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Business Chapter 8. Chapter 8 section 1 Entrepreneurs- is profit seeker who develops a new product or process and assumes the risk of profit or loss.

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Business Chapter 8

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business chapter 8
Business Chapter 8
  • Chapter 8 section 1
  • Entrepreneurs- is profit seeker who develops a new product or process and assumes the risk of profit or loss.
  • E.g. Bill Gates, Donald Trump, Dr. Dre, Shakira, Jay Z, Jennifer Lopez, Beyonce, P-Diddy or Sean John Combs, Russell Simmons, David Beckham, Paris & Nicole Hilton, &The Walton “Sam’s Club & Wal-mart.”, Mom & Dad.
an entrepreneur
An Entrepreneur
  • Comes up with an idea, turns that idea into a marketable product, accepts the risks of success or failure, and claims any resulting profit or loss.
entrepreneurs and creative change
Entrepreneurs and Creative Change.
  • 1. Introduce New Products.
  • 2. Improve Quality of Existing products.
  • 3. Introduce New Production Methods.
  • 4. Introduce New Ways of Doing Business.
financing the business
Financing the Business
  • Business need money to begin and run the business.
  • They must acquire the necessary resources, including hiring employees and buying supplies.
  • Financial Capital, that is the money needed to start or expand the business.
  • Financial capital may be obtained through bank loans or from venture capitals.
  • Venture Capitalist – individuals or companies that specialize in financing start-up firms.
  • Profit Attracts Competitors.
  • Entrepreneurs may earn profit in the short run. It is in the long run that attracts competitors and substitutes.
  • Other businesses will enter the market and try to duplicate the success of the original entrepreneur.
  • Competitors try to offer a better product or a lower price.
  • The remain in the long run.
who isn t an entrepreneur
Who isn’t an Entrepreneur?
  • People may carry out just one of the functions of an entrepreneur.
  • They may dream up a new product or process, they may dream up a new product or process.
invention innovation and entrepreneurs
Invention, Innovation, and Entrepreneurs
  • Innovation is the process of turning an invention into a marketable product.
  • Inventors are entrepreneurs if they bear the risk of success or failure.
  • Most inventors work for firms as paid employees.
  • Pfizer, Dow chemical, or Intel. Apple
  • Intrapreneurs, are paid even in years when their creative juices slow down.
managers and entrepreneurs
Managers and entrepreneurs
  • Most entrepreneurs do more than simply sell their goods ideas to others.
  • They try to bring their ideas to the market by paying resource owners for the right to control these resources in the business.
stockholders and entrepreneurs
Stockholders and Entrepreneurs
  • In the USA 50,000,000.
  • Corporation fails, stock holders could lose the amount they paid for that particular stock.
  • If the corporation thrives, the stock value will increase and stock holders will benefit.