How to be an Entrepreneur

The dream of becoming an entrepreneur is extremely common. Putting the plan in action requires many things, most importantly: a really great idea. But where do really good ideas come from? Our unhappiest moments… Please subscribe here: http://tinyurl.com/o28mut7
If you like our films take a look at our shop (we ship worldwide): http://www.theschooloflife.com/shop/all/
Brought to you by http://www.theschooloflife.com

Produced in collaboration with Zedem Media
http://www.zedemanimations.com/ #TheSchoolOfLife

entrepreneurship 101, understanding entrepreneurship basics and fundamentals. An entrepreneur is someone who organizes, manages, and assumes the risks of a business or enterprise. An entrepreneur is an agent of change. Entrepreneurship is the process of discovering new ways of combining resources. When the market value generated by this new combination of resources is greater than the market value these resources can generate elsewhere individually or in some other combination, the entrepreneur makes a profit. An entrepreneur who takes the resources necessary to produce a pair of jeans that can be sold for thirty dollars and instead turns them into a denim backpack that sells for fifty dollars will earn a profit by increasing the value those resources create.

this comparison is possible because in competitive resource markets, an entrepreneur’s costs of production are determined by the prices required to bid the necessary resources away from alternative uses. Those prices will be equal to the value that the resources could create in their next-best alternate uses. Because the price of purchasing resources measures this opportunity cost— the value of the forgone alternatives—the profit entrepreneurs make reflects the amount by which they have increased the value generated by the resources under their control.

complete your knowledge by getting our complete business books bundle | your all-in-one business, marketing, accounting, and finance fundamentals blueprint for just 25$ , download your copy now! https://gumroad.com/l/complete-business-bundle

build-up your skills with courses, certificates, and degrees online from world-class universities and companies – join now! (affiliate links).

Share this page: