Why It Matters: Entrepreneurship

Why discuss the role of entrepreneurship in small business?

What do all of the following have in common?

lightbulbThe Cinderella's castle at Disney WorldVirgin Atlantic airplane taking off

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 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

  • Discuss the contributions of small business to the U.S. economy
  • Identify the common traits of successful entrepreneurs
  • Discuss the advantages, disadvantages, and important considerations of starting a small business
  • Describe the steps to starting a business
  • List and describe the key components of a business plan