Entrepreneurship lesson for Lahainaluna students.

1. ENTREPRENEURSHIP
Day 2
Introduction to Marketing
Presented by: Mr. Zayas

2. ENTREPRENEURSHIP
Key Term Review

3. ENTREPRENEURSHIP
Entrepreneur

4. ENTREPRENEURSHIP
An individual who undertakes the
creation, organization, and ownership
of a business.
He or she accepts the risks and
responsibilities of business ownership
to gain profits and personal
satisfaction.

5. ENTREPRENEURSHIP
Venture

6. ENTREPRENEURSHIP
A new business undertaking that
involves risk.

7. ENTREPRENEURSHIP
Entrepreneurship

8. ENTREPRENEURSHIP
The process of recognizing an
opportunity, testing it in the market, and
gathering resources necessary to go into
business.

9. ENTREPRENEURSHIP
Economic Systems

10. ENTREPRENEURSHIP
Include a set of laws, institutions,
and activities that guide economic
decision making.

11. ENTREPRENEURSHIP
Free Enterprise System

12. ENTREPRENEURSHIP
In a free enterprise system to make
economic choices.
- People can choose what products to buy.
- People can choose to own property.
- People can choose to start a business
and compete with other businesses.

13. ENTREPRENEURSHIP
The free enterprise system is also
called capitalism or a market
economy.
- People can choose what products to buy.
- People can choose to own property.
- People can choose to start a business
and compete with other businesses.

14. ENTREPRENEURSHIP
Profit

15. ENTREPRENEURSHIP
Profit is money that is left after all the
expenses of running a business
have been deducted from the
income.

16. ENTREPRENEURSHIP
Competition

17. ENTREPRENEURSHIP
Is good for consumers because it
presents choices, it forces
companies to improve quality, and
become more efficient, and it leads
to a surplus, which brings prices
down.

18. ENTREPRENEURSHIP
Needs and Wants

19. ENTREPRENEURSHIP
Needs are essential
- If it’s required in order to live it is a need.
- Food, shelter, water, clothes and clean air
are needs.
- In today’s economy a good education,
employment and safety are also needs.
- Some people need transportation.

20. ENTREPRENEURSHIP
Wants enhance the quality of life
- Wants add comfort and pleasure to our
lives
- Sometimes it’s not easy to tell which
products or services are wants and needs.
- Sometimes your culture, age, economic
status and family lifestyle determine which
are necessary.

21. ENTREPRENEURSHIP
Goods and Services

22. ENTREPRENEURSHIP
- Needs and wants are satisfied by
consuming goods and services.
- Goods are things you can see and
touch – products you can purchase
to meet your wants and needs.
- Services are activities that are
consumed at the same time they
are produced.

23. ENTREPRENEURSHIP
Factors of Production

24. ENTREPRENEURSHIP
1. Land – All of the natural resources
upon and beneath the earth’s surface.
2. Labor – The human effort required to
produce goods and services.
3. Entrepreneurship – The ideas and
decisions of the entrepreneur or
business owner.
4. Capital – Equipment, factory, tools and
other goods needed to produce a
product.

25. ENTREPRENEURSHIP
Scarcity

26. ENTREPRENEURSHIP
Occurs when demand exceeds
supply.

27. ENTREPRENEURSHIP
Economic Indicators

28. ENTREPRENEURSHIP
Gross domestic Product (GDP)
Total market values of of goods and
services produced by workers and
capital within a nation during a
specific period.

29. ENTREPRENEURSHIP
What do Entrepreneurs
Contribute?

30. ENTREPRENEURSHIP
Mechanism by which the economy
turns demand into supply.

31. ENTREPRENEURSHIP
Principal source of venture capital.

32. ENTREPRENEURSHIP
Provide jobs.

33. ENTREPRENEURSHIP
Change society.
In In 1976 Steven Jobs and Stephen
Wozniak set out to create Apple, the
first Personal Computer. Think about
all the industries that have emerged
from this event.