{"id":51,"date":"2015-04-21T20:57:13","date_gmt":"2015-04-21T20:57:13","guid":{"rendered":"https:\/\/courses.candelalearning.com\/masterybusiness1xngcxmaster\/?post_type=chapter&#038;p=51"},"modified":"2017-07-18T21:29:57","modified_gmt":"2017-07-18T21:29:57","slug":"entrepreneurs-2","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/suny-wmopen-introbusiness\/chapter\/entrepreneurs-2\/","title":{"raw":"Entrepreneurs","rendered":"Entrepreneurs"},"content":{"raw":"[caption id=\"attachment_8596\" align=\"aligncenter\" width=\"600\"]<a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/143\/2016\/11\/16211130\/4628862538_ef98bdb6bf_o.jpg\"><img class=\"wp-image-8596\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/143\/2016\/11\/16211130\/4628862538_ef98bdb6bf_o-300x196.jpg\" alt=\"Photo of Sir Richard Branson\" width=\"600\" height=\"392\" \/><\/a> \"An entrepreneur is an innovator, a job creator, a game-changer, a business leader, a disruptor, an adventurer.\"\u2014Sir Richard Branson,\u00a0business magnate, investor, and philanthropist[\/caption]\r\n\r\n<div class=\"textbox learning-objectives\">\r\n<h3>Learning Outcomes<\/h3>\r\n<ul>\r\n \t<li>Define entrepreneur<\/li>\r\n \t<li>Identify the different categories\u00a0of entrepreneurs<\/li>\r\n \t<li>Identify the common traits\u00a0of successful entrepreneurs<\/li>\r\n \t<li>List common reasons for choosing to be an entrepreneur<\/li>\r\n<\/ul>\r\n<\/div>\r\n<h2>What Is an Entrepreneur?<\/h2>\r\n<span style=\"color: #333333;\">An <b>entrepreneur<\/b> has traditionally been defined as \"a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.\" Rather than working as an employee, an entrepreneur runs a business and assumes all the risk and reward of a given business venture, idea, or good\/service offered for sale. The entrepreneur is commonly viewed\u00a0as an innovator\u2014a designer of new ideas and business processes. Entrepreneurs tend to be good at perceiving new business opportunities. They have a knack for discovering\u00a0new possibilities and unmet market needs, and their pro-risk-taking attitude makes them\u00a0more likely to exploit the opportunities they find.\u00a0<\/span>\r\n\r\n<span style=\"color: #333333;\">Let's begin\u00a0our discussion of entrepreneurs by taking a look at one: David Fox. As you'll see in the following video, for this\u00a0schoolteacher, board games aren't just a hobby\u2014they're a way of life. David Fox travels to toy fairs pitching his ideas in hopes of landing a deal that will\u00a0turn\u00a0his big dreams\u00a0into reality.\u00a0<\/span>\r\n\r\nhttps:\/\/youtu.be\/R8TTzUo8DwI\r\n<h2>Categories of Entrepreneurs<\/h2>\r\n<div>\r\n\r\n<span style=\"color: #333333;\">No two entrepreneurs are the same. Anyone with the\u00a0entrepreneurial spirit who is willing to go out on a limb and assume the risk of starting a new business has unique reasons and goals for doing so. That said, it is possible to broadly classify entrepreneurs into one of the following categories: lifestyle entrepreneurs, social entrepreneurs, and serial entrepreneurs.<\/span>\r\n<h3>The Lifestyle Entrepreneur<\/h3>\r\n<span style=\"color: #333333;\">A <strong>lifestyle entrepreneur<\/strong>\u00a0develops a business in order to alter his or her own lifestyle, not for the sole purpose of making money. In a sense, the entrepreneur's own life\u2014as opposed to a business per se\u2014is the venture. Such individuals are focused on leading a fulfilling life and cultivating a passion for what they are doing. Unlike other entrepreneurs who develop\u00a0their businesses for financial rewards, lifestyle entrepreneurs put their passion before profits and try\u00a0to integrate their interests into their business. Of course it may happen that the business itself becomes successful due to the involvement of someone who is so passionate about what he\/she is doing.[footnote]http:\/\/www.businessdictionary.com\/definition\/lifestyle-entrepreneur.html[\/footnote] Consider, for example, an\u00a0attorney who puts in\u00a0eighty hours a\u00a0week for a multinational corporation and, for years, has little time for anything besides work. If this person\u00a0is a lifestyle entrepreneur, she might decide to leave the corporate world and establish a small law practice in a rural town, giving her\u00a0a more flexible schedule that leaves time for family and other interests.<\/span>\r\n<h3>The Social Entrepreneur<\/h3>\r\n<strong>Social entrepreneurs\u00a0<\/strong>are individuals who\u00a0act as agents of change for society. [footnote]http:\/\/www.businessdictionary.com\/definition\/social-entrepreneur.html[\/footnote]\u00a0Social entrepreneurs build companies that solve problems, hire people in need, or both. Celebrity chef Jamie Oliver is a good example of a social entrepreneur. In 2002 Oliver launched his company, Fifteen, to give\u00a0disadvantaged youths (aged 18\u201324) a means of creating better futures for themselves by offering culinary\u00a0training and experience. The restaurant initiative was named for the fifteen young people who originally entered apprenticeships under this program. The following information\u00a0from Fifteen's Web site describes some of the accomplishments of this social entrepreneur.\r\n<div class=\"textbox shaded\">\r\n<h4 style=\"text-align: center;\">Fifteen Cornwall: Social Entrepreneurship in the U.K.<\/h4>\r\n[caption id=\"attachment_8601\" align=\"alignright\" width=\"225\"]<a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/143\/2016\/11\/16212713\/Jamie_Oliver_cropped.jpg\"><img class=\"wp-image-8601\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/143\/2016\/11\/16212713\/Jamie_Oliver_cropped-273x300.jpg\" alt=\"Photo of Jamie Oliver\" width=\"225\" height=\"247\" \/><\/a> Jamie Oliver[\/caption]\r\n<blockquote>The apprentice chefs are the beating heart of Fifteen Cornwall. Every young person who joins the program has at least one thing in common: potential.\r\n\r\nThe Apprentice Program, now in it\u2019s eleventh\u00a0year, consists of three months full-time training at Cornwall College, four weeks work experience in high-quality kitchens and one year in the Fifteen Cornwall kitchen. Key to its success is a unique welfare support program that helps young people access the program, stay on board, and overcome any personal barriers.