Entrepreneurship Ideas in Action Chapter 1

People who own, operate, and take the risk of a business venture p. 5 Entrepreneurs come from all types of backgrounds and create all kinds of businesses. People of all ages choose to become entrepreneurs. They try to identify unmet needs in the marketplace. Then they provide a service or product to meet those needs. When they succeed, their businesses flourish, and profits are earned. But if their idea is unsuccessful, they may lose the money they invested.

The process of running a business of one's own. p. 5

people who work for someone else.

Manufacturing businesses actually produce the products they sell. Using resources and supplies, they create everything from automobiles to paper. Wholesaling businesses sell products to other businesses rather than the final customer. For example, a wholesaler supplies your local greeting card store with items such as cards and wrapping paper Retailing businesses, such asthe greeting card store, sell products directly to the people who use or consume them. Service businesses sell services rather than products. They include hotels, hairdressers, and repair shops, to name a few. p.6

(1) agricultural and (2) mining and extracting busineses. p.6

generate fresh produce and other farm products, such as wheat. p. 6

take resources like coal out of the groud so that they can be consumed. p. 6

apparel and other textile products, chemicals and related products, electronics and other electrical equipment, fabricated metal products, food products, industrial machinery and equipment, printing and publishing, rubber and miscellaneous plastic products, stone, clay and glass products. p.6

Apparel, electric goods, groceries and related products, hardware, plumbing, heating equipment, lumber, construction materials, machinery, equipment, supplies, motor vehicles, automotive equipment, paper, paper products, petroleum, petroleum products p. 6

auto and home supply stores, building materials and supply stores, clothing stores, florists, furniture stores, gift, novelty and souvenir stores, grocery stores, hardware stores, jewelry stores, retail bakeries, shoe stores, sporting goods and bicycle stores. p. 6

appliance repair, automotive repair, babysitting, bookkeeping, consulting, dance instruction, electrical services, exterminators, flower decorating , house cleaning, lawn care, painting, plumbing, translating, travel agency, tutoring, web design and maintenance. p. 6

Because of the growing movement toward environmentally friendly products, entrepreneurs who have a passion toward bing green have an advantage when introducing their product or service on the market. educate their customersabout how their products or services benefit the earth or conserve resources. green business practices, such as recycling and working with other green-minded companies, are often favored by customers p. 7

There were approximately 29.6 million businesses in the United States in 2008. Small firms with fewer than 500 employees represent 99.9 percent of these 29.6 million businesses in the United States. Only 18,000 U.S. businesses are considered large. Small businesses contribute billions of dollars to the U.S. economy every year and generate jobs that drive economic growth. p. 7

small businesses created 21.9 million jobs in the last 15 years compared iwth 1.8 million jobs created by large businesses. These small businesses are found in virtually every sector of the economy. p. 7

Starbucks, Home Depot, Harpo Productions p. 9

created her own products, opened Lelia College where she and her daughter trained other women to use and sell the product line. She became a millionaire from the sales of her products and contributed to the African-American coummunity by empowering women to make their own mark in the business world.p. 8