Terms in Entrepreneurship

A proactive process of developing a business venture to make a profit

• Entrepreneurship

• Market

• Business

The place where entrepreneurs and consumers meet each other

• Organization

• Market

• Merchant

Are tangible items sold to customers

• Products

• Goods

• Services

Things you think you must have in order to be satisfied

• Demands

• Needs

• Wants

A unique individual who has the innate ability and extraordinary dedication to establish and manage a business, acknowledging all the risks and reaping its rewards

• Merchant

• Entrepreneur

• Businessman

The promotion of goods and/or services that are available for retail sale

• Market

• Retail

• Merchandise

Examples of products

• clothes

• furniture

• salon

• food

What is the difference between a consumer and a customer?

In todays generation where people mostly depend in technology, is cellphone a need or a want to you? Justify your answer. (5 points)