Reading: Introduction to "What is Entrepreneurship?"

“The task of the entrepreneur is to select from the multitude of technologically feasible projects those which will satisfy the most urgent of the not yet satisfied needs of the public.”

– Ludwig von Mises, Planning for Freedom

Overview:

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 students to 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!

Concepts and Terms:

• Character
• Creative Destruction
• Entrepreneur
• Incentive
• Innovation
• Invisible Hand
• Risk
• Taxation
• Virtue
• Wealth