APUNTES INICIATIVA EMPRENDEDORA EN INGLES Business: Needs and wants - Finance - Transactions - Distribution - Utility / Satisfaction Economics is the

study of the making, butying and sellingo goods or services. Barter > To trade. Supply (offered) Demand (wanted) Products and services Trade, transactions Scarcity: Limited resources but unlimited wants. Budget > The Money you have for spending. Opportunity cost: If you have a Choice of buying to things, the opportunity cost is the one that you dont buy. Profit: The benefits you make from buying something and then selling it mor expensive. Loss: When your cost is higher than the revenue. Specializtion is when an individual or a company specializes in doing something. Interdependence: People depend on oneanother. Entrepreneur > Emprendedor - World entrepreneur: o U.S entrepreneurs > 550.000 new Business/year o Entrepreneural spirit. The most significant economic development in recent history. World of the entrepreneur: o Men are trice as likely to start a Business as woman. o Most entrepreneurs turn to family members and friends por capital. o Entrepreneurs are most likely to launch Business when they are between 25 adn 44 years old. Who is an entrepreneur? One who creates a new Business in the face of risk and uncertanity for the purpose of achieving profit and growth by identifying opportunities and assembling the necessary resources to capitalize them. - Characteristics of entrepreneurs: o Desire for responsibility o A leader o Self-confidence o Hard work o Communication o Preference for moderate levels of risk- Risk eleminators. o Confidence in the ability to succeed o Desire for immediate feedback o High level of energy

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Futur orientation Serial entrepreneurs Skilled at organizing Value achivement over Money DIVERSITY

Benefits of Entrepreneurship: The oportunity to: o Create your own destiny o Make a difference o Reach you full potencial o REap impressive profits o Contribute to society and to be recognized for your efforts Types of income: o Profit o Salaries/wages o Lottery o Interest/Rents o Heritage o Pensions o Subsidies. Draw backs of entrepreneurship o Uncertainty of income o Risk of losing your investments o Long hours hard work o Lower quality of life until Business gets established o High level of stress o Complete responsability o Discourgement Feeding the entrepreneural FIRE o Entrepreneurs as heroes o Entrepreneurial education o Demographoc and economic factors o Shift to a service economy o Technology advacements o Independent lifestyle Cultural Diversity of entrepreneurs o Young entreprenerus o Women entrepreneurs o Minoritty owned enterprises o Inmigrant entrepreneurs o Part-time entrepreneurs o Home-based Business o Family Business o Copreneurs The nature of Business: to earn profits providing products. o Tangible o Intangible

Business: An individual or organization that tries to earn a profit by providing products that satisfy peoples needs. Nonprofit: Provides products, especially services for some purpose other than profits. Inside the entrepreneural Mind: From ideas to reality o Creativity: The ability to develop new ideas and Discovery new ways of looping at problems and opportunities; thinking new things. o Innovation: Ability to apply creative Solutions to problems or opportunities to enhance or to enrich peoples lives; doing new things. Entrepreneurship: The resulto f a disciplined, systematic process of applying creativity and innovation to needs and opportunities in the Marketplace. The creative process Preparation > Investigation > Transformation > Incubation > Ilumination > Verification > Implementation