Why explain the concepts of entrepreneurship and entrepreneurial thinking as they apply to small business?

What do all of the following have in common?

They all represent the efforts of entrepreneurs! What if you couldn’t fly to DisneyWorld and see the lights from Cinderella’s Castle shining after sunset as you rode Space Mountain? For some of you this might not be a great loss, but think of all of the other things you use and rely on in your daily life that are the result of an entrepreneur’s willingness to step up and take a risk. Are you using an iPhone or did you Google anything today? Have you eaten at Wendy’s lately, perhaps on your way to the Ford dealership after you stopped at WalMart to pick up a lightbulb for your desk lamp?  In the same way that we are surrounded by the fruits of business labor, we are the beneficiaries of the hard work, dedication, and fearlessness of men and women across the centuries who have taken the plunge and become entrepreneurs. In this module, you’ll learn about some of these individuals as well as some of the steps it takes to launch your own business venture. Are you ready to be inspired? Please read on!

Learning Outcomes

• Identify the role entrepreneurs (past and present) play in small businesses and economic growth
• Identify the characteristics of an entrepreneur and explain how these characteristics contribute to business success
• Identify the opportunities and challenges of starting a business
• Describe the steps necessary to start a business
• Identify and describe the essential components of a business plan
• Explain why entrepreneurial ventures fail