\r\n\r\nCandidates must live in Cornwall; must be between 16 and 24; and must not be in employment, education, or training. This year\u2019s graduates bring to 180-plus the number of young chefs the foundation and Fifteen have successfully trained. Some have found other jobs, usually in catering, but more than\u00a080 percent are still cheffing, many in prestigious establishments.\r\n<ul>\r\n \t<li>184 apprentices have been recruited to our kitchen<\/li>\r\n \t<li>112 chefs have completed the Fifteen Cornwall Apprentice Program<\/li>\r\n \t<li>91 percent of graduates remain employed<\/li>\r\n \t<li>80 percent are still working as chefs<\/li>\r\n<\/ul>\r\nAll the profits from our restaurant Fifteen Cornwall are given to our charity, <a href=\"http:\/\/www.cornwallfoodfoundation.org\/\" target=\"_blank\" rel=\"noopener\">Cornwall Food Foundation.<\/a> The charity is responsible for the <a href=\"https:\/\/www.fifteencornwall.co.uk\/our-apprentices\/\" target=\"_blank\" rel=\"noopener\">Fifteen Cornwall Apprentice Program<\/a>, <a href=\"https:\/\/www.fifteencornwall.co.uk\/school-group-visits\/\" target=\"_blank\" rel=\"noopener\">The Fifteen Cornwall Schools Program<\/a>,\u00a0and <a href=\"http:\/\/www.cornwallfoodfoundation.org\/community-food-skills\/\" target=\"_blank\" rel=\"noopener\">FoodWorks<\/a>, its community outreach program.<\/blockquote>\r\nSource:\u00a0https:\/\/www.fifteencornwall.co.uk\/apprentices\r\n\r\n<\/div>\r\n<h3>The Serial Entrepreneur<\/h3>\r\n<span style=\"color: #333333;\">A <strong>serial entrepreneur<\/strong>\u00a0is one who continually generates new ideas and starts\u00a0new businesses, one after the other.\u00a0In contrast to an entrepreneur who takes an idea, turns it into a business, and remains involved in the day-to-day business operations over the long term, a serial entrepreneur is more interested in the initial creative stages of inventing and launching\u00a0an idea. Once the venture is off the ground, he or she may give the responsibility to someone else and move on to the next thing.[footnote]http:\/\/www.businessdictionary.com\/definition\/serial-entrepreneur.html[\/footnote]\u00a0<\/span>\r\n\r\n[caption id=\"attachment_8604\" align=\"alignright\" width=\"225\"]<a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/143\/2016\/11\/16213348\/Elon_Musk_2015.jpg\"><img class=\"wp-image-8604\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/143\/2016\/11\/16213348\/Elon_Musk_2015-204x300.jpg\" alt=\"Photo of Elon Musk\" width=\"225\" height=\"330\" \/><\/a> Elon Musk[\/caption]\r\n\r\n<span style=\"color: #0000ff;\"><span style=\"color: #333333;\">One of\u00a0the most famous serial entrepreneurs of our time is Elon Musk, a\u00a0South Africa\u2013born Canadian American business magnate, investor, engineer, and inventor.<span style=\"font-size: 13.3333px;\">\u00a0<\/span>He is the founder, CEO, and CTO of SpaceX; cofounder, CEO, and product architect of Tesla Motors; cofounder and chairman of SolarCity; cochairman of OpenAI; cofounder of Zip2; and founder of X.com, which merged with PayPal. In addition to his primary business pursuits, he has also envisioned a high-speed transportation system known as the Hyperloop\u00a0and has proposed a VTOL supersonic jet aircraft with electric-fan propulsion, known as the Musk electric jet.\u00a0Musk has stated that the goals of SolarCity, Tesla Motors, and SpaceX revolve around his vision to change the world and humanity.\u00a0His goals include reducing global warming through sustainable energy production and consumption and reducing the \"risk of human extinction\" by \"making life multi-planetary\"\u00a0by setting up a human colony on Mars.\u00a0As of June 2016, he has an estimated net worth of US$11.5 billion, making him the eighty-third wealthiest person in the world.\u00a0<\/span><\/span>\r\n<h2>Traits\u00a0of an Entrepreneur<\/h2>\r\nNo matter how we might categorize them, all entrepreneurs have certain traits\u00a0in common:\r\n<ul>\r\n \t<li><strong>Creativity. <\/strong>The first step in starting a business is to come up with an idea or concept. It takes creativity\u00a0to develop a new product or service that brings unique value to customers.\u00a0Sometimes entrepreneurs must create the means to realize their dream. Other times they must wait for the technology to catch up to their creative vision. This was the case for movie director James Cameron.For some\u00a0entrepreneurs, creativity\u00a0means looking at problems and inventing\u00a0new means of solving them.\u00a0For others, it may involve\u00a0taking something that already exists and discovering\u00a0a new use or new market for it. Art Fry is an example of entrepreneurial creativity at work. Though his name may not be familiar, his creative use for an otherwise failed product likely is.<\/li>\r\n<\/ul>\r\n<div class=\"textbox shaded\">\r\n<h4 style=\"text-align: center;\">Art Fry and the Post-it Note<\/h4>\r\n[caption id=\"attachment_8428\" align=\"alignright\" width=\"125\"]<a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/143\/2016\/11\/10000336\/Fry-lightbulb-on-forehead1.jpg\"><img class=\"wp-image-8428\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/143\/2016\/11\/10000336\/Fry-lightbulb-on-forehead1-215x300.jpg\" alt=\"Art Fry, accidental inventor of the Post-It Note is shown here displaying his most brilliant invention. \" width=\"125\" height=\"174\" \/><\/a> Art Fry[\/caption]\r\n\r\nIn 1968, a scientist named Dr. Spencer Silver working at 3M in the United States was attempting to develop a super-strong adhesive. Instead, he accidentally created a \"low-tack,\" reusable, pressure-sensitive adhesive.\u00a0For five years, Silver promoted his \"solution without a problem\" within 3M both informally and through seminars but failed to generate\u00a0much interest. In 1974, Art Fry, a colleague who had attended one of his seminars, came up with the idea of using the adhesive to anchor his bookmark in his hymnbook.\u00a0Fry then utilized 3M's officially sanctioned \"permitted bootlegging\" policy to develop the idea.\u00a0The original notes' yellow color was chosen by accident, as the lab next-door to the Post-It team had only yellow scrap paper to work with.