Management
9-1 Entrepreneurial Enterprise
9-2 The Business Plan and SelfEmployment
9-3 Operating an Entrepreneurial
Enterprise
9-1 OBJECTIVES
Explain the importance of an entrepreneur in the development of an economy.
Differentiate between the types of
Entrepreneurial businesses.
Describe telecommuting and the effect of technology on home-based businesses.
The Economic importance of
Entrepreneurs
The world of business is constantly changing. No one knows this better than the business owners in the United States. More than 15 million people in the US own their own small businesses.
Nations do not start with highly industrialized airports, superhighways and computer networks.
In every country, people get ideas and take action to make products better, faster and more available. This inventive effort is the basis for economic development and improved quality of life. Economic and social benefits of
Small Businesses
Most entrepreneurs start small. Some have started in a basement or a garage. Small companies play a very important part in the economy. A small business is an independently owned and operated business that does not dominate an industry.
Small businesses are commonly categorized by number of employees. The USSBA defines a small business as one with less than 100 employees.
Economic and social benefits Small Businesses are major creators of new products.
Small Businesses are the major source of jobs
Small Businesses often provide personal service
TYPES OF ENTREPRENEURIAL
BUSINESSES
Agriculture, Mining and Extracting
Companies
Manufacturing Companies
Wholesalers
Retailers
Service
HOME-BASED BUSINESSES
Years ago, people work from their homes as farmers, weavers and toolmakers. This home based businesses are still present in many countries including the Philippines, Pakistan,
Chad, Liberia and Kenya.
Other types of common home-based businesses include real-estate