Entrepreneurship and Business Concepts

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Entrepreneurship

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Starting and running your own business venture

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Characteristic of successful entrepreneurs

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Innovation and creativity

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Self-analysis in entrepreneurship

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Evaluating your personal strengths and weaknesses

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Impact of entrepreneurship on the global economy

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It creates new jobs and innovation

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Potential risk of becoming an entrepreneur

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Financial uncertainty

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Example of a non-traditional business venture

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A social media marketing agency

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Scarcity in economic terms

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Limited resources with unlimited wants

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Economic system with private ownership

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Market economy

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Effect on price when supply increases but demand remains constant

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Price decreases

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Monopoly

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Single seller controlling the market