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Understanding Entrepreneurship: Key Steps and Influential Figures in the New Economy

Entrepreneurship is the process of organizing and managing a business, characterized by initiative and risk. It typically involves four steps: developing an idea, creating a business plan, securing funding, and initiating operations to generate profit. Entrepreneurs can innovate within existing industries or create entirely new markets. Key figures in this field include Sam Walton, Michael Dell, and Jeff Bezos, who have transformed their respective industries. Their contributions underline the importance of entrepreneurs in driving economic growth and innovation.

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Understanding Entrepreneurship: Key Steps and Influential Figures in the New Economy

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  1. NEW ECONOMY

  2. The Entrepreneur • A person who organizes and manages a business and/or enterprise, usually with considerable initiative and risk. • Four basic steps • Come up with an idea • Develop a business plan • Raise the money • Begin operations and work to make a profit

  3. Developing an idea for a business may involve entering into an industry or field that already exists, or coming up with an entirely new idea. • Sometimes the entrepreneur has his/her own money, sometimes they must get investors. • Entrepreneurs are an important part of the business world because without them, there wouldn’t be nay businesses.

  4. Most successful of the Era • Sam Walton – founded Wal-Mart, the world’s largest retail chain • Michael Dell- built the Dell Corporation around selling customized computers • Ray Kroc – revolutionized the restaurant industry by starting the McDonald’s chain and introducing mass-produced food on a large scale.

  5. Lee Iacocca – brought the large automobile industry Chrysler back from the brink of bankruptcy. • Donald Trump- made a real estate empire • Bill Gates- was once the world’s wealthiest man because he headed Microsoft (software)and changed the computer industry. • Steve Jobs – became the head of Apple Computers after developing computer alternatives to the PC • Jeff Bezos – changed the way people shopped by founding Amazon and bringing online shopping to the masses in a new, comprehensive way.

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