entrepreneurship lecture 1

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entrepreneurship lecture 1

Post  xerxes on Tue Jun 30, 2009 2:51 pm

SUBJECT: Entrepreneurship

Lecture Given: June 18-30, 2009

POWER POINT PRESENTATION

Reference: Introduction to Management-Stephen Robbins and Mary Coulter

Principles of Economics-Karl Case and Ray Fair



Entrepreneurship



BUSINESS MANAGEMENT / ADMINISTRATION

MARKETING MANAGEMENT / MARKETING COMMUNICATIONS

ECONOMICS

FINANCE

BUSINESS LAW



Business



Organization of the people with varied skills, which uses property or talents, to produce goods or services, which can be sold to others for more than their costs

A system through which economic activity is organized and directed by those who seek to make a profit



Kinds of Businesses



Commerce

Industry

Service



Commerce



Transfer or exchange of goods and services with the movement of goods from point of production to the point of consumption

Covers buying, selling, marketing and merchandising

Trade may be either retail or wholesale



Industry



*Concerned with the creation of form utility or the production of goods that are used either by the consumer or by other industries

Genetic industries (Begin)

Extractive (extracting of goods from natural resources)

Manufacturing (raw materials or secondary products to a more useful form)

Construction –building of airports, seaports, office buildings or skyscrapers, schools, government facilities and residences.





Service



Cater to personal needs of people, or with rendering of a personal service



Recreation Services



Motion picture production and distribution, theaters, stage presentations, television programs etc.



Personal Service



Restaurant, hotels, lodging houses, laundry shops, beauty parlor, barber shop, canteens



Economics



Is the study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided.

The study of how people make choices (societal choices)



Why study Economics



To learn a way of thinking

To understand society

To understand global affairs

To be an informed voter



3 Most Fundamental Concepts



Opportunity Cost

Marginalism

Efficient markets



Opportunity Cost



The best alternative that we forgo, or give up, when we make a choice or a decision



Marginalism



The process of analyzing the additional or incremental costs or benefits arising from a choice or decision









Efficient Markets



A market in which profit opportunities are eliminated almost instantaneously

xerxes
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