Who Even Is An Entrepreneur?: Crash Course Business – Entrepreneurship #1

Who Even Is An Entrepreneur?: Crash Course Business – Entrepreneurship #1

What makes someone an entrepreneur? Am I an entrepreneur? Are you an entrepreneur? Do I know any entrepreneurs? Is it genetic? Can I catch it? Is it fatal? Wait, what? The word “entrepreneur” seems to be thrown
around everywhere for everyone doing anything. It’s used to describe celebrities and business
tycoons like Beyoncé, Elon Musk, Marie Kondo, and Jessica Alba. But your brother who keeps bringing up his
idea for coffee-flavored toothpaste might make the list too. Mmm! Entrepreneurs pop-up in all types of industries
and can have widely different backgrounds. Some build personal brands, while others work
tirelessly on a physical product they believe in. Really, anyone can be an entrepreneur, given
an idea and the right tools to develop it into a functional business. Together, we’ll develop our business acumen
and learn the importance of grit, determination, and a fair bit of luck. I’m Anna Akana, and this is Crash Course
Business: Entrepreneurship. [Opening Music Plays] Some people define an entrepreneur with buzzwords
like “trailblazing,” “innovative,” “problem-solving,” “passionate,” and
on and on. These might all be traits that entrepreneurs
can strive for. But, at its core, an entrepreneur is someone
who sees a need and takes on the financial risk to start a business to fill that need. That may sound kind of vague, but that’s
kind of the point. There’s no cookie-cutter entrepreneur. Unless you, like, start a business to sell
cookie cutters. In which case, yes, there is a cookie-cutter
entrepreneur. Your idea might take the form of a physical
product with a physical store — called a brick and mortar business. In Montana, Charlie and Barbie Beaton of Big
Dipper Ice Cream took their passion for locally made ice cream
from one shop in downtown Missoula to appearing on Good Morning America. Daaaaaamn. Or instead of a tangible product, your venture
might be a national empowerment network. GirlBoss New Zealand was founded by 20-year-old
Alexia Hilbertidou after she was the only woman in her upper-level physics class. Her goal is encouraging high-school-age women
to pursue STEM and leadership careers. Or you might set your sights on an international
online media empire, like Arianna Huffington, the founder and namesake of HuffPost. She founded her site (with partners) as a
friendly alternative to news aggregators. And she eventually sold it to AOL in 2015
for $315 million US dollars. Get it, Ari. It’s clear that entrepreneurs come in all
flavors. I mean, according to the Global Entrepreneurship
Monitor, over 100 million businesses are launched each year. That’s 11,000 per hour or 3 new businesses
per second. …There they go! So instead of just defining who is an entrepreneur,
since it is such a wide scope – we can instead narrow down our definition by understanding
who isn’t one. Let’s go to the Thought Bubble. Say Congress works for Me-Wow, a feline health
and fitness company. He notices a need — a shocking lack of cat
transportation — and comes up with the idea for the Cat-Cycle, which he pitches to his
boss. Me-Wow immediately sends the Cat-Cycle into
production because it’s a genius idea, obvi and it flies off the shelves. Even though Congress is using an entrepreneurial
mindset, by our definition, he isn’t an entrepreneur yet. The company Me-Wow actually took the financial
risk to develop, produce, and sell the Cat-Cycle. Meanwhile, Beetle sees the same need for cat
transportation and sketches out the Cat-Board in his personal idea notebook after work. He’s gained valuable experience working
for Me-Wow and develops the Cat-Board in the evenings and on weekends before striking out
on his own. Using his personal savings, Beetle commissions
a prototype that he shops around to local stores. A few are interested and he sets up contracts
with them. As his sales begin to grow, Beetle creates
new designs, but he doesn’t pay attention to what his customers like or dislike about
the Cat-Board. Because he failed to make valuable improvements
to the Cat-Board for his customers, sales plummet. It’s a tough decision, but Beetle cuts his
losses and sells his Cat-Board designs to Me-Wow, which revamps his idea as the Dog-Board. Beetle is an entrepreneur because he saw a need and took the financial risk to fill it! It didn’t go so well because he didn’t
incorporate customer feedback. But now he knows where he went wrong and won’t
make the same mistake in his next entrepreneurial endeavor. Thanks Thought Bubble! For a while, the classic story of an entrepreneur
was someone who created one business that became a long-term project, like opening a new restaurant or founding
a tech startup to make flashy phone games. But that’s not the whole picture anymore. There’s been a shift in the global job market
that has opened the door for entrepreneurship to become more mainstream. Specifically, I’m talking about the rise
of the Gig Economy. Contract work, called gigging, is becoming
more popular and taking up more of the labor market. And I don’t just mean gigs like musicians
and comedians hopping between open mic nights. Instead of a long-term relationship where
employees are paid salaries by the hour or year, businesses are temporarily hiring people
for specific projects. This shift has made it financially easier
for entrepreneurs to find people to get their businesses going, without committing long-term
to paying employees. And it’s allowed early-stage entrepreneurs
to find flexible work to support themselves as they develop their product or service. This doesn’t mean everyone in the gig economy
is an entrepreneur, it’s just given more people the opportunity. So a more traditional path might be joining
an accounting firm right after college and working 9 to 5, Monday to Friday until you
retire. Or die of boredom. Spreadsheets? For LIFE?? NO THANKS Some people might feel fulfilled with that
kind of steady employment. And the stability that comes from being a
salaried employee with health insurance can be incredibly valuable. Others, like us entrepreneurs, might itch
for more independence. In the gig economy, you could have a couple
ways to make money, in addition to or instead of that 9-to-5 job. And you can go online to look for gigs from
anywhere — not just your real-life community. So you might consult for a network of women
