Who Even Is An Entrepreneur?: Crash Course Business - Entrepreneurship #1

CrashCourse
14 Aug 201913:01
EducationalLearning
32 Likes 10 Comments

TLDRThe video defines an entrepreneur as someone who sees a need and takes financial risk to start a business filling that need. With the rise of the gig economy, entrepreneurship is becoming more mainstream - anyone can be an entrepreneur with grit and determination. Key motivations include freedom, confidence in one's abilities, and potential wealth. However, entrepreneurship involves risk and potential failure. The video emphasizes learning from failures on the way to achieving your personalized vision of success, whether that's profit, lifestyle, or something else.

Takeaways
  • 😀 An entrepreneur sees a need and takes the financial risk to start a business to fill that need.
  • 👩‍💼 Anyone can be an entrepreneur with the right idea, tools to develop it, and determination.
  • 💡 Entrepreneurs come in all flavors across industries, backgrounds, and business types.
  • 🚫 Not everyone participating in the gig economy or starting a business is necessarily an entrepreneur.
  • 💰 The rise of the gig economy has provided more entrepreneurial opportunities.
  • 🎉 Key motivations for entrepreneurs include freedom, confidence in themselves, and potential wealth.
  • ❌ Entrepreneurs face failures but learn from them rather than giving up.
  • 🎯 Success looks different for every entrepreneur, from lifestyle to financial goals.
  • 🍀 Grit, determination, and a bit of luck drive entrepreneurs to turn ideas into businesses.
  • 😊 Anyone can be an entrepreneur with the right mindset and support.
Q & A

  • What are some key traits that are often used to describe entrepreneurs?

    -Some common traits used to describe entrepreneurs include being trailblazing, innovative, problem-solving, passionate, and more. However, there is no one defining or required set of traits to be an entrepreneur.

  • What is the difference between someone who works for an entrepreneurial company and an entrepreneur?

    -Someone who works for an entrepreneurial company is an employee who may use an entrepreneurial mindset, but the company takes on the financial risk. An entrepreneur sees a need, and takes on that financial risk themselves to start a business that fills the need.

  • How has the rise of the gig economy impacted entrepreneurship?

    -The gig economy has made entrepreneurship more mainstream by providing flexible work opportunities that allow people to more easily start their own ventures while having other gigs to support themselves financially.

  • What are some pros and cons of being an entrepreneur?

    -Pros include freedom, independence, potential wealth creation, and defining your own success. Cons include financial risk, long working hours, and lack of structure. Entrepreneurs also face the risk of failure.

  • What motivates entrepreneurs?

    -Motivations include freedom, independence, believing in one's own inherent value, feeling limited working for someone else, wanting financial rewards, and defining one's own vision of success.

  • How do entrepreneurs view failure?

    -The Lean Startup methodology says failures and stumbles are okay as long as entrepreneurs learn from them. Successful entrepreneurs don't view failures as the end, but rather as opportunities to improve.

  • What role does grit and determination play for entrepreneurs?

    -Grit and determination are crucial, as every entrepreneur faces failures and roadblocks. Successful entrepreneurs persist through challenges rather than quitting.

  • What steps do budding entrepreneurs need to take?

    -They need to identify market needs, take financial risks to start businesses that address those needs, be resilient through failures, solicit customer feedback, and refine their offerings and business strategies.

  • What industries do entrepreneurs work in?

    -Entrepreneurs work in all types of industries - from physical products, to services, to tech, to media, and more. Successful entrepreneurs identify needs and fill them creatively.

  • What resources help entrepreneurs succeed?

    -Important resources include business planning guides, financial capital, mentors, networking opportunities, market research data, and flexibility to pivot as they learn.

Outlines
00:00
😃 Defining Entrepreneurs

The first paragraph defines entrepreneurs as those who identify a need and take on financial risk to start a business filling that need. It gives examples of different types of entrepreneurs across industries, backgrounds, and business models. The key traits are seeing a need, taking risk, and creating functional ventures.

