So at this point we have all started some actual Business work. Our focus for the AS is to look at entrepreneurs and start-up businesses, and this week we learnt exactly what an entrepreneur is.
An entrepreneur is someone who is willing to take a risk to start a new project or business venture. As an entrepreneur we have to understand the difference between calculated risks and stupid risks. Entrepreneurs have to know which risks are worth taking in order to build their businesses.
We then moved on to the idea of opportunity cost. Opportunity cost is the benefit that could have been gained from the next best alternative foregone. An entrepreneur has to make decisions and it is usually the case that money can only be spent once. The opportunity cost is what we are missing out on if we had taken the other option.
For you guys, your opportunity cost of coming to college is missing out on full-time work, or starting an apprenticeship.
So why would anyone want to become an entrepreneur? So far it just seems stressful and full of pressure! Watch the video by Maya Penn and see why she wanted to become an entrepreneur.
Then look at the infographic below and see what type of entrepreneur you would consider yourself to be.
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