\r\n\r\n<\/div>\r\n<ul>\r\n \t<li><strong>Risk tolerance.<\/strong>\u00a0Successful entrepreneurs are able to tolerate risk and accept that it's a part of any business venture\u2014no matter how well conceived or planned. Failure is not uncommon among start-up businesses, so the risk is real.<\/li>\r\n \t<li><strong>Persistence and resilience.<\/strong>\u00a0Businesses take time to grow\u2014very few are profitable right away\u2014and they often\u00a0encounter setbacks and failures along the way. Successful entrepreneurs are able to persevere and bounce back despite\u00a0adversity. Some of the most famous and accomplished\u00a0entrepreneurs failed at some point, but they never gave up. For example, Walt Disney was once fired by an editor because \"he lacked imagination and had no original ideas.\" His first animation company went bankrupt, and it's said that he was turned down hundreds of times\u00a0when trying to secure\u00a0financing for Disney World.<\/li>\r\n \t<li><strong>Flexibility.<\/strong>\u00a0Even the most well-thought-out business will encounter unexpected\u00a0developments and challenges. There are inevitably changes in the market, technology, and customer tastes that lie beyond the entrepreneur's (and business's) control. For this reason, the ability to be flexible and respond to changes are often the key to a business\u2019s survival. When Netflix first started, the company\u00a0offered a subscription-based DVD home-delivery service. In a very short time, technology and consumer behavior changed: DVD use was declining and digital \"on-demand\" viewing was growing. Netflix adapted by expanding their offerings to include downloadable videos and other online options. Today, thanks to the flexibility of the entrepreneurs at the\u00a0company's helm, Netflix is a leader\u00a0in video entertainment while, in contrast, many\u00a0video rental companies such as Blockbuster have gone out of business.<\/li>\r\n \t<li><strong>Passion.<\/strong>\u00a0When successful entrepreneurs are asked how and why they put up with the risk, the uncertainty, the demands, and the setbacks of starting\u00a0a business, many\u00a0reveal that having a\u00a0driving passion behind\u00a0their ideas\u00a0was what helped them get there. Like persistence and resilience, passion\u00a0can help fuel an entrepreneur through good times and bad times, and it can be a key ingredient in any start-up's success.<\/li>\r\n<\/ul>\r\n<\/div>\r\n[caption id=\"attachment_8612\" align=\"aligncenter\" width=\"500\"]<a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/143\/2016\/11\/16225413\/Lori_Greiner.png\"><img class=\"wp-image-8612\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/143\/2016\/11\/16225413\/Lori_Greiner-300x222.png\" alt=\"Photo of Lori Greiner\" width=\"500\" height=\"371\" \/><\/a> \u201cEntrepreneurs are willing to work eighty hours a week to avoid working forty hours a week.\u201d \u2014Lori Greiner, star shark of ABC\u2019s <em>Shark Tank<\/em>.[footnote]https:\/\/www.entrepreneur.com\/article\/224967[\/footnote][\/caption]\r\n<h2>Why People Choose to Become Entrepreneurs<\/h2>\r\n<a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/143\/2016\/11\/16184210\/23382937955_d231aea806_k.jpg\"><img class=\"aligncenter wp-image-8588\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/143\/2016\/11\/16184210\/23382937955_d231aea806_k-300x169.jpg\" alt=\"Photo of woman sitting on a boat working on her laptop.\" width=\"600\" height=\"337\" \/><\/a>\r\n\r\nWhat leads a person to strike out on her own and start a business? Perhaps a person has been laid off once or more. Sometimes a person is frustrated with his or her current job and doesn't see any better career prospects on the horizon. Sometimes a person realizes that his or her job is in jeopardy. A firm may be contemplating cutbacks that could end a job or limit career or salary prospects. Perhaps a person already has been passed over for promotion. Perhaps a person sees no opportunities in existing businesses for someone with his or her interests and skills.\r\n\r\nSome people are actually repulsed by the idea of working for someone else. They object to a system where reward is often based on seniority rather than accomplishment or where they have to conform to a corporate culture.\r\n\r\nOther people decide to become entrepreneurs because they are disillusioned by the bureaucracy or politics involved in getting ahead in an established business or profession. Some are tired of trying to promote a product, service, or way of doing business that is outside the mainstream operations of a large company.\r\n\r\nSome people evaluate the possibilities for jobs and careers where they live and make a conscious decision to pursue entrepreneurship.\r\n\r\nThen there are those who never consider working for someone else\u2014they are\u00a0born entrepreneurs. The following is an excerpt from an interview with a small business owner, who talks about her lifelong desire to own her own business:\r\n<blockquote>I don\u2019t think I ever considered <em>not<\/em> owning my own business. My father was an entrepreneur and built his business from a hole in the wall to a very successful multi-location business just a block from the White House on Pennsylvania Avenue in Washington DC. The whole family was involved in the business in some way. My mother did all the bookkeeping, my father ran the business, and when I was old enough to get a job, I went to work for him. It wasn\u2019t always easy for the family. We didn\u2019t take vacations like everybody else, sometimes we didn\u2019t have as much money as everybody else, and some of my friends didn\u2019t understand why my father didn\u2019t have a \u201creal job.\u201d But, I believe that entrepreneurship can be an inherited trait. My great-grandfather was a clockmaker in Germany, my grandfather owned a jewelry store in Richmond, Virginia, my father had his business, my sister owned her own business, and now here I am running my own business. For me and my family, entrepreneurship is like breathing. \u00a0 \u2014Julia Scheer, owner of Puzzles, Pranks &amp; Games (Kitty Hawk, NC)<\/blockquote>\r\nNo one reason is more valid than another; none guarantees success. However, a strong desire to start a business, combined with a good idea, careful planning, and hard work, can lead to a very engaging and profitable endeavor.