Entrepreneurship -- Section 1.1 Past and Present

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Chapter 1 : 

Section 1.1 Entrepreneurs: Past and Present Chapter 1

What is an Entrepreneur : 

What is an Entrepreneur People who own, operate and take the risk of a business venture They are engaged in Entrepreneurship The process of running a business Entrepreneurs try to identify the needs of the market place and then meet those needs by supplying a service or product

Employees vs. Entrepreneurs : 

Employees vs. Entrepreneurs Entrepreneurs assume risk Directly affected by the consequences of business decisions Employees: people who work for someone else

Why be an Entrepreneur? : 

Why be an Entrepreneur? Some want to leave fast paced corporate environment Pursue a personal dream

Types of Entrepreneurial Businesses : 

Types of Entrepreneurial Businesses Manufacturing Business Produce the product they sell Wholesaling Business Sells products to people who are not the final customer Retailing businesses Sell products directly to the people who consume them Service Businesses Sells services rather than products

Other Business Areas : 

Other Business Areas Agricultural Business Generate fresh produce and other farm products Mining and Extracting Business Takes resources like coal out of the ground

A Little Bit of History : 

A Little Bit of History Colonial Years: Entrepreneurs rased crops such as rice and tobacco. They also worked as bankers, merchants, and candlemakers

19th Century Entrepreneurs : 

19th Century Entrepreneurs Cyrus McCormick Used the already invented reapers and used it to mechanize the job of harvesting crops Lydia Moss Bradley Investments and real estate John D. Rockefeller Oil refinery business

20th Century Entrepreneurs : 

20th Century Entrepreneurs Henry Ford Developed and mass produced some of the first automobiles Olive Beech Co founded aircraft company with her husband Clarence Birdseye Development of packaged frozen foods

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