small business owners on their day-to-day accounting, create vlogs with tax software
tips, and sell unicorn knit hats on Etsy that are knit out of the softest fabric there is. On the plus side, this allows workers to build
robust portfolios of work and find fulfilling gigs. Having separate jobs can also provide a stronger
sense of income security than one full-time job. Even if you lose one, you’re still making
money. All hail the side-hustle! Today’s entrepreneurs are well-suited for
the gig economy because we know how to hustle. We’re independent thinkers who are comfortable
with developing our own diverse income streams, marketing ourselves, and connecting with others. I mean, who hasn’t had a Lyft driver who
moonlights as a cinnamon roll artisan, right? But there are still problems with the gig
lifestyle. Sure, someone might become a Lyft driver to
help fund their sugary dream. But they’re almost certainly not doing it
because driving strangers around is their passion. For some people, participating in the gig
economy is a necessity, not a choice. Scrambling to pay rent and afford food is
another reason to have a bunch of gigs. And, depending on the country and government,
gig workers can have fewer legal protections – like mandatory breaks and standardized pay
— or they might have a harder time maintaining insurance and retirement accounts. This makes some countries more attractive
to entrepreneurs, such as New Zealand, Singapore, and Denmark, based on The World Bank’s annual
analysis of the “Ease of Doing Business.” But even in those countries, there’s a difference
between legally being able to take a break and actually taking a break. It can be a struggle to turn off the hustle
— especially for those of us trying to create a personal brand with our art or online presence. But taking time for fun hobbies and spending
time with friends and family are important parts of being successful, and so necessary
to stay mentally healthy. Trust me! So it’s not all blue skies and rainbows. But if you ever wanted to be an entrepreneur,
the gig economy has made it more possible now than ever. Even still, entrepreneurship isn’t easy. Taking a financial gamble is stressful, and
so is working long hours to try and get a project off the ground. I know for me, the lack of structured work
time often means that my business has no off time. And if I’m not careful, I can work around
the clock and get myself exhausted. But tons of us take the leap to start a new
business and stick with it through the ups and downs, so what exactly keeps us motivated? At the top of the list is freedom. Entrepreneurs get to be their own bosses. This can mean setting your own hours and deciding
on dress codes… or lack thereof. Sweatpants all day everyday amirite? Maybe you want to work from bed or while you
travel, writing emails by a pool. And for traditionally underrepresented groups
in business like women, people of color, or the LGBTQ community, ding ding ding,
I am all those things. It can mean defining your own destiny. You can create an inclusive company culture
and work environment, rather than feeling stuck in an uncomfortable — or even possibly
illegal — situation with a boss or coworker. If someone keeps talking over you and dismissively
says women can’t be funny, you don’t need to hire them for your writer’s room or film
set. Or if a coworker from a previous job got fired
for having a natural hairstyle, you can create a business where that would never happen. You wield the power. A study in the Social Science Research Network
journal found that entrepreneurs start companies because they mostly believe that: They are inherently more valuable than how
they appear on paper. They are wasted working for someone else Their resumes don’t show “the real them” Large companies can’t appreciate their full
potential. And
They are capable of turning their internal value into real life money. Basically, entrepreneurs believe in themselves. And sure, building self-confidence over time
isn’t always easy, but it can be a powerful motivator. And then, there’s potential wealth. Yes, there’s financial risk in starting
a business, but there’s money in running a successful one. Entrepreneurial lore is full of rags-to-riches
tales, where people pitch the next SnapChat and are launched into the business stratosphere. Like, Oprah Winfrey has said she spent her
early childhood wearing overalls made of potato sacks. But she became North America’s first black
multi-billionaire and “Queen of the Daytime Talkshow.” Sure, this is the stuff of inspirational posters,
and not everyone can make it this big. But entrepreneurship does create a culture
of opportunity that might work for some non-traditional workers. Of course, every entrepreneur with a massive
success has also had hundreds of failures. Yep, the dreaded F word. Lean Startup methodology is basically the
globally recognized guidebook for entrepreneurs created by Steve Blank and Eric Ries. And it says stumbling is perfectly fine if
we learn as we go. But to identify and learn from failures, every
entrepreneur has to ask themselves: what does success look like to me? Is it earning $30,000 a year in your food
truck and skiing every weekend? Is it selling your idea for a million dollars? Is it becoming the CEO of a mid-size media
production company and writing novels on the side? Thanks for hiring us, Hank! Also where is the sequel and when can I star
in the movie adaptation? Or is it owning 6 cats and producing your
own films? Whatever success is, it’s entirely up to you. Of course no one wants to fail. But together we’ll learn how to redefine
failure and pick up the pieces if it’s truly unavoidable. It’s not that successful entrepreneurs never
faced failure; it’s that they didn’t quit. So the bottom line is /anyone/ can be an entrepreneur
with a little grit, determination, and luck. And remember, you may have stopped believing
in unicorns, but they’ve never stopped believing in you. Next time, we’ll talk about that fundamental
piece at the core of any entrepreneur: their ideas — where ideas come from, who to take
them to, and how to turn them into feasible businesses. Thanks for watching Crash Course Business. And thank you to Thought Cafe for the amazing graphics. If you want to help keep Crash Course free
for everybody, forever, you can join our community on Patreon. And if you want to learn more about labor
markets, check out this Crash Course Economics Video.

