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.