Who are entrepreneurs? What do they do? Why are they important? Who gets to be one?
These may be just some of the questions you are asking yourself right now. To get started answering your questions, lets refer back to the basics of your economics class.
Remember your econ teacher telling you that there are 4 resource types? They were:
The first three you likely easily understood (at least, once you realized that capital has more than a few meanings!). But that fourth type that is sort of hard to pronounce? That's potentially confusing- and extremely important.
An entrepreneur is a person who starts and runs a new business that provides a product or service to customers, in exchange for payment. They are anyone from the kids at a lemonade stand (a very simple type) to the next Silicon Valley geek who is going to make the next "iPhone Killing" cellphone. These people take financial risks and sacrifice huge amounts of time in exchange for the chance at business (and financial!) success.
Lets ask ourselves a few questions about entrepreneurship in America:
Entrepreneurship is risky- over 50% of businesses fail within four years of startup- but it's a traditional route to success in America- one with better odds than winning the lottery.
In the coming weeks you and up to a team of 2 others (no more than 3 to a group!) will brainstorm and outline a business. The project will have 4 major components:
Don't be intimidated! We'll break apart each of these steps into manageable chunks that you can, with work, accomplish.
Our intention here is for you to dream up and implement planning for a business that is realistic to your current place in life- mainly, as a high school student or new graduate. Therefore, your plan must be realistic. To ensure this, we will maintain the following guidelines:
The final part of this project will take the form of a business plan competition. Each individual/group
will make their elevator pitch in front of a panel. The top 10 individuals/groups will be invited to make their extended presentation, and the top 3 from that phase wil have their business plans review in detail by the panel. The winner of that will achieve fame and glory for always- or, at least, have a killer plan for a business.
HOW DOES THIS RELATE TO REAL LIFE?
When you are finished with this project you will:
Good luck entrepreneurs! Go for it!
Image credit: Entrepreneur.com