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What Is Entrepreneurship?

Goals:

• Understand the elements of the dictionary definition of entrepreneurship (organize, manage, assume risk, and make profit)
• Understand that entrepreneurs are passionate about a concept and are willing to invest time, talent, and money to turn their dream into reality

Skills:

• Build a Decision Matrix
• Understand the decision making process (define problem, identify alternatives, identify problems and benefits of alternatives, identify selection priorities, and select alternative)

Overview:

Entrepreneurs are seen as people who are motivated to make a profit. In fact, Webster's New World Dictionary defines entrepreneur as "a person who organizes and manages a business undertaking, assuming the risk for the sake of profit." Although this definition is not wrong - it does not capture the essence of entrepreneurship.

Entrepreneurship involves a level of personal commitment in time, talent, and money, that is rarely sustained only by a profit motive. Entrepreneurs have a dream and they are committed to making their dream become a reality.

Students are introduced to the characteristics of entrepreneurs. Class discussion involves a case in which a student is faced with a challenge. Students develop a problem solving Decision Matrix and discuss which options are consistent with an entrepreneurial approach.