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Entrepreneurship versus Working for others

Entrepreneurship versus Working for others - I II...

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I. Entrepreneurship versus Working for others a. 2 ways to succeed in business: a.i. rise up through ranks of large companies a.ii. start your own business b. Opportunities for Entrepreneurs c. Millions of people world-wide have succeeded as entrepreneurs d. The importance of entrepreneurs to the creation of wealth d.i. 5 factors of production that contribute to wealth d.i.1. Land d.i.1.a. Not critical d.i.2. labor d.i.2.a. not critical either==many poor countries have plenty of laborers d.i.3. capital d.i.4. entrepreneurship d.i.5. knowledge d.ii. real success comes from combination of entrepreneurship and effective use of knowledge II. The business environment a. Business environment : consists of surrounding factors that either help or hinder development of business a.i. Economic and legal environment a.ii. Technological environment a.iii. Competitive environment a.iv. Social environment a.v. Global business environment b. The economic and Legal environment b.i. People are willing to start new businesses if they believe that the risk fo losing their money isn’t too great b.ii. What government can do to help: b.ii.1. can keep taxes and regulations to a minimum b.ii.2. allow private ownership of business b.ii.3. pass laws that enable business-people to write contracts that are enforceable in court b.ii.4. establish a currency that’s tradable in world markets b.ii.5. minimize corruption in business & in its own ranks c. The technological environment c.i. How technology benefits workers and you c.i.1. technology
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