EXAM STUDY

Notes

EXAM STUDY GUIDE III 1. Entrepreneurship Definition: Starting and managing new businesses by finding market opportunities, creating innovative ideas, taking risks, and developing strategies for success. Importance • Economic Growth: Creates jobs, boosts productivity, encourages competition, and drives progress. • Innovation: Creates new products/services that improve life and competitiveness. • Social Change: Solves social problems and improves communities. o Social entrepreneurship combines making a profit with social responsibility. Types of Entrepreneurs • Small Business Entrepreneurs: Local businesses with stable profits. • Scalable Startups: Start small, aim for big expansion (e.g., tech startups). • Social Entrepreneurs: Focus on solving social/environmental problems. • Corporate Entrepreneurs: Innovate within existing large companies. Characteristics of Successful Entrepreneurs • Resilience: Recover from failure. • Vision: Clear direction and goals. • Risk-taking: Take calculated risks. • Passion: Motivation and inspiration. Entrepreneurial Process 1. Idea Generation: Come up with business ideas. 2. Research: Study the market and test feasibility. 3. Business Planning: Creat...