Unit 2: Introduction to Entrepreneurship Review

This is someone who takes the initiative to start and operate a new business.

• Chief Executive Officer
• Entrepreneur

This a process that requires hard work, perseverance, and the willingness to assume some degree of risk.

• Managing
• Entrepreneurship

Pursuing their passions, developing an idea into a business, creating wealth for themselves, and providing jobs for other people, allows entrepreneurs to increase their:

• personal satisfaction
• number of friends

Entrepreneurs often start their business while working for another company, this allows them:

• to increase their income.
• to practice community service.

Entrepreneurs do not receive a regular paycheck. This means that entrepreneurs:

• make lots of money.
• have an uncertain income

Entrepreneurs will work very long hours – often 7 days a week. This means that:  

• plenty of time will remain to pursue personal and family interests.
• personal interests will often take a backseat to the business.

To be successful, the entrepreneur must:

• ignore the needs and wants of customers.          
• focus on serving the needs and wants of customers.

Because of entrepreneurs, we have:

• a shortage of goods and services available to consumers.
• an abundance of goods and services from which to choose.

He is the entrepreneur behind SpaceX and Tesla Motors. His goal is to change the world and improve humanity.

• Neil Armstrong 
• Elon Musk 

Anyone can be an entrepreneur and:

• you must be 21 years of age to get started.
• you can begin at any age.