Entrepreneurs share some common business skills. First, they are very good at finding the right idea that has the potential to succeed and grow. In other words finding the right opportunity. Second, entrepreneurs are very good at identifying needed resources like materials, people, and money, as well as potential customers. They're also very good at making a plan, and getting support, such as attracting employees and investors. Finally, entrepreneurs are very good at implementing the plan and pursuing growth. This means, they are good at doing what the plan says and at looking for ways to increase the size of the business over time. As we discussed in our definition of entrepreneurship, entrepreneurs often begin with a startup. But may also buy an existing business and change it. Entrepreneurs also share other management styles. For example, they are efficient at starting a business and making plans for growth, but they may not be efficient at managing day to day operations. Let's pause and talk about that term. Day to day is an adjective, that describes things that happen on a daily basis. Operations is a noun, that describes activities that happen as part of running a business. Day to day operations therefore are activities that happen on a daily basis to keep a business running. Like making products and selling them to customers. So, entrepreneurs may not be efficient at managing day to day operations. And this seems to be true for Elon Musk whose said in the video, sales and finance are not really my forte, a forte is a strength. So Elon Musk is saying that sales and finance are not his strength. In addition, entrepreneurs often sell a startup or a new business once it grows to a certain size, and may own many businesses at the same time. Lastly, entrepreneurs like Elon Musk, often own many businesses over their careers. Entrepreneurs and small business owners, share many skills and styles. But they are not the same. A small business owner, is a person who owns and manages a small business, and is responsible for day to day operations. Just like entrepreneurs, small business owners are very good at finding the right idea that has the potential to succeed, identifying needed resources, and potential customers. Making a plan, getting support, and implementing a plan. Small business owners are also good at maintaining success. Which means they want their business to stay small and do not pursue growth like entrepreneurs. Harry and Frances Edelstein are good examples of small business owners. In 1980, they opened Cafe Edison in New York City, New York, in the United States. The restaurant was very popular for over 30 years, and was their only business. There's an article about Cafe Edison in the supplemental materials, if you'd like to read more. Small business owners, like Harry and Francis Edelstein, often begin with a startup. But may also buy an existing business that they may or may not change. Unlike entrepreneurs, a small business owner efficiently manages day to day operations, and often owns the business for a long time. This is because a small business owner is often more focused on stability. Keeping the business stable or safe than on growth. A small business owner also often owns only one business at a time and may own that on business for his or her entire life. Some small business owners start as entrepreneurs. But then they decide that they enjoy managing day to day operations more than looking for growth. Entrepreneurs and small business owners are both important to economic development. They share many of the same skills, but they are not the same. In unit one, we will learn more about business, entrepreneurship and startups. Including the role of risk and failure. Before we begin, watch the next video about reading skills and practice with your first reading. These will be followed by a quick comprehension check.