\r\n\r\nThe following short video is an example of the entrepreneurial spirit in action!\r\n\r\nhttps:\/\/youtu.be\/jrOXnWs8km0\r\n<h2>Check Your Understanding<\/h2>\r\nAnswer the question(s) below to see how well you understand the topics covered above. This short quiz does <strong>not<\/strong> count toward your grade in the class, and you can retake it an unlimited number of times.\r\n\r\nUse this quiz to check your understanding and decide whether to (1) study the previous section further or (2) move on to the next section.\r\n\r\nhttps:\/\/assessments.lumenlearning.com\/assessments\/3013","rendered":"<div id=\"attachment_8596\" style=\"width: 610px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/143\/2016\/11\/16211130\/4628862538_ef98bdb6bf_o.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-8596\" class=\"wp-image-8596\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/143\/2016\/11\/16211130\/4628862538_ef98bdb6bf_o-300x196.jpg\" alt=\"Photo of Sir Richard Branson\" width=\"600\" height=\"392\" \/><\/a><\/p>\n<p id=\"caption-attachment-8596\" class=\"wp-caption-text\">&#8220;An entrepreneur is an innovator, a job creator, a game-changer, a business leader, a disruptor, an adventurer.&#8221;\u2014Sir Richard Branson,\u00a0business magnate, investor, and philanthropist<\/p>\n<\/div>\n<div class=\"textbox learning-objectives\">\n<h3>Learning Outcomes<\/h3>\n<ul>\n<li>Define entrepreneur<\/li>\n<li>Identify the different categories\u00a0of entrepreneurs<\/li>\n<li>Identify the common traits\u00a0of successful entrepreneurs<\/li>\n<li>List common reasons for choosing to be an entrepreneur<\/li>\n<\/ul>\n<\/div>\n<h2>What Is an Entrepreneur?<\/h2>\n<p><span style=\"color: #333333;\">An <b>entrepreneur<\/b> has traditionally been defined as &#8220;a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.&#8221; Rather than working as an employee, an entrepreneur runs a business and assumes all the risk and reward of a given business venture, idea, or good\/service offered for sale. The entrepreneur is commonly viewed\u00a0as an innovator\u2014a designer of new ideas and business processes. Entrepreneurs tend to be good at perceiving new business opportunities. They have a knack for discovering\u00a0new possibilities and unmet market needs, and their pro-risk-taking attitude makes them\u00a0more likely to exploit the opportunities they find.\u00a0<\/span><\/p>\n<p><span style=\"color: #333333;\">Let&#8217;s begin\u00a0our discussion of entrepreneurs by taking a look at one: David Fox. As you&#8217;ll see in the following video, for this\u00a0schoolteacher, board games aren&#8217;t just a hobby\u2014they&#8217;re a way of life. David Fox travels to toy fairs pitching his ideas in hopes of landing a deal that will\u00a0turn\u00a0his big dreams\u00a0into reality.\u00a0<\/span><\/p>\n<p><iframe loading=\"lazy\" id=\"oembed-1\" title=\"Big Dreams\u2014Board Games\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/R8TTzUo8DwI?feature=oembed&#38;rel=0\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<h2>Categories of Entrepreneurs<\/h2>\n<div>\n<p><span style=\"color: #333333;\">No two entrepreneurs are the same. Anyone with the\u00a0entrepreneurial spirit who is willing to go out on a limb and assume the risk of starting a new business has unique reasons and goals for doing so. That said, it is possible to broadly classify entrepreneurs into one of the following categories: lifestyle entrepreneurs, social entrepreneurs, and serial entrepreneurs.<\/span><\/p>\n<h3>The Lifestyle Entrepreneur<\/h3>\n<p><span style=\"color: #333333;\">A <strong>lifestyle entrepreneur<\/strong>\u00a0develops a business in order to alter his or her own lifestyle, not for the sole purpose of making money. In a sense, the entrepreneur&#8217;s own life\u2014as opposed to a business per se\u2014is the venture. Such individuals are focused on leading a fulfilling life and cultivating a passion for what they are doing. Unlike other entrepreneurs who develop\u00a0their businesses for financial rewards, lifestyle entrepreneurs put their passion before profits and try\u00a0to integrate their interests into their business. Of course it may happen that the business itself becomes successful due to the involvement of someone who is so passionate about what he\/she is doing.<a class=\"footnote\" title=\"http:\/\/www.businessdictionary.com\/definition\/lifestyle-entrepreneur.html\" id=\"return-footnote-51-1\" href=\"#footnote-51-1\" aria-label=\"Footnote 1\"><sup class=\"footnote\">[1]<\/sup><\/a> Consider, for example, an\u00a0attorney who puts in\u00a0eighty hours a\u00a0week for a multinational corporation and, for years, has little time for anything besides work. If this person\u00a0is a lifestyle entrepreneur, she might decide to leave the corporate world and establish a small law practice in a rural town, giving her\u00a0a more flexible schedule that leaves time for family and other interests.<\/span><\/p>\n<h3>The Social Entrepreneur<\/h3>\n<p><strong>Social entrepreneurs\u00a0<\/strong>are individuals who\u00a0act as agents of change for society. <a class=\"footnote\" title=\"http:\/\/www.businessdictionary.com\/definition\/social-entrepreneur.html\" id=\"return-footnote-51-2\" href=\"#footnote-51-2\" aria-label=\"Footnote 2\"><sup class=\"footnote\">[2]<\/sup><\/a>\u00a0Social entrepreneurs build companies that solve problems, hire people in need, or both. Celebrity chef Jamie Oliver is a good example of a social entrepreneur. In 2002 Oliver launched his company, Fifteen, to give\u00a0disadvantaged youths (aged 18\u201324) a means of creating better futures for themselves by offering culinary\u00a0training and experience. The restaurant initiative was named for the fifteen young people who originally entered apprenticeships under this program. The following information\u00a0from Fifteen&#8217;s Web site describes some of the accomplishments of this social entrepreneur.<\/p>\n<div class=\"textbox shaded\">\n<h4 style=\"text-align: center;\">Fifteen Cornwall: Social Entrepreneurship in the U.K.