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- The word entrepreneur comes from the French word ‘prendre’ which means ‘to take’.
- Entrepreneurs are people who take opportunities by creating a venture in order to satisfy the wants of others.
- Wants can be satisfied in a market where many people are looking for the same want.
- Entrepreneurial ventures are created and owned by an individual or a group of persons.
- A venture must be operated properly to be successful.
- “Entrepreneurship can be defined as the creation, ownership and operation of a venture to satisfy the wants of a market.”
- Most ventures are business ventures and are undertaken for profit
- However, some ventures can be non-profit making. They are created for social or community service purposes. Examples include: Greenpeace, Save the Children, Boy Scouts, etc.
- Ventures can be of any size. They can be of a large or small. Large ventures can employ thousands of people and have sales in billions of dollars, e.g. multinationals.
- Small ventures are usually sole traders, partnerships or small companies catering for a local area.
- Ventures can be organized to produce goods (physical products) such mobile phones, televisions, etc. Nokia or Samsung are ventures providing goods.
- Ventures can also be created to prove services such as transport, education, healthcare, e.g. DHL, CIS, A private doctor. (INTANGIBLE, CANNOT BE TOUCHED)
- Most ventures provide physical locations that customers could visit to make purchases. However, ICT has made it possible for ventures to operate electronically without office or showroom. This is known as virtual ventures.
- A local venture is one which operate within a local area, e.g. in a town village or community
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