What Is Entrepreneurship?

What does it mean to be entrepreneurial? What virtues do entrepreneurs have and what behaviors do they exhibit? What kind of character do successful entrepreneurs tend to have? What is the specific role of entrepreneurs in the economy? What do entrepreneurs do, precisely? How can I be an entrepreneur?

Most people identify an entrepreneur as someone who creates a business and assumes the risk of doing so in return for profits. While this description is correct, more broadly it can be said that entrepreneurs create value by moving resources into more productive uses. They do this through innovating new products or processes to replace old ones and by discovering unnoticed opportunities to profit and acting on those opportunities. This series of lessons introduces the concept of entrepreneurship as understood by several leading economists. Students will explore the key traits of an entrepreneur and discuss the entrepreneur’s role in society. Let’s begin our journey in learning how entrepreneurs change the world!