<\/h4>\n<div id=\"attachment_8601\" style=\"width: 235px\" class=\"wp-caption alignright\"><a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/143\/2016\/11\/16212713\/Jamie_Oliver_cropped.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-8601\" class=\"wp-image-8601\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/143\/2016\/11\/16212713\/Jamie_Oliver_cropped-273x300.jpg\" alt=\"Photo of Jamie Oliver\" width=\"225\" height=\"247\" \/><\/a><\/p>\n<p id=\"caption-attachment-8601\" class=\"wp-caption-text\">Jamie Oliver<\/p>\n<\/div>\n<blockquote><p>The apprentice chefs are the beating heart of Fifteen Cornwall. Every young person who joins the program has at least one thing in common: potential.<\/p>\n<p>The Apprentice Program, now in it\u2019s eleventh\u00a0year, consists of three months full-time training at Cornwall College, four weeks work experience in high-quality kitchens and one year in the Fifteen Cornwall kitchen. Key to its success is a unique welfare support program that helps young people access the program, stay on board, and overcome any personal barriers.<\/p>\n<p>Candidates must live in Cornwall; must be between 16 and 24; and must not be in employment, education, or training. This year\u2019s graduates bring to 180-plus the number of young chefs the foundation and Fifteen have successfully trained. Some have found other jobs, usually in catering, but more than\u00a080 percent are still cheffing, many in prestigious establishments.<\/p>\n<ul>\n<li>184 apprentices have been recruited to our kitchen<\/li>\n<li>112 chefs have completed the Fifteen Cornwall Apprentice Program<\/li>\n<li>91 percent of graduates remain employed<\/li>\n<li>80 percent are still working as chefs<\/li>\n<\/ul>\n<p>All the profits from our restaurant Fifteen Cornwall are given to our charity, <a href=\"http:\/\/www.cornwallfoodfoundation.org\/\" target=\"_blank\" rel=\"noopener\">Cornwall Food Foundation.<\/a> The charity is responsible for the <a href=\"https:\/\/www.fifteencornwall.co.uk\/our-apprentices\/\" target=\"_blank\" rel=\"noopener\">Fifteen Cornwall Apprentice Program<\/a>, <a href=\"https:\/\/www.fifteencornwall.co.uk\/school-group-visits\/\" target=\"_blank\" rel=\"noopener\">The Fifteen Cornwall Schools Program<\/a>,\u00a0and <a href=\"http:\/\/www.cornwallfoodfoundation.org\/community-food-skills\/\" target=\"_blank\" rel=\"noopener\">FoodWorks<\/a>, its community outreach program.<\/p><\/blockquote>\n<p>Source:\u00a0https:\/\/www.fifteencornwall.co.uk\/apprentices<\/p>\n<\/div>\n<h3>The Serial Entrepreneur<\/h3>\n<p><span style=\"color: #333333;\">A <strong>serial entrepreneur<\/strong>\u00a0is one who continually generates new ideas and starts\u00a0new businesses, one after the other.\u00a0In contrast to an entrepreneur who takes an idea, turns it into a business, and remains involved in the day-to-day business operations over the long term, a serial entrepreneur is more interested in the initial creative stages of inventing and launching\u00a0an idea. Once the venture is off the ground, he or she may give the responsibility to someone else and move on to the next thing.<a class=\"footnote\" title=\"http:\/\/www.businessdictionary.com\/definition\/serial-entrepreneur.html\" id=\"return-footnote-51-3\" href=\"#footnote-51-3\" aria-label=\"Footnote 3\"><sup class=\"footnote\">[3]<\/sup><\/a>\u00a0<\/span><\/p>\n<div id=\"attachment_8604\" style=\"width: 235px\" class=\"wp-caption alignright\"><a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/143\/2016\/11\/16213348\/Elon_Musk_2015.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-8604\" class=\"wp-image-8604\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/143\/2016\/11\/16213348\/Elon_Musk_2015-204x300.jpg\" alt=\"Photo of Elon Musk\" width=\"225\" height=\"330\" \/><\/a><\/p>\n<p id=\"caption-attachment-8604\" class=\"wp-caption-text\">Elon Musk<\/p>\n<\/div>\n<p><span style=\"color: #0000ff;\"><span style=\"color: #333333;\">One of\u00a0the most famous serial entrepreneurs of our time is Elon Musk, a\u00a0South Africa\u2013born Canadian American business magnate, investor, engineer, and inventor.<span style=\"font-size: 13.3333px;\">\u00a0<\/span>He is the founder, CEO, and CTO of SpaceX; cofounder, CEO, and product architect of Tesla Motors; cofounder and chairman of SolarCity; cochairman of OpenAI; cofounder of Zip2; and founder of X.com, which merged with PayPal. In addition to his primary business pursuits, he has also envisioned a high-speed transportation system known as the Hyperloop\u00a0and has proposed a VTOL supersonic jet aircraft with electric-fan propulsion, known as the Musk electric jet.\u00a0Musk has stated that the goals of SolarCity, Tesla Motors, and SpaceX revolve around his vision to change the world and humanity.\u00a0His goals include reducing global warming through sustainable energy production and consumption and reducing the &#8220;risk of human extinction&#8221; by &#8220;making life multi-planetary&#8221;\u00a0by setting up a human colony on Mars.\u00a0As of June 2016, he has an estimated net worth of US$11.5 billion, making him the eighty-third wealthiest person in the world.\u00a0<\/span><\/span><\/p>\n<h2>Traits\u00a0of an Entrepreneur<\/h2>\n<p>No matter how we might categorize them, all entrepreneurs have certain traits\u00a0in common:<\/p>\n<ul>\n<li><strong>Creativity. <\/strong>The first step in starting a business is to come up with an idea or concept. It takes creativity\u00a0to develop a new product or service that brings unique value to customers.\u00a0Sometimes entrepreneurs must create the means to realize their dream. Other times they must wait for the technology to catch up to their creative vision. This was the case for movie director James Cameron.For some\u00a0entrepreneurs, creativity\u00a0means looking at problems and inventing\u00a0new means of solving them.\u00a0For others, it may involve\u00a0taking something that already exists and discovering\u00a0a new use or new market for it. Art Fry is an example of entrepreneurial creativity at work. Though his name may not be familiar, his creative use for an otherwise failed product likely is.<\/li>\n<\/ul>\n<div class=\"textbox shaded\">\n<h4 style=\"text-align: center;\">Art Fry and the Post-it Note<\/h4>\n<div id=\"attachment_8428\" style=\"width: 135px\" class=\"wp-caption alignright\"><a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/143\/2016\/11\/10000336\/Fry-lightbulb-on-forehead1.