Choon Yong-ACE Class Report-Entrepreneurship

Author of Book: Instructor: Coast Line College.
Date Read:

Book Report

ACE Class Report – Entrepreneurship
Begin: 10/7/2023
Finish: 12/23/2023
Title: Entrepreneurship
Instructor: Coast Line College.

Why I chose to take this class:
To learn how to run a business. Take risk to enhance the market value of the products.

What I learned from this class:
An entrepreneur is a businessperson who assumes the risk of bringing together the means of production, including capital, labor and materials, and receive reward in profit form the market value of the product.

Risk Taking:
The rudiments of the entrepreneurial function with its primary attribute of risk taking to the 15th Century mercenary captains who organized military expeditions in Europe. Entrepreneurs, like insurance companies, will anticipate risk and will make investment decisions based on measurable risks. But unlike insurance company, entrepreneurs must bear the uncertainties themselves. They do so because ultimately profit provides them with compensation for their psychological cost of uncertainty.

Getting things done:
Entrepreneur is primarily an innovator whose dynamic ” creative response ” to the economic environment makes him central to the promotion of material growth. Entrepreneur is willing to:

  • Undertake new and untried business possibilities,
  • Producing a new commodity,
  • New service
  • Producing “an old one in a new way”
  • Reorganizing and industry,
  • Opening up new market,
  • Developing a new source of supply,
  • Exploiting an invention.

This function does not essentially consist in either inventing anything or otherwise creating the conditions which the enterprise exploits. It consist of getting things done.
The conditions that nurtured private enterprise were dominant philosophy of economic individualism and laissez-Faire, gospel of work, universal acceptance of the “self made man”, the glorification of material success, governmental policies, exploitation of resources, the largest free market in the world, a high level of social receptivity to invention and technology, and a supply of cheap labor.

Empire Builders:
The nature of entrepreneurship during the ascendancy of large scale industrial capitalism after the civil war was epitomized by Andrew Carnegie, JD Rockefeller and Henry Ford. Carnegie is remembered as the principal creator of US Steel, Rockefeller the prime mover of Standard Oil and Ford as the father of the Model T and the moving assembly line technique of mass production. None, however invented anything. The achievement of each lay in his ability to judge the most opportune time for:

  • Introducing and available technology,
  • Set fundamental production and marketing policies,
  • Establish organization for carrying them out,
  • Adjust to the realities of a changing market,
  • Maintain the inner growth and development of the firm.

Entrepreneurial spirit is still well and alive in the 21st Century. They still use the technique used by their predecessors but they have more innovative tolls available:

  • Drop shipping,
  • Advertising,
  • Branding,
  • Packaging,
  • Harnessing multimedia,
  • Reducing cost through efficiency,
  • Shifting the paradigm,
  • Efficiency and controls with computers and artificial intelligence,
  • Deployment of Artificial Intelligence.

How will this class contribute to my success upon release:
This class teaches me analytical and critical thinking skills to apply in the business environment. Lessons learned can be applied to our business and working with the communities which I hope to volunteer my teaching, tutoring and mentoring services.