Comments (100)

  1. Since youtubers dont have to make an investment prior to posting videos and profiting from it, can they be considered entrepreneurs? Since they dont take financial risk at first

  2. Freelance/gig workers never, ever have more income security than full time workers, that's bonkers ridiculous to claim.

  3. Ive been avoiding Ana's corny videos and now she is in one of my favorite channels 👎. Get this entitled woman out this aweosme channel. PLEASE. 🙏

  4. oh my god i knew you looked and sounded familiar! "i have 6 cats" is the jam.

  5. There needs to be a clear line between entrepreneur and "Karen, stop shoving your MLM oils on my face"

  6. entrepreneur or wantrepreneur

  7. What book was mentioned? I'm driving

  8. How can an entrepreneurs lower the risk in businesses?

  9. meme review with your host Elon musk

  10. Here’s an idea: Crash Course Music with Jacob Collier

  11. I don't know if it was intentional, but the entrepreneur in the thumbnail is dressed exactly like Andrew Yang. Awesome!

  12. This is a really terrible intro video to the idea of entrepreneurship

  13. Again horrible examples and unrelatable context

  14. thanks to this video i finally decided to dive in my entrepreneurship dream and actually work toward my own business.

    i'm finally opening a brothel!

  15. Wait…. They hired a hot Crash Course host?? Count me in!

  16. You might set your sights on a media empire…
    Me: like media luminarie Griffin McElroy?!!!!
    …like Ariana Huffington
    Me: ok

  17. I still don't see myself as an entrepreneur … even if the state of Texas says I'm one.
    I hope they make an episode on how to tackle Impostor Syndrome.

  18. Love it!! Looking forward to this video series. As a business owner, you never stop learning and I'm looking forward to those reminders and tips

    Keep it up!

  19. Nothing personal against Ana, I honestly like her, but how is she qualified to host this?

  20. Anna Akana! Yayyyyy! I want her to do a series on self-reflection as well😚

  21. Ah…! I think this is a great way to start this series… by showing the power of failure and the importance of keeping faith in yourself.
    Loved the punchlines Anna, as always!

    A very new take on things… I'm very curious for the next episode.

