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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