M.O.B. UNIT 2 MODULE 3: SMALL BUSINESS MANAGEMENT. The Nature and Characteristics of Entrepreneurship 11/2/09 . Objectives. Students should be able to: Explain the nature and characteristics of entrepreneurship. Describe the skills needed for managing a small business.
The Nature and Characteristics of Entrepreneurship
1.1. Definition of Entrepreneurship
Entrepreneurship is the practice of starting new organizations, particularly new businesses generally in response to identified opportunities.
Refers to the set of skills a person needs in order to successfully start and run a small business. These skills include the ability to identify a need in the marketplace and to take risks.
Entrepreneur- Means a person who starts and/or operates a business which includes identifying opportunities in the market, taking risks with a view of being rewarded with profits
1.4.Potential Drawbacks to Becoming an Entrepreneur
1.4 Impact of Entrepreneurship on the Economy
2.1. Identifying Successful Business Opportunities
2.2. Sourcing capital (finance)
2.4. Determining location