Independently owned and operated
  • Must have 100 or fewer employees

Entrepreneurship

  • The process of starting and running one's own business.
  • Taking initiative
  • Involves risk

United States' Market Economy

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The US government has a Free Enterprise System

  • Opportunity to start and own a business
  • Business ventures are risky, but is usually worth the investment

There are 4 basic forms of business ownership

Sole Proprietorship

Owned and operated by one person.

Partnership

A form of business where two or more individuals share assets, liabilities (debt), and profit.

Corporation

A business owned by stockholders and run by a CEO.

Franchise

A legal agreement that gives an individual the right to market a company's product or service in a particular area.

Business Functions of an Entrepreneur

  1. Financial management: Understands the financial concepts and tools used in making business decisions.
  2. Human Resource management: Understands the concepts and strategies needed o acquire, motivate, develop, and terminate staff.
  3. Information management: Understands the concepts, systems, and tools needed to access, process, maintain, and evaluate information for business decision-making.
  4. Marketing management: Understands the concepts, systems, and tools needed to access, process, maintain, and evaluate information for business decision-making.
  5. Operations management: Understands the process and systems implemented to facilitate daily business operations.
  6. Risk management: Understands the concepts, strategies, and systems that businesses implement and enforce to minimize loss.
  7. Strategic management: Understands the processes, strategies, and systems needed to guide the overall business organization.

Entrepreneurial Career Opportunities

Can you think of others?

Other Entrepreneurs

  • Ted Turner
  • Larry Ellison
  • Mary Kay Ash
  • Ray Kroc
  • Steven Spielberg
  • Walt Disney
  • Richard Branson
  • William Rosenburg

What did they do?