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-8428\" class=\"wp-image-8428\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/143\/2016\/11\/10000336\/Fry-lightbulb-on-forehead1-215x300.jpg\" alt=\"Art Fry, accidental inventor of the Post-It Note is shown here displaying his most brilliant invention.\" width=\"125\" height=\"174\" \/><\/a><\/p>\n<p id=\"caption-attachment-8428\" class=\"wp-caption-text\">Art Fry<\/p>\n<\/div>\n<p>In 1968, a scientist named Dr. Spencer Silver working at 3M in the United States was attempting to develop a super-strong adhesive. Instead, he accidentally created a &#8220;low-tack,&#8221; reusable, pressure-sensitive adhesive.\u00a0For five years, Silver promoted his &#8220;solution without a problem&#8221; within 3M both informally and through seminars but failed to generate\u00a0much interest. In 1974, Art Fry, a colleague who had attended one of his seminars, came up with the idea of using the adhesive to anchor his bookmark in his hymnbook.\u00a0Fry then utilized 3M&#8217;s officially sanctioned &#8220;permitted bootlegging&#8221; policy to develop the idea.\u00a0The original notes&#8217; yellow color was chosen by accident, as the lab next-door to the Post-It team had only yellow scrap paper to work with.<\/p>\n<\/div>\n<ul>\n<li><strong>Risk tolerance.<\/strong>\u00a0Successful entrepreneurs are able to tolerate risk and accept that it&#8217;s a part of any business venture\u2014no matter how well conceived or planned. Failure is not uncommon among start-up businesses, so the risk is real.<\/li>\n<li><strong>Persistence and resilience.<\/strong>\u00a0Businesses take time to grow\u2014very few are profitable right away\u2014and they often\u00a0encounter setbacks and failures along the way. Successful entrepreneurs are able to persevere and bounce back despite\u00a0adversity. Some of the most famous and accomplished\u00a0entrepreneurs failed at some point, but they never gave up. For example, Walt Disney was once fired by an editor because &#8220;he lacked imagination and had no original ideas.&#8221; His first animation company went bankrupt, and it&#8217;s said that he was turned down hundreds of times\u00a0when trying to secure\u00a0financing for Disney World.<\/li>\n<li><strong>Flexibility.<\/strong>\u00a0Even the most well-thought-out business will encounter unexpected\u00a0developments and challenges. There are inevitably changes in the market, technology, and customer tastes that lie beyond the entrepreneur&#8217;s (and business&#8217;s) control. For this reason, the ability to be flexible and respond to changes are often the key to a business\u2019s survival. When Netflix first started, the company\u00a0offered a subscription-based DVD home-delivery service. In a very short time, technology and consumer behavior changed: DVD use was declining and digital &#8220;on-demand&#8221; viewing was growing. Netflix adapted by expanding their offerings to include downloadable videos and other online options. Today, thanks to the flexibility of the entrepreneurs at the\u00a0company&#8217;s helm, Netflix is a leader\u00a0in video entertainment while, in contrast, many\u00a0video rental companies such as Blockbuster have gone out of business.<\/li>\n<li><strong>Passion.<\/strong>\u00a0When successful entrepreneurs are asked how and why they put up with the risk, the uncertainty, the demands, and the setbacks of starting\u00a0a business, many\u00a0reveal that having a\u00a0driving passion behind\u00a0their ideas\u00a0was what helped them get there. Like persistence and resilience, passion\u00a0can help fuel an entrepreneur through good times and bad times, and it can be a key ingredient in any start-up&#8217;s success.<\/li>\n<\/ul>\n<\/div>\n<div id=\"attachment_8612\" style=\"width: 510px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/143\/2016\/11\/16225413\/Lori_Greiner.png\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-8612\" class=\"wp-image-8612\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/143\/2016\/11\/16225413\/Lori_Greiner-300x222.png\" alt=\"Photo of Lori Greiner\" width=\"500\" height=\"371\" \/><\/a><\/p>\n<p id=\"caption-attachment-8612\" class=\"wp-caption-text\">\u201cEntrepreneurs are willing to work eighty hours a week to avoid working forty hours a week.\u201d \u2014Lori Greiner, star shark of ABC\u2019s <em>Shark Tank<\/em>.[footnote]https:\/\/www.entrepreneur.com\/article\/224967[\/footnote]<\/p>\n<\/div>\n<h2>Why People Choose to Become Entrepreneurs<\/h2>\n<p><a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/143\/2016\/11\/16184210\/23382937955_d231aea806_k.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-8588\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/143\/2016\/11\/16184210\/23382937955_d231aea806_k-300x169.jpg\" alt=\"Photo of woman sitting on a boat working on her laptop.\" width=\"600\" height=\"337\" \/><\/a><\/p>\n<p>What leads a person to strike out on her own and start a business? Perhaps a person has been laid off once or more. Sometimes a person is frustrated with his or her current job and doesn&#8217;t see any better career prospects on the horizon. Sometimes a person realizes that his or her job is in jeopardy. A firm may be contemplating cutbacks that could end a job or limit career or salary prospects. Perhaps a person already has been passed over for promotion. Perhaps a person sees no opportunities in existing businesses for someone with his or her interests and skills.<\/p>\n<p>Some people are actually repulsed by the idea of working for someone else. They object to a system where reward is often based on seniority rather than accomplishment or where they have to conform to a corporate culture.<\/p>\n<p>Other people decide to become entrepreneurs because they are disillusioned by the bureaucracy or politics involved in getting ahead in an established business or profession. Some are tired of trying to promote a product, service, or way of doing business that is outside the mainstream operations of a large company.<\/p>\n<p>Some people evaluate the possibilities for jobs and careers where they live and make a conscious decision to pursue entrepreneurship.