57 Outcome: The Role of Entrepreneurs

What you’ll learn to do: identify the role entrepreneurs (past and present) play in small businesses and economic growth

Entrepreneurs are the fuel that drive small businesses and, in turn, much of the U.S. and world’s economies. Their creativity and willingness to take a risk or follow a dream generate jobs, personal wealth, and national economic prosperity. No doubt you recognize the product shown below:

Photo of two bags of Kingsford-brand charcoal and some charcoal briquettes.

But . . . did you know that it originated here?

Black-and-white photo of Highland Park Ford Motor Company

Believe it or not, Henry Ford gave us not only the Ford Motor Company but also Kingsford Charcoal. Henry Ford learned of a process for turning wood scraps from the production of Model Ts into charcoal briquets. So, he built a charcoal plant—and the rest is history.  Read more about it here, and find out more about the role of entrepreneurs in the economy from the learning activity below.

LEARNING ACTIVITIES

The learning activities for this section include:

  • Reading: The Importance of Small Business to the U.S. Economy
  • Self Check: The Role of Entrepreneurs

Take time to review and reflect on this activity in order to improve your performance on the assessment for this section.

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Introduction to Business Copyright © by Lumen Learning is licensed under a Creative Commons Attribution 4.0 International License, except where otherwise noted.

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