05:01
📈 The Rise of the Gig Economy

The second paragraph discusses the rise of the gig economy, with more temporary and project-based work. This provides flexibility and opportunities for entrepreneurs to more easily start businesses and find income sources while developing their ventures.

10:03
😎 Motivations and Mindsets

The third paragraph explores what motivates entrepreneurs, including freedom, confidence in their potential, and financial rewards. It discusses failure as a learning opportunity rather than endpoint. Defining individual success and persisting through challenges are critical.

Mindmap
Keywords
💡entrepreneur
An entrepreneur is someone who sees a need and takes on the financial risk to start a business to fill that need. Entrepreneurs come in all types and backgrounds but share certain traits like being innovative, determined, and willing to take risks. Examples from the script include the founders of Big Dipper Ice Cream, GirlBoss New Zealand, and HuffPost.
💡business
A business is an organization that sells goods or services to make money. Entrepreneurs start businesses to fulfill needs they see in the marketplace. Examples in the script include brick-and-mortar shops, online media companies, personal brands, and physical product companies.
💡idea
An idea is a thought or suggestion for a new product or service that could potentially fill a consumer need. Entrepreneurs use ideas as the basis to found startups and new businesses. The script gives examples like coffee-flavored toothpaste, the Cat-Cycle, and cat transportation devices.
💡risk
Risk refers to the potential downside or danger when taking a course of action. Entrepreneurs take on financial risks when starting businesses since there is no guarantee of success. The script emphasizes risk as a defining trait of entrepreneurs.
💡gig economy
The gig economy refers to temporary contract jobs rather than long term salaried positions. It has made entrepreneurship more accessible by letting entrepreneurs piece together income streams. But it also comes with downsides like lack of healthcare.
💡freedom
Freedom refers to the independence entrepreneurs have in setting their own schedules, dress code, company culture, etc. instead of answering to a traditional boss. The script cites freedom as a major motivation for entrepreneurship.
💡failure
Failure refers to when a business or idea does not succeed. The script argues entrepreneurs should redefine failure as a learning opportunity rather than something to be avoided. Examples include the cat transportation ideas in the Thought Bubble.
💡determination
Determination means persevering through setbacks and difficulties through sheer force of will. The script cites determination as a necessary trait for entrepreneurs, allowing them to pick themselves up after failures.
💡success
Success refers to achieving entrepreneurial goals whether that is profit, personal fulfillment, or something else. Entrepreneurs define success for themselves but need determination and grit to reach it through failures.
💡idea
An idea is a thought or suggestion for a new product or service that could potentially fill a consumer need. Entrepreneurs use ideas as the basis to found startups and new businesses. The script gives examples like coffee-flavored toothpaste, the Cat-Cycle, and cat transportation devices.
Highlights

An entrepreneur is someone who sees a need and takes on the financial risk to start a business to fill that need.

There's no cookie-cutter entrepreneur, unless you start a business to sell cookie cutters.

Instead of just defining who is an entrepreneur, we can narrow down our definition by understanding who isn't one.

This shift has made it financially easier for entrepreneurs to find people to get their businesses going, without committing long-term to paying employees.

Today's entrepreneurs are well-suited for the gig economy because we know how to hustle.

Taking a financial gamble is stressful, and so is working long hours to try and get a project off the ground.

Entrepreneurs get to be their own bosses. This can mean setting your own hours and deciding on dress codes... or lack thereof.

You wield the power to create an inclusive company culture and work environment, rather than feeling stuck in an uncomfortable situation with a boss or coworker.

Entrepreneurs believe in themselves. And self-confidence over time can be a powerful motivator.

Entrepreneurship does create a culture of opportunity that might work for some non-traditional workers.

Lean Startup methodology says stumbling is perfectly fine if we learn as we go.

It's not that successful entrepreneurs never faced failure; it's that they didn't quit.

Whatever success is, it's entirely up to you.

No one wants to fail. But together we'll learn how to redefine failure and pick up the pieces if it's truly unavoidable.

Anyone can be an entrepreneur with a little grit, determination, and luck.

Transcripts

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