“People would totally order books online. In fact, they’d buy almost anything on the Internet. Let’s build a website that lets them do that. We’ll call it Amazon.”
“You know the smartphones we make? Let’s remove the phone part, and make it huge. People will love it. We’ll call it an iPad.”
Believe it or not, there was a time when it wasn’t obvious that these were good ideas. Will people actually love an online everything store? Will people love iPads enough that they’d pay more than it costs to make the things?
The only way to truly know the answers to such questions is to try: to invest your resources and see if it pays off or flops. Doing that is called entrepreneurship, and it plays a huge role in every part of the economy.
Students will understand that:
- Entrepreneurs undertake business endeavors that may either succeed or fail.
- Entrepreneurial success depends on successful forecasting of customer preferences.
- Entrepreneurs earn profits and/or suffer losses.
How to Use These Materials
Students can view the following essays and videos in any order, although we recommend starting with the next page. Teachers can use these as stand-alone lessons or plug them into your own lesson plan. Our quizzes can be taken here or embedded into your Google Classroom assignments.
If you have any questions, please email [email protected].