Chapter 1 Reflection

In this chapter, we learned about entrepreneurs and the economy. I already knew that an entrepreneur was a person who ran he/she own business. They create there business off of ideas they have about changing something around them or doing something better. But in this chapter I learned that an entrepreneur are a lot bigger than owning their own business. Entrepreneurs affect the economy and the people around them. An entrepreneur can affect the economy by creating jobs. Creating jobs for the community means there is less unemployed people. If there are more people with jobs and have money this means they can buy more goods and things. This affects the economy because without people having money to buy things then there isn't any money going into the economy thus making the economy bad. Another way entrepreneurs help the economy is with innovation. Entrepreneurs are always trying to make a good or service better than it already is. So when an entrepreneur innovates something he/she creates a new good or services and improves existing products. The economy can also affect entrepreneurs as well. There are many different ways in which an entrepreneur is affected by the economy. One way is that the economy is good and allows for the entrepreneurs business to grow. If it grows that means more business and profits for the entrepreneur and he/she's business. Another way is that if the stock market has a bad day then the entrepreneur has a bad day. This bad day can cause lose in business and profits, forced cutting of jobs, and/or closure of their business. One other way the economy can affect entrepreneurs is by allowing business to become monopolies. When the economy allows for one business to control all the other businesses in that certain good or service, it makes it harder for entrepreneurs to get business and make profits. 

Who Am I?



The entrepreneur that I look up to and admire his business is David Chu. David Chu was the founder of the Nautica clothing Company, founder of the Lincs clothing company, and is in a partnership with Jack Nicklaus for his Nicklaus Golfing line.  His businesses are retail businesses. His Nautica clothing companies are found in malls and nautica stores. His Lincs clothing line is found in Dillards. The Nicklaus golfing line can be found in golf stores. David Chu is not married and has no children. David Chu was born in the year 1955 in Taiwan. Chu went to the Fashion Institute of Technology. Chu got his first start when he was 30 years old. His business provides clothing that are inspired by sailors and fishers. This business is unique from others because this was his second business that he started after his first business failed.

Economic Life

The game that  me and my partner created is called Economic Life.  It goes through all the steps that a successful entrepreneur must go though. It also shows how the economy might effect a business, either in a good way or a bad way. At the begining the game, a player must shoose if they want to open a retail or service business. Whenever it your turn you simply spin the wheel, and the number you land on is the amount of spots you jump, but if land on a red square you lose a turn. The point of the game is to turn your business into a franchise, and make a fortune. The first player to do so wins the game.

My Business Logo

My logo represents the business I created. The business I created was orthopedic medicine practice. I chose this design for my business because my business is in the medical field so the white medical cross with the red background is a perfect fit. The purpose for my design is to grab athlete’s attention to come to my practice for service.