Reading / Video: Lesson 1: The Heroic Entrepreneur

Many heroes are ordinary people who find themselves in situations in which they are called to act heroically. Heroes often “save the day” by meeting an urgent need. They don’t wait around for someone else to solve the problem, nor do they put the burden on others. Heroes take charge and make a positive impact. Some people argue that entrepreneurs are modern-day heroes.

In this lesson, students will watch and discuss a brief video in which Donna Matias suggests that entrepreneurs are heroes who should be celebrated. Students will then complete an activity during which they identify and rate entrepreneurs according to their heroic virtues. Finally, students will read the article about entrepreneurs on the heroic journey. 

Time Required:

45 min

Required Materials:

Internet connection, writing instrument 

Prerequisites:

None

1.1.A – Watch and discuss the following video using the questions below to guide your discussion [20 min]:

Video: (Learn Liberty, 2:07 min)

“Law professor Donna Matias defines an entrepreneur as someone able to identify and provide for an unmet need. In short, entrepreneurs are both problem solvers and wealth creators. Extremely successful entrepreneurs, therefore, are not evil. Rather, they are modern day heroes who have managed to effectively fulfill the needs of their consumers.”

Teacher Tip: Ask students to brainstorm a list of Hero Character Traits. Make a list of student responses. Be sure to include the traits below in your discussion.

Discussion Questions: Are Entrepreneurs Modern Day Heroes?

1.  What are the personal qualities or character traits of a hero?

1. Character is the nature of an individual's moral personality expressed by his or her behavior and actions.
2. Traits commonly associated with heroes include:

• Courage
• Bravery
• Strong Leadership
• Vision
• Wisdom
• Honesty
• Principled Belief
• Integrity to stand up for what is right
• Persistence in the face of challenge
• Ability to Inspire

 

2.  What is an entrepreneur?

1. An entrepreneur is someone who discovers and provides for an unmet need by producing value for others in the community and for themselves.
2. Entrepreneurs are innovators and problem solvers.

 

3.  Do you think entrepreneurs are heroes? Why or why not?

1. Professor Matias believes entrepreneurs should be praised as heroes.
2. Being a successful entrepreneur means meeting needs of people in your community.

 

4.  What kinds of things do entrepreneurs do to meet the needs of people in the community? How do entrepreneurs make society better off?

1. Entrepreneurs create wealth and they create jobs.
2. They create the things that people want and need.
3. Successful entrepreneurs also create other value-producing jobs.
4. Entrepreneurship is key for economic growth.
5. According to Professor Matias, entrepreneurial societies are also more open to progress and innovation.

5.  Can you think of a few examples of entrepreneurs? Do you have a favorite entrepreneur?

1. Entrepreneurs started many well-known companies:

• Fred Smith (FedEx)
• Michael Dell (Dell)
• Larry Page and Sergey Brin (Google)
• Bill Gates (Microsoft)
• Mark Zuckerberg (Facebook)

• Don’t forget about the small businesses too:

• The man or woman who started the local clothing drive or food bank is an entrepreneur.
• The local barber, accountant, piano teacher, mechanic, or math tutor are also entrepreneurs.

6.  What does it mean to create wealth?

1. Wealth is a measure of the value of economic goods. Wealth does not exist naturally in the world. All of the goods we want and need must be created, produced, arranged, packaged, harvested, or gathered before they can be enjoyed.
2. The process of arranging the resources to satisfy people’s wants and needs is value creation. Entrepreneurs play a key role in the value creation process.

1.1.B – Complete the following activity and be prepared to share your results [20 min]:

Activity:  The Entrepreneur Hero Challenge

For this activity, take 5 minutes to select and rate an entrepreneur according to his or her heroic virtues. Spend 15 minutes discussing your results with others in your group.

1. Write the name of an entrepreneur (or a business started by an entrepreneur) that you consider to be a hero? What did this person do to change the world for the better?

 

2. Below is a table listing certain characteristics that heroes are commonly thought to possess. For each heroic virtue, score the entrepreneur you selected using a scale of 1-10 (1 being the lowest and 10 being the highest). Be prepared to explain why you chose the score you selected.

