What is Entrepreneurship? (Video 4: Part 2)

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From the course by University of Pennsylvania

English for Business and Entrepreneurship

1045 ratings

University of Pennsylvania

English for Business and Entrepreneurship

1045 ratings

Welcome to English for Business and Entrepreneurship, a course created by the University of Pennsylvania, and funded by the U.S. Department of State Bureau of Educational and Cultural Affairs, Office of English Language Programs. To enroll in this course for free, click on “Enroll now” and then select "Full Course. No certificate." This course is designed for non-native English speakers who are interested in learning more about the global business economy. In this course, you will learn about topics and language necessary to succeed in the international workplace. You will explore business English through authentic readings and video lectures, while learning about business vocabulary, concepts, and issues. Unit 1 will provide an introduction to entrepreneurship by examining ideas, products, and opportunities. In unit 2, you will learn about the basics of market research, including how to identify an opportunity. The next unit in the course will focus on business plans, why these plans are important, and will give you a chance to practice composing a business plan. In the final unit of the course, we will present basics for funding a business and will help you create a persuasive presentation, or pitch, based on a business plan. Unless otherwise noted, all course materials are available for re-use, repurposing and free distribution under a Creative Commons 4.0 Attribution license. Supplemental reading materials were provided by Newsela, which publishes daily news articles at a level that's just right for each English language learner.

From the lesson

Unit 1: Becoming an Entrepreneur

In this unit, we will introduce course goals and logistics, then discuss basic concepts and vocabulary related to entrepreneurship.

What is Entrepreneurship? (Video 4: Part 1)2:06

What is Entrepreneurship? (Video 4: Part 2)5:34

Language Focus - Reading Skills (Video 5 Part 1)2:26

Language Focus - Reading Skills (Video 5 Part 2)5:32

Unlockable Achievement0:09

Meet the Instructors

Amy Nichols
Manager of International Research and Program Development
English Language Programs
James Riedel
Executive Director
English Language Programs

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.

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