- Most american's earn money by working in business.
- Business is the buying and selling of products or services in order to make a profit.
- In every business there are employees, which is a person who works for a business.
- People who have their own business and work for themselves are considered entrepreneur
- When you work for someone you always have to look for opportunities to learn new skills and take on new responsibilities
- Entrepreneurs do three important thing, they listen, they observe, and they think.
- The public often think of businesses in terms of n=big businesses for examples such as mercedes, McDonald's, In n Out , Sony and etc.
- Most of the worlds businesses are small businesses, some examples include babysitting, owning a bakery, a small little restaurant, even selling lemonade.
- Many large corporations began as an idea thought up by one or two entrepreneurs, for example; Facebook and etc.
- No matter how big or how small a business must always have to have a profit.
- Closing a business is nothing to be embarrassed of, some entrepreneurs open and close more than one business in their career.
- If your business is making good profit then your doing something good.
- Voluntary exchange is a transaction between to parties who agree to trade money for a product.
- Free enterprise system is the free trade system
- We all benefit from living in a free enterprise system because it discourages entrepreneurs who waste resources
- Entrepreneurs always see change as opportunity.
- There are some disadvantages of being an entrepreneur and some of those are;
- Business failures- many businesses fail and they risk losing money and investors.
- Obstacles- Many businesses will always run into unexpected problems
- Long hours / hard work- Business owners will have to work long hours to get their business off the ground
- There are also many advantages in being an entrepreneur and some of them are;
- Having control overtime
- Having a creative and fullfilling life
- The opportunity to create great wealth
- Control over compensation- get to decide how much they pay themselves
- Pay yourself salary
- Pay yourself a wage
- Take a commission
- Self evaluate yourself
- ETC.
- An entrepreneur can also become very wealthy if the business succeeds and then someone buys it.
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