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Economics of Entrepreneurship Course

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Economics of Entrepreneurship Course Facilitator Guide Compiled by: Marianna Brashear Ruby Clohessy Jason Riddle William Smith FEE.org/Courses The Foundation for Economic Education (FEE) is a non-political, non-profit, tax-exempt educational foundation and accepts no taxpayer money. FEE’s mission is to inspire, educate and connect future leaders with the economic, ethical and legal principles of a free society. THE ECONOMICS OF ENTREPRENEURSHIP PAGE 2 INTRODUCTION WHAT IS ENTREPRENEUR SH I P AND W HY DOES IT MATTER? Welcome to The Economics of Entrepreneurship. This course is not only about entrepreneurship; it is also an act of entrepreneurship. That may surprise you. You might think, “Isn’t this course free of charge? How can it be entrepreneurial if it doesn't make a money profit?” Well, as you will learn in this course, there are many senses of the term “entrepreneurship.” Not all of these meanings involve money-making, but they all involve the creation of value, both for the entrepreneur (i.e., us) and for the entrepreneur’s “customers” (i.e., you). There are two main goals we are trying to achieve with this course. We believe both goals will provide value for us and for you. First of all, we hope to inspire in you a deep appreciation and a high regard for entrepreneurs. This would provide value to us, because our mission at the Foundation for Economic Education is to promote a free society through spreading the understanding of economics and the freedom philosophy. If people think highly of entrepreneurs, they will be less likely to support policies that restrict the freedom of entrepreneurs. As this course will explain, that would make us all more prosperous. In order to raise public esteem for entrepreneurs, this course will explain the beneficial and vital role that entrepreneurs play in the economy. We hope that learning to admire entrepreneurs will also be valuable to you. It is deeply satisfying to become aware of good things in the world. It is joyful to have a sense of wonder and awe at the rapid progress and intricate harmony of an entrepreneurially-driven economy. It is also uplifting to recognize good deeds in the world: to see entrepreneurs as the heroic, inspirational figures that they are. Maybe you yourself will be inspired to become an entrepreneur? That brings us to the second main goal of this course. We hope to inspire you to become more entrepreneurial in your own life. For example, you may want to start your own business. But even if that’s not for you, everyone can benefit from being more entrepreneurial. Even if you work for a regular paycheck, you can be entrepreneurial about your work and your career. And you can be entrepreneurial in your personal life as well. Everyone can benefit from having a more entrepreneurial mindset and from acting in a more entrepreneurial way. In this course, we will explain how embracing entrepreneurship can help you to create an exciting and fulfilling life for yourself. In this first module, we will explore the basic question: “What is entrepreneurship?” And we will briefly introduce how the fruits of entrepreneurship benefit humanity in general, and how engaging in entrepreneurship can benefit you individually. COURSE OVERVIEW An entrepreneur is someone who discovers and provides for an unmet need by producing value for others in the community and for themselves. In short, entrepreneurs 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. Entrepreneurship is an act of serving one’s self through serving others well. We believe that students can increase their chances of success with practical education about entrepreneurship, markets, and the economic way of thinking. This course is designed to help students discover the value of entrepreneurship and the importance of strong character in a free and civil society. These ready-to-go lessons introduce students to entrepreneurship and the economic way of thinking through a series of carefully selected articles, videos, discussion guides, student handouts, and activities. THE ECONOMICS OF ENTREPRENEURSHIP PAGE 3 GETTING THE MOST FRO M THI S C OURSE 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 including readings, videos, discussion guides, comprehension questions, and activities. 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 “Additional Resources” section provided in each lesson. However, for those interested in a brief survey of the topic, a substantive treatment of the learning objectives and essential concepts can be found in a condensed version of the course. [Coming Soon – 2015] Individual modules, lessons, and activities found in this course are available online at FEE.org/courses. IS TH I S C OURSE 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; and 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 EDU CATION STANDARDS The learning objectives addressed in this course are specified at the beginning of each learning module. The learning objectives in this course include and expand beyond the minimum standards put forth by the professional bodies governing national and state educational standards for related content areas. For parents and educators who wish to know how the learning modules in this course relate to the broader economic standards we have included a listing of related National Standards for Economics made available by the Council for Economic Education at the beginning of each lesson. Additionally, we have provided a list of the Common Core standards related to this course in Appendix B. This work is licensed under a Creative Commons Attribution 4.0 International License, except for material where copyright is reserved by a party other than FEE. “Life consists, in this sense, of a never-ending series of spontaneous leaps of discovery. The life of freedom is thus a continual expression of the dynamics of continual discovery.” - ISRAEL KIRZNER THE ECONOMICS OF ENTREPRENEURSHIP PAGE 4 CONTENTS Introduction ....................................................................................................................................................................................................... 3 Contents ............................................................................................................................................................................................................... 5 Module 1 – What Is Entrepreneurship? ................................................................................................................................................. 11 Lesson 1 – Key Traits of an Entrepreneur .................................................................................................................................... 12 Lesson 2 – The Heroic Entrepreneur .............................................................................................................................................. 20 Lesson 3 – Discovering an Opportunity, Serving a Need ....................................................................................................... 28 Lesson 4 – The Entrepreneurial Society ........................................................................................................................................ 34 Lesson 5 – Entrepreneurship Defined ............................................................................................................................................ 40 Module 2 – What Is the Entrepreneur’s Role in Creating Value? ................................................................................................ 47 Lesson 1 – Value is in the Eye of the Beholder ........................................................................................................................... 49 Lesson 2 – Value Must Be Produced ................................................................................................................................................ 57 Lesson 3 – Creating Value and Serving Others ..........................................................................................................................
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