define needs:
a good or service essential for living.
say the three classification of businesses?
primary sector, secondary sector and tertiary sector.
primary sector:
this involves the use/extraction of natural resources.
secondary sector:
this involves the manufacture of good using the resources from the primary sector.
tertiary sector:
this consists of all the services provided in an economy.
private sector:
where private individuals own and run business ventures.example: nike, Mcdonal’s, virgin airlines etc.
public sector:
where the government owns and runs business ventures.examples: the indian railways is a public sector organisation owned by the govt.
Entrepreneurship
an entrepreneur is a person who organises, operates and takes risks for a new business venture.
what can we take to be a very successful entrepreneur?
risk taker, creative, optimistic, self-confident, innovative, independent, effective communicator and hard working.
business plans
a business plan is a document containing the business objectives and important details about the operations, finance and owners of the new business.
