Submitted by: Submitted by mattveego
Views: 116
Words: 257
Pages: 2
Category: Business and Industry
Date Submitted: 10/24/2014 04:59 AM
2. Entrepreneurship is the process of recognizing an opportunity, testing it in the market and gathering the resources necessary to go into business
3. An economic system is a set of laws, instructions and activities that guide economic decision making.
4. You need to know what good to produce and how much of it.
5. Economic indicators help entrepreneurs understand the state of the economy. Business cycles are a general pattern of expansion and the contraction that the economy goes through.
6. Entrepreneurs are the mechanism by which the economy turns demand into supply.
7. Entrepreneurship has been a huge part of American history ever since colonists began to bring over new products and ideas. In the 1980s large companies were suffering which led to the rise of the small business.
8. The entrepreneur, the environment, the opportunity, start-up resources and the new venture organization
9. The key is to recognize opportunity, test it in the market place and assemble a team with the necessary skills.
10. Even though paper towels are cheap we will never buy more than one pack at a time.
11. A lot of times small businesses fail around here because there simply is not a market for them in this environment
12. Test different products in the marketplace
13. You have the right to start up a business that sells or provides anything and you can hire only the people you want to hire.
14. Goods are actual products you can sell while services are actions performed for a price.