<\/p>\n<p>Then there are those who never consider working for someone else\u2014they are\u00a0born entrepreneurs. The following is an excerpt from an interview with a small business owner, who talks about her lifelong desire to own her own business:<\/p>\n<blockquote><p>I don\u2019t think I ever considered <em>not<\/em> owning my own business. My father was an entrepreneur and built his business from a hole in the wall to a very successful multi-location business just a block from the White House on Pennsylvania Avenue in Washington DC. The whole family was involved in the business in some way. My mother did all the bookkeeping, my father ran the business, and when I was old enough to get a job, I went to work for him. It wasn\u2019t always easy for the family. We didn\u2019t take vacations like everybody else, sometimes we didn\u2019t have as much money as everybody else, and some of my friends didn\u2019t understand why my father didn\u2019t have a \u201creal job.\u201d But, I believe that entrepreneurship can be an inherited trait. My great-grandfather was a clockmaker in Germany, my grandfather owned a jewelry store in Richmond, Virginia, my father had his business, my sister owned her own business, and now here I am running my own business. For me and my family, entrepreneurship is like breathing. \u00a0 \u2014Julia Scheer, owner of Puzzles, Pranks &amp; Games (Kitty Hawk, NC)<\/p><\/blockquote>\n<p>No one reason is more valid than another; none guarantees success. However, a strong desire to start a business, combined with a good idea, careful planning, and hard work, can lead to a very engaging and profitable endeavor.<\/p>\n<p>The following short video is an example of the entrepreneurial spirit in action!<\/p>\n<p><iframe loading=\"lazy\" id=\"oembed-2\" title=\"Sriracha\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/jrOXnWs8km0?feature=oembed&#38;rel=0\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<h2>Check Your Understanding<\/h2>\n<p>Answer the question(s) below to see how well you understand the topics covered above. This short quiz does <strong>not<\/strong> count toward your grade in the class, and you can retake it an unlimited number of times.<\/p>\n<p>Use this quiz to check your understanding and decide whether to (1) study the previous section further or (2) move on to the next section.<\/p>\n<p>\t<iframe id=\"lumen_assessment_3013\" class=\"resizable\" src=\"https:\/\/assessments.lumenlearning.com\/assessments\/load?assessment_id=3013&#38;embed=1&#38;external_user_id=&#38;external_context_id=&#38;iframe_resize_id=lumen_assessment_3013\" frameborder=\"0\" style=\"border:none;width:100%;height:100%;min-height:400px;\"><br \/>\n\t<\/iframe><\/p>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-51\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Revision and adaptation. <strong>Authored by<\/strong>: Linda Williams and Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by-sa\/4.0\/\">CC BY-SA: Attribution-ShareAlike<\/a><\/em><\/li><li>Screenshot of Fifteen Cornwall Web Site . <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><li>Check Your Understanding. <strong>Authored by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Shared previously<\/div><ul class=\"citation-list\"><li>Entrepreneurship. <strong>Provided by<\/strong>: Wikipedia. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/en.wikipedia.org\/wiki\/Entrepreneurshipu00a0\">https:\/\/en.wikipedia.org\/wiki\/Entrepreneurshipu00a0<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by-sa\/4.0\/\">CC BY-SA: Attribution-ShareAlike<\/a><\/em><\/li><li>Big Dreams - Board Games. <strong>Provided by<\/strong>: BBC. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/youtu.be\/R8TTzUo8DwI\">https:\/\/youtu.be\/R8TTzUo8DwI<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by-nc-nd\/4.0\/\">CC BY-NC-ND: Attribution-NonCommercial-NoDerivatives <\/a><\/em><\/li><li>Elon Musk. <strong>Provided by<\/strong>: Wikipedia. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/en.wikipedia.org\/wiki\/Elon_Musk\">https:\/\/en.wikipedia.org\/wiki\/Elon_Musk<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by-sa\/4.0\/\">CC BY-SA: Attribution-ShareAlike<\/a><\/em><\/li><li>Richard Branson. <strong>Authored by<\/strong>: nrkbeta. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/www.flickr.com\/photos\/nrkbeta\/4628862538\/\">https:\/\/www.flickr.com\/photos\/nrkbeta\/4628862538\/<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by-sa\/4.0\/\">CC BY-SA: Attribution-ShareAlike<\/a><\/em><\/li><li>Tesla Model 3. <strong>Authored by<\/strong>: Steve Jurvetson. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/commons.wikimedia.org\/wiki\/File:Candy_Red_Tesla_Model_3_trimmed_2.jpg\">https:\/\/commons.wikimedia.org\/wiki\/File:Candy_Red_Tesla_Model_3_trimmed_2.jpg<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by-sa\/4.0\/\">CC BY-SA: Attribution-ShareAlike<\/a><\/em><\/li><li>Jamie Oliver. <strong>Provided by<\/strong>: Wikimedia. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/commons.wikimedia.org\/wiki\/File:Jamie_Oliver_(cropped).jpg\">https:\/\/commons.wikimedia.org\/wiki\/File:Jamie_Oliver_(cropped).jpg<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by-sa\/4.0\/\">CC BY-SA: Attribution-ShareAlike<\/a><\/em><\/li><li>Sriracha. <strong>Provided by<\/strong>: BBC. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/youtu.be\/jrOXnWs8km0\">https:\/\/youtu.be\/jrOXnWs8km0<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by-nc-nd\/4.0\/\">CC BY-NC-ND: Attribution-NonCommercial-NoDerivatives <\/a><\/em><\/li><li>Hannah on her Laptop at the Beach. <strong>Authored by<\/strong>: Patty Mooney. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/www.flickr.com\/photos\/cleopatra69\/23382937955\/\">https:\/\/www.flickr.com\/photos\/cleopatra69\/23382937955\/<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by-nc\/4.0\/\">CC BY-NC: Attribution-NonCommercial<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">Public domain content<\/div><ul class=\"citation-list\"><li>Arthur Fry. <strong>Provided by<\/strong>: Wikimedia. