Unit 1: Chapter 1

What is Entrepreneurship? This is a seemingly simple question, with a surprising amount of depth. Entrepreneurship is all around us in our daily lives, even if it might not seem obvious. Broken down to its core aspect, entrepreneurship is the art of selling products and/or services. Products are tangible goods, which can be measured, quantified, and transported. Services are intangible labor or expertise. The selling of products and services makes up the majority of entrepreneurship. However, just because selling products and services is the core goal of entrepreneurship, does not mean that’s all that it is.

Most people aren’t entrepreneurs, but they are a part of entrepreneurship. Someone who works for someone else business is an employee. Employees work for business owners, who own businesses. An entrepreneur is someone in between. Entrepreneurs start their own businesses, but they play a very active role in their businesses, often working as an employee would. Being an entrepreneur is tough, as you have many more responsibilities, however, you are solely in charge of the business. You also make more money as an entrepreneur, as you can choose how much of your business’s money you will take as a profit. Entrepreneurship is much harder than being an employee, but it is also much more rewarding.

Entrepreneurs create businesses based on opportunities. It’s important to find a way to make your business unique, otherwise, people will just choose your competition. When your business is just starting out, you are limited in your ways to make your business unique, and have it fill a niche. Big businesses often are unique by offering very low prices, which are only possible when operating on such a large scale. As a small business, you can make other priorities like superior products/services, better atmosphere, better customer service, etc. If your business doesn’t stand out, people will have no reason to return. Repeat customers are essential for long-term success.

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