What Is Entrepreneurship?

Economics of Entrepreneurship Series Module 1 | taught by FEE Courses

Course Description

Module 1: 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!

An entrepreneur earns profit by producing goods and services that others value. In the course of pursuing value for themselves, entrepreneurs provide value for everyone else. They are both problem solvers and wealth creators. Creating and maintaining a culture that embraces entrepreneurship is critical to the long-term prosperity of our economy and our society. This course is designed to help students discover the value of entrepreneurship and the importance of strong character in a free and civil society.

About the Economics of Entrepreneurship Series

We believe that students can increase their chances of success with practical education about entrepreneurship, markets, and the economic way of thinking. These ready-to-go lessons introduce students to entrepreneurship and the economic way of thinking through a series of carefully selected articles, videos, discussion questions, and activities. Group discussion guides and group activities are in the PDFs below. Each lesson should take about 45 minutes to complete.

This course contains a series of eight modules organized around the essential concepts of the economics of entrepreneurship. The modules included in this course are:

  1. What is Entrepreneurship?
  2. What is the Entrepreneur’s Role in Creating Value?
  3. How Can Entrepreneurs Use Economics to Make Better Decisions?
  4. How Does Trade Create Wealth?
  5. What Do Profit and Loss Tell Us?
  6. What Institutional Factors Encourage Entrepreneurship?
  7. What are the Links between Entrepreneurship, Personal Character, and Civil Society?
  8. How Do I Become an Entrepreneur?

Within each module are five stand-alone lessons. These 40 lessons can each be used independently, or they can be followed as part of the larger guided learning path set forth by this course. It is recommended to follow the modules and lessons in the sequence presented. The program can be taught in 30 hours, or it can be expanded to as many as 40 hours for students who elect to conduct optional self-study using the materials found in the “Bonus Materials” section provided in each lesson.

Is this course right for me?

This course is great for:

  • Students interested in starting a business or learning more about the economic way of thinking
  • Teachers seeking to complement learning objectives taught in introductory-level economics, business, history, and civics classes
  • Leaders of youth organizations looking for lessons and activities around entrepreneurship, economics, personal character, and civil society
  • Parents wanting their students to get the most out of life through making better choices and better understanding the tradeoffs involved with those choices

Related National Standards:

Standard 14: Entrepreneurship

Entrepreneurs take on the calculated risk of starting new businesses, either by embarking on new ventures similar to existing ones or by introducing new innovations. Entrepreneurial innovation is an important source of economic growth

This online course is intended for individual learners and groups. Parents and teachers can download the PDF resources for facilitating the course:

Facilitator Guide:
Complete Course Bundle:
FEE Courses
FEE Courses

Course Curriculum

Module One: What Is Entrepreneurship?
Pre-Course Survey
Overview
Concepts and Terms
Objectives
Show Content
Lesson One: Key Traits of an Entrepreneur
01:56
Entrepreneurship in a Broad Sense
Entrepreneurship in a Narrow Sense
Going Further
What is an Entrepreneur? by Entrepreneur Week
Watch Video
Think and Reflect
The 7 Traits of Successful Entrepreneurship by Joe Robinson
Read Article
Think and Reflect
Activity: Discovering Your Passion
Activity: Research a Successful Entrepreneur
Lesson Quiz
Knowledge Recap
Bonus Material
Show Content
Lesson Two: The Heroic Entrepreneur
04:26
Introduction
Modern Day Heroes by Learn Liberty
Watch Video
Think and Reflect
Activity: Hero Challenge
Think and Reflect
The Heroic Journey by Dwight Lee
Read Article
Think and Reflect
Watch Video: Entrepreneurs Can Change The World
Lesson Quiz
Knowledge Recap
Bonus Material
Show Content
Lesson Three: Discovering an Opportunity, Serving a Need
08:41
Introduction
How to be an Entrepreneur
Watch Video
The Entrepreneur
Watch Video
Think and Reflect
Activity: Serving Others in Your Community
Poverty and Entrepreneurship by John Stossel
Watch Video
Think and Reflect
Lesson Quiz
Knowledge Recap
Bonus Material
Show Content
Lesson Four: The Entrepreneurial Society
08:08
Introduction
Watch Video
Think and Reflect
200 Countries, 200 Years, 4 Minutes by Hans Rosling
Watch Video
Small Business and Entrepreneurship by E.C. Pasour
Read Article
Think and Reflect
Lesson Quiz
Knowledge Recap
Bonus Material
Show Content
Lesson Five: Entrepreneurship Defined
05:35
Introduction
Mises Boot Camp
Watch Video
Think and Reflect
Entrepreneurship by Russell Sobel
Read Article
Think and Reflect
Comparing Three Views of Entrepreneurship
Lesson Quiz
Knowledge Recap
Bonus Material
Please Provide Feedback About Module 1
Module 1 Badge
Module 1 Quiz
Show Content