Learning Objectives

1-1: Explain the importance of action and practice in entrepreneurship.

Practice and action make it possible to achieve success. Many of the successful entrepreneurs behind major corporations today established their companies by acting; learning, and building what they learned into their next actions. Many entrepreneurs have learned entrepreneurship by doing entrepreneurship, but this text is design to help you practice the essentials in hope that you can avoid some of the more common pitfalls made by others.

1-2: List the seven lesser-known truths about entrepreneurship.

Contrary to popular belief, there’s no research definitively confirming that character traits of successful entrepreneurs are inborn. Despite a disposition for action, entrepreneurs approach risk in a much more calculated fashion than they’re given credit for, and many highly successful entrepreneurs achieve their success through collaborative actions.

1-3: Explain the history of entrepreneurship in the United States.

There are five main eras of entrepreneurship in the US: Emergence of the Self-Made Man, An Entrepreneurial Nation (1st Industrial Revolution 1776–1865), The Pinnacle of Entrepreneurship (2nd Industrial Revolution 1865–1920), Rise of Institutional America (Interwar and Postwar America 1920–1975), and Confined Re-Emergence (Knowledge Economy 1.0 1975–present).

1-4: Compare and contrast the different forms of entrepreneurship in practice today.

Corporate entrepreneurship (or intrapreneurship) is entrepreneurship within large corporations. Inside entrepreneurs are similar to corporate entrepreneurs, but they can be found in any type of organization, large or small, nonprofit or for-profit, and even among governing bodies. Franchising and buy-outs are popular ways to start relatively near the ground level. Social entrepreneurship—entrepreneurship focused on making the world a better place—is manifested in nonprofit and large, for-profit firms alike. A form of social entrepreneurship is the Benefit Corporation, or B-Corp, that has been created to designate for-profit firms that meet high standards of corporate social responsibility. Family enterprises, entrepreneurship started within the family, remain of dominant form of business development in the United States and abroad. Serial entrepreneurs are so committed to entrepreneurship that they’re constantly on the move creating new businesses.

1-5: Illustrate the global diversity of entrepreneurship and its impact.

There are hundreds of millions of entrepreneurs worldwide. Known as one of the most entrepreneurial nations on the planet, the United States is eclipsed by many world regions in terms of the percentage of the population engaged in entrepreneurship. Though entrepreneurs may be born out of necessity or to exploit opportunities, they all benefit from education, financial resources, accessible knowledge, and government support providing infrastructure that will enable the fledgling businesses to achieve success.

1-6: Propose different ways in which this book will help you practice entrepreneurship.

The tools for success and methods to hone entrepreneurial skills will be available in every chapter. Thought and action exercises alike will be employed, and research and testimonials from proven academics and entrepreneurs will be provided as we move through the text. As a final test of application, case studies will follow every chapter, giving you the opportunity to employ what you’ve learned, a chance for entrepreneurship within a unique and real-world context.