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Workshop Scenario:

Please think of yourself in the following scenario as you complete this workshop:

You have spent your entire career working in corporate environments, but you've always had a burning desire to start your own business. You recently had an idea for a new business that you're passionate about, but it's in a completely unrelated field. Despite lacking experience or expertise in this industry, you're determined to make your vision a reality. You feel certain that your business idea can be profitable while making a positive impact in the community.

You recognize that you need to learn the basics of entrepreneurship, so you decide to enroll in an Intro to Entrepreneurship course with 24/7 Teach. You hope to gain the knowledge and skills necessary to develop a comprehensive business proposal and ultimately attract potential investors. Through this process, you must develop confidence in yourself and your business, becoming an authentic entrepreneur.

LESSON OBJECTIVE:

By the end of this lesson, you will be able to compare and contrast your own personal characteristics to those of successful entrepreneurs.

Important Questions to Answer While Reading:

In order to be successful in this lesson, you must be able to answer these important questions.

1. What value does entrepreneurship bring to the world?

2. What traits are common among successful entrepreneurs?

3. What are the different types of entrepreneurship?

1.1 - Definition of Entrepreneurship

Entrepreneurship is the process of creating, developing, and running a business venture in order to make a profit or achieve a specific goal. An entrepreneur is an individual who starts and manages a business, assuming all risks and rewards associated with it. 

Entrepreneurship involves identifying an opportunity in the market, developing a business plan, raising capital, hiring a team, and implementing the plan to achieve success. Entrepreneurs must be innovative, creative, and willing to take calculated risks. They must also be able adaptable to the changing market conditions and persistent in the face of obstacles. In movies and on TV, entrepreneurs are stereotypically depicted as cutthroat and even “shark”- like, but what does it really take to own and operate a successful company?

Entrepreneurship can take many different forms, from starting a small business to launching a new product or service from within an existing company.  New and expanding businesses are an important driver of economic growth, which plays a critical role in shaping our society. Are you ready to take the leap?

1.2 - Importance of Entrepreneurship

Why does entrepreneurship even matter? Is it only beneficial to the business owner? Below are just a few of the ways that entrepreneurship can positively impact society as a whole.

1. Job Creation and Economic Growth - Entrepreneurship is the backbone of the economy. It creates new jobs and increases economic prosperity globally.

2. Innovation - Entrepreneurs think outside the box, coming up with innovative solutions to existing problems and driving the invention of new technologies. Just think of all the new businesses that will be built in the future using artificial intelligence!

3.  Social Change - Entrepreneurs are often driven by the desire to make a positive impact on society or to help a specific group or cause. The increased competition from new businesses encourages companies to constantly improve their products and services, benefiting customers driving social change.

4. Personal Development - Entrepreneurship provides individuals with the opportunity to pursue their passions, develop their business skills, and achieve financial independence.

   Without entrepreneurship, there would be no new industries. Think of how stagnant the world would be!

1.3 - Types of Entrepreneurs

There are several types of entrepreneurs, each with their own unique characteristics and motivations. Below are some common types of entrepreneurs. As you read through them, think about which type resonates most with you.

1. Small Business Owners - Entrepreneurs who start and run small businesses, such as local retail shops, restaurants, or service companies. Their main goal is to make a profit and support themselves and their families.

2. Scalable Start-Up Entrepreneurs - These are creators of innovative products or services, with the potential for rapid growth. They often seek out venture capital funding and aim to make a dent within established industries.

3. Social Entrepreneurs - Social entrepreneurs create businesses with the primary goal of making a positive social or environmental impact. These are often non-profits or B Corporations (companies that achieve high standards of social and environmental performance, transparency, and accountability).

4. Lifestyle Entrepreneurs - These are entrepreneurs who build a business around a personal lifestyle preference, such as a passion or hobby. Examples include social media influencers, bloggers, podcasters, etc. 

5. Serial Entrepreneurs - Some entrepreneurs start and run multiple businesses over the course of their career.  They usually have experience and knowledge in a particular industry and use that expertise to identify and pursue new opportunities.

6. Corporate Entrepreneurs - Often nicknamed “intrapreneurs”, these are individuals working within established companies who develop new products, services, or business models. They are given the resources and autonomy to innovate within the existing company. 

   Each type of entrepreneurship involves unique skills, experiences, and motivations. Understanding these differences can help you as an aspiring entrepreneur to determine which type is best suited to your own personal goals and interests. Which type of business owner will you become?

1.4 - Characteristics of Successful Entrepreneurs

Here are some of the characteristics commonly shared by successful entrepreneurs.While not all entrepreneurs possess all of these traits, they can be developed over time through education. experience, and practice. Which of these traits do you already possess, and which do you still need to develop?

1. Passion and Perseverance - Successful  entrepreneurs are driven by a strong passion for their business idea and are willing to persist through challenges and setbacks to achieve their goals.

2. Vision and Innovation - Successful entrepreneurs are able to identify opportunities in the market and develop innovative solutions to meet the needs of their customers.

3. Flexibility - Successful entrepreneurs are able to adapt to changing market conditions and pivot their business strategy when necessary.

4. Risk Taking and Resourcefulness - Successful entrepreneurs are willing to take calculated risks, often with limited resources. 

5. Hardworking - Successful entrepreneurs have a strong work ethic and often make personal sacrifices to achieve their goals.

6. Leadership Skills - Successful entrepreneurs have strong interpersonal skills including  leadership, personnel management, and effective communication.

   Every entrepreneur and business is unique, so you may not need 100% of these. In fact, the most successful entrepreneurs know their own strengths and weaknesses and hire employees to fill any voids. Self-awareness is key. What are some areas you still need to improve on before you can be confident in launching your business?

1.5 - Starting a Business

All successful entrepreneurial ventures begin with a comprehensive business plan.  You need to conduct market research to identify a customer base, analyze competitors, and assess the viability of your product or service. It is also important at this stage to consider an appropriate business structure (sole proprietorship, partnership, corporation, LLC, etc.). Each structure has its own legal and tax implications, so it’s important to choose one that best suits your needs. You will need to research these further before you apply to register your business.

Any good business plan must also show proof of concept, a process which validates that the product or service is feasible to commercialize. From there, financing must be secured by loans, grants, investors, or a combination of the three. The business will need physical infrastructure (office or retail space, equipment, machinery, vehicles, etc.), technological systems to manage data and track expenses and revenues, and human resources for the recruitment, hiring, and training of employees.

Depending on the business, it may also be necessary to consider legal and regulatory requirements, such as licensing, permits, and tax filings.  Lastly, the business needs to be promoted through marketing and advertising to sell the product or service in order to generate revenue. Maintaining consistent sales will be pivotal to the success of your company.

Lesson 1 Assessment:

Now that you have reached the end of this lesson, you should be able to answer the following:

1. What is entrepreneurship and why is it important?

2. Analyze the characteristics shared by entrepreneurs. How does each contribute to the success of a new business?

3. What are the different types of entrepreneurship? What examples can you generate for each?

Participate in the 24/7 Discussion Forum

Please answer the following prompts in the comment section below and interact with learners from around the world:

1. Compare your existing skills to those of a successful entrepreneur. Which characteristics do you already possess and which do you still need to develop?

2. Which type of entrepreneurship is best suited for you and why? Explain.

Created by 24/7 Instructional Designers: Laura Campion & Vivi Ma