Entrepreneurship - Vocabulary

What is an entrepreneur?

• Someone who is willing to undertake a new venture in order to present an idea to the marketplace.

• The word Entrepreneur is derived from a French word, which means “avoid risks”

• One who organizes, manages, and assumes the risks of a business or enterprise.

• A person who is hired to work for someone else

The word Entrepreneur is derived from the French word, which means “to ___________________.”

What is an employee?

• A person who starts a business and is willing to risk loss in order to make money.

• A person employed for wages or salary. Therefore, an employee is a person working for another person or a business firm for pay.

• One who organizes, manages, and assumes the risks of a business or enterprise.

• Someone who is willing to undertake a new venture in order to present an idea to the marketplace.

What does business mean?

• It is the pursuit of opportunity without regard to resources currently controlled

• A person employed for wages or salary.

• Business is the activity of making, buying, selling or supplying goods or services for money.

• A business is a commercial organization such as a company, shop/store or factory.

What is revenue?

• Revenue is the money a business makes after accounting for all the expenses.

• Revenue is the amount of money that is brought into a company by its business activities.

• Revenue is the money you make by working for someone else.

_________________ are economic costs that a business incurs through its operations to earn revenue.

What is a market niche?

What is not an example of a need?

• Clothes

• Car

• Shelter

• Food

What is not an example of a want?

• Fancy cars

• Eating at a very expensive restaurant

• Buyng the latest iphone generation

• Drinking water

What does not-for-profit mean?

• Ventures that are created for commercial purposes, in order to make profits.

• Ventures that are created for social or community service purposes, not to make profits.