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/commons.wikimedia.org\/wiki\/File:Fry-lightbulb-on-forehead1.jpg\">https:\/\/commons.wikimedia.org\/wiki\/File:Fry-lightbulb-on-forehead1.jpg<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/about\/pdm\">Public Domain: No Known Copyright<\/a><\/em><\/li><li>Why People Choose to Become Entrepreneurs. <strong>Authored by<\/strong>: Jeanne Holden. <strong>Provided by<\/strong>: U.S. Department of State. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"http:\/\/iipdigital.usembassy.gov\/st\/english\/publication\/2008\/06\/20080603212324eaifas0.1164362.html#ixzz4Q5OAnyh4\">http:\/\/iipdigital.usembassy.gov\/st\/english\/publication\/2008\/06\/20080603212324eaifas0.1164362.html#ixzz4Q5OAnyh4<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/about\/pdm\">Public Domain: No Known Copyright<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section><hr class=\"before-footnotes clear\" \/><div class=\"footnotes\"><ol><li id=\"footnote-51-1\">http:\/\/www.businessdictionary.com\/definition\/lifestyle-entrepreneur.html <a href=\"#return-footnote-51-1\" class=\"return-footnote\" aria-label=\"Return to footnote 1\">&crarr;<\/a><\/li><li id=\"footnote-51-2\">http:\/\/www.businessdictionary.com\/definition\/social-entrepreneur.html <a href=\"#return-footnote-51-2\" class=\"return-footnote\" aria-label=\"Return to footnote 2\">&crarr;<\/a><\/li><li id=\"footnote-51-3\">http:\/\/www.businessdictionary.com\/definition\/serial-entrepreneur.html <a href=\"#return-footnote-51-3\" class=\"return-footnote\" aria-label=\"Return to footnote 3\">&crarr;<\/a><\/li><\/ol><\/div>","protected":false},"author":78,"menu_order":5,"template":"","meta":{"_candela_citation":"[{\"type\":\"cc\",\"description\":\"Entrepreneurship\",\"author\":\"\",\"organization\":\"Wikipedia\",\"url\":\"https:\/\/en.wikipedia.org\/wiki\/Entrepreneurshipu00a0\",\"project\":\"\",\"license\":\"cc-by-sa\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"Big Dreams - Board Games\",\"author\":\"\",\"organization\":\"BBC\",\"url\":\"https:\/\/youtu.be\/R8TTzUo8DwI\",\"project\":\"\",\"license\":\"cc-by-nc-nd\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"Elon Musk\",\"author\":\"\",\"organization\":\"Wikipedia\",\"url\":\"https:\/\/en.wikipedia.org\/wiki\/Elon_Musk\",\"project\":\"\",\"license\":\"cc-by-sa\",\"license_terms\":\"\"},{\"type\":\"original\",\"description\":\"Revision and adaptation\",\"author\":\"Linda Williams and Lumen Learning\",\"organization\":\"\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by-sa\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"Richard Branson\",\"author\":\"nrkbeta\",\"organization\":\"\",\"url\":\"https:\/\/www.flickr.com\/photos\/nrkbeta\/4628862538\/\",\"project\":\"\",\"license\":\"cc-by-sa\",\"license_terms\":\"\"},{\"type\":\"pd\",\"description\":\"Arthur Fry\",\"author\":\"\",\"organization\":\"Wikimedia\",\"url\":\"https:\/\/commons.wikimedia.org\/wiki\/File:Fry-lightbulb-on-forehead1.jpg\",\"project\":\"\",\"license\":\"pd\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"Tesla Model 3\",\"author\":\"Steve Jurvetson\",\"organization\":\"\",\"url\":\"https:\/\/commons.wikimedia.org\/wiki\/File:Candy_Red_Tesla_Model_3_trimmed_2.jpg\",\"project\":\"\",\"license\":\"cc-by-sa\",\"license_terms\":\"\"},{\"type\":\"original\",\"description\":\"Screenshot of Fifteen Cornwall Web Site \",\"author\":\"\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"Jamie Oliver\",\"author\":\"\",\"organization\":\"Wikimedia\",\"url\":\"https:\/\/commons.wikimedia.org\/wiki\/File:Jamie_Oliver_(cropped).jpg\",\"project\":\"\",\"license\":\"cc-by-sa\",\"license_terms\":\"\"},{\"type\":\"pd\",\"description\":\"Why People Choose to Become Entrepreneurs\",\"author\":\"Jeanne Holden\",\"organization\":\"U.S. Department of State\",\"url\":\"http:\/\/iipdigital.usembassy.gov\/st\/english\/publication\/2008\/06\/20080603212324eaifas0.1164362.html#ixzz4Q5OAnyh4\",\"project\":\"\",\"license\":\"pd\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"Sriracha\",\"author\":\"\",\"organization\":\"BBC\",\"url\":\"https:\/\/youtu.be\/jrOXnWs8km0\",\"project\":\"\",\"license\":\"cc-by-nc-nd\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"Hannah on her Laptop at the Beach\",\"author\":\"Patty Mooney\",\"organization\":\"\",\"url\":\"https:\/\/www.flickr.com\/photos\/cleopatra69\/23382937955\/\",\"project\":\"\",\"license\":\"cc-by-nc\",\"license_terms\":\"\"},{\"type\":\"original\",\"description\":\"Check Your Understanding\",\"author\":\"Lumen Learning\",\"organization\":\"\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"651a858b-87d1-4b2e-8312-8d248facb139, 98d2a378-19da-4de5-b265-efc3d41b4264, 99b9fe28-e2b2-4b98-9f6f-8723e0385098, 1dfb484d-71b0-490f-ba83-8373d92ac684","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-51","chapter","type-chapter","status-publish","hentry"],"part":87,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/suny-wmopen-introbusiness\/wp-json\/pressbooks\/v2\/chapters\/51","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/suny-wmopen-introbusiness\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/suny-wmopen-introbusiness\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-wmopen-introbusiness\/wp-json\/wp\/v2\/users\/78"}],"version-history":[{"count":67,"href":"https:\/\/courses.lumenlearning.com\/suny-wmopen-introbusiness\/wp-json\/pressbooks\/v2\/chapters\/51\/revisions"}],"predecessor-version":[{"id":11513,"href":"https:\/\/courses.lumenlearning.com\/suny-wmopen-introbusiness\/wp-json\/pressbooks\/v2\/chapters\/51\/revisions\/11513"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/suny-wmopen-introbusiness\/wp-json\/pressbooks\/v2\/parts\/87"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/suny-wmopen-introbusiness\/wp-json\/pressbooks\/v2\/chapters\/51\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/suny-wmopen-introbusiness\/wp-json\/wp\/v2\/media?parent=51"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-wmopen-introbusiness\/wp-json\/pressbooks\/v2\/chapter-type?post=51"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-wmopen-introbusiness\/wp-json\/wp\/v2\/contributor?post=51"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-wmopen-introbusiness\/wp-json\/wp\/v2\/license?post=51"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}