 

 

3.  Now look at your answers and find the Total Hero Score for the entrepreneur selected. How heroic is he or she?  In what areas did he or she score very high? Low? 

Total Hero Score

• 100-90: Entrepreneurial Hero!
• 89-75: Hero in the Making
• 74-60: Potential Hero
• 59 – 0: Keep At It

Take a few minutes to discuss with the group.

Teacher Tip: Ask students to raise their hands if their Hero Score is between 75 -100 and ask these students to share why they scored their entrepreneur the way they did.

1.1.C – Watch the following video about how entrepreneurs like you can change the world (students will learn more about the specifics of how to become entrepreneurs in following lessons throughout this course) [5 min]:

“This animation concluded. Bored in school, failing classes, at odds with peers: This child might be an entrepreneur, says Cameron Herold. In his talk, he makes the case for parenting and education that helps would-be entrepreneurs flourish -- as kids and as adults.” (Filmed at TEDxEdmonton.)

1.1.D – Self-Study: Familiarize yourself with the vocabulary words below and read the following article. Use the questions below to guide your reading [15 min]:

Teacher Tip: Teachers should assign Self-Study reading 1.1.D at the end of class.

Article: The Entrepreneur on the Heroic Journey by Dwight Lee and Candace Allen (FEE.org) – “In our modern world, the wealth creators—the entrepreneurs—actually travel the heroic path and are every bit as bold and daring as the mythical heroes who fought dragons and overcame evil. With conventional virtues, the entrepreneur travels through the three stages of the classic journey of the hero to achieve unconventional outcomes and should serve as a model of inspiration and guidance for others who follow.”

Vocabulary:

• Benefactor
• Government Subsidy
• Government Obstacles
• Incentive
• Integrity
• Invisible Hand
• Sacrifice
• Status Quo
• Taxation
• Unconventional
• Virtue
• Wealth Creation

Discussion Questions: The Entrepreneur on the Heroic Journey

1. Why do these authors think entrepreneurs are heroic figures?

1. Entrepreneurs are visionaries responsible for “…transforming one generation’s dreams into the next generation’s necessities.” “We are better off because entrepreneurs have been willing to attempt what others knew couldn’t be done, and then persist in the face of adversity.”
2. Entrepreneurs are not afraid of “departure from the familiar and comfortable into the unknown, risking failure and loss for some greater purpose or idea.”
3. Entrepreneurs are “characterized by energy, vision, and bold determination to push into the unknown.”
4. Once entrepreneurs have begun their journey it will be filled with difficulties and challenges. The entrepreneur must find strength and courage to overcome these challenges and must be “resilient in the face of mistakes or failure.”
5. Finally, entrepreneurs create value for others. They “return to the community with something new or better than what was there before.”
6. Profits are the entrepreneur’s “reward for increasing benefits to individuals in society.”

2. Joseph Campbell, an expert on world mythology, proposes “…every society celebrates heroes, and in doing so, honors the past, energizes the present, and shapes the future.” Do you think we should celebrate entrepreneurs as heroes?

1. The advances we see in society are the result of entrepreneurial achievement.
2. The entrepreneur’s reason for starting a business may be a desire to become rich and famous, improve the community, or tackle an interesting challenge. No matter their reason, if they are successful at meeting a need and serving others well, the entrepreneur makes the world a better place. 
3. c.      These authors conclude by offering, “…societies are shaped by the ideals they embrace. If one of our children or grandchildren wanted to emulate an entrepreneur who heroically struggled in uncharted territory and ultimately changed the world for the better, we would be proud.”

Lesson Recap

• Entrepreneurs are:

ü  Modern-day heroes who should be celebrated

ü  Able to discover and provide for an unmet need by producing value for themselves and others in the community

ü  Innovators and problem solvers

ü  Creators of wealth and jobs

ü  Responsible for economic and social progress

ü  Not afraid to “depart from the familiar”

ü  Resilient in the face of challenges

• Societies are shaped by the ideals they embrace. If we think entrepreneurship is a good thing, we should encourage more entrepreneurship by celebrating entrepreneurs as modern-day heroes.

 

A prosperous future for us all depends on entrepreneurs like you!