Unit # 1, Chapter 1: Entrepreneurs: Made or Born



Introduction to Entrepreneurship

Read pages 9 to 11 in your textbook.

What is entrepreneurship?

There are many characteristics of ventures or businesses. Explain the difference between the following and provide an example for each to illustrate:

1. Profit versus Not-for-Profit

2. Large versus Small Scale

3. Service versus Goods

4. Physical versus Virtual

5. Local/Provincial/National/International

To be successful, a venture should set out to fulfill a need or want. This is what brings customers in the door. Define the following:

Need:

Want:

Looking at the following list, indicate which would be classified as needs and which would be classified as wants:

| | | | |

|Product/Service |Need / Want |Product/Service |Need / Want |

| | | | |

|television | |winter jacket | |

| | | | |

|fruits/vegetables | |dental care | |

| | | | |

|vaccinations | |bicycle | |

| | | | |

|water | |computer/internet | |

| | | | |

|Post-it notes | |house | |

| | | | |

|makeup | |air conditioning | |

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