  22. You are gonna do an episode on co-ops right?

  23. You look gorgeous

  24. The girl from Australia who was the only female in her advanced physics class: what was going to do as an entrepreneur? Teach physics to only girls? Create classes to appear only to girls? Create a series of classes only for girls to get them interested in physics? Damn, this sounds like attempting to make money off of some charitable enterprise. Or the Clinton Foundation.

  25. Never introduce yourself as an entrepreneur. Like CGP grey people will see you as a business sphincter that spews hot air. I got a few ideas from my work but don't have engineering qualifications to make them happen. I don't see any breaks or vacation and everyone just thinks I gladly collect overtime. Nope it's all work and no play and worse no room for advancement. You will often be punished for your efforts if it doesn't stay in artificial boundries. School was really terrible about teaching about finances and business so no wonder we turned into indentured servants.

  26. This is off to a great start! But pardon me while I go have a lot of really, really strong feelings for about a week…

    Unfortunately, for all those opportunities that do exist, there is also another harsh truth, that sometimes no matter how hard you hustle, you're still homeless. And most of the time it's not like that Will Smith flick. It's not just a risk, it's a terrifying risk that never stops being scary.

    But this is a new way to frame the question "What is your business idea about?" – a useful one, for the creative types among us.

    Looking forward to seeing what other useful new ideas y'all will teach us!

  27. 1:12
    “Problem Solving!”
    “On and On!”

  28. Here's a huge like for ya!

  29. Lol so funny how you base that whole rant on material success.. Big projection of your own beliefs..

  30. Welcome to Crash Course "IsN't CaPiTaLiSm Gr8T gUyS?"

  31. Welp I mean…seriously… No one does not hire people nowadays because they are LGBTQ…it is more like the opposite…

  32. I'm in a bit of a slump in my business…so this is helpful. Thank you

  33. What does she mean ar 8:03 ? I don't understand what she meant about being able to legally take a brake and actually taking a break.

  34. Thank you for calling yourself a “person of color”

  35. where have you been Anna Akana?, we love you so much.

  36. ..I see, so you do a miniseries about time travel that makes you bleed through the nose saving students, and then have that idea stolen by a big studio.

  37. Anna Akana ❤️

  38. What is she doing here? =)))

  39. this girl know spreadsheet

  40. "who is an entrepreneur? Crash Course Business Entrepreneur #1"

    …question answered.

  41. Entrepreneur is just trying to make money with an enterprise instead of working for someone else. Nothing fancy.

  42. Wait…. who names their cat congress? I had to watch that section of the video a couple of times and turn on CC's to figure out what was going on. I was confused why the body of representatives "congress" decided to open a cat company.

  43. You should do a ctash course about Edward H. Rollins from New Hampshire. He helped start the Republican party in the back room of his pharmacy, by having secret meetings. He also owned E H Rollins and Sons. A good friend of Lincoln. Just a thought.

  44. I might have to watch this series💪😎

  45. i love seeing anna akana at crash course and i'm even more happy about getting all those cat puns

  46. Shes kinda cute but kinda annoying. I always thought entrepreneur was another word for prostitute, in which case id totally believe she was a struggling entrepreneur

  47. The broke girl college dorm room is an appropriate setting for Crash Course Entrepreneurship

  48. Wouldn't Me-Wow have sued him because literally every company includes clauses about inventions arising from employment?

  49. You are no Antre Pranoor. He gave me a lift in his cab and called you a list!

  50. When did crash course get PC and most importantly woke?

  51. Is this Mongol Keanu Reeves at 11:50?

  52. I would stan Anna as April

  53. LOVE this video. When will the next video be out??

  54. Great video. Less social justice more information.

  55. Is she single? So beautiful ❤️

  56. Hey everybody come see how woke I am

  57. I love the representation and attitude!

  58. whats that vibe ….
    cant handle that motivation girl..

  59. Will the political correctness ever end?

  60. So many things wrong with this video… It was ok tho

  61. Friggin' LOVE this video. YES YES YES! So many invaluable representations in one video. Thank you

  62. This is a really well thought out explanation and the speaker did a great job of delivering the material in an upbeat and natural way. I'm excited too see more content of this topic!

  63. every time Anna stumbles into a YT video I see, she has more cats. 6, really? lmfao

  64. amazing content!!

  65. Being your own boss as an entrepreneur is one of the most misapplied words. When you are the entrepreneur everyone becomes your boss. Your clients, employees, financial backers, etc. will all be telling you what to do.

  66. I am so glad that crash course finally offers a business course . looking forward to more videos.

  67. freakin hell, annoying much?

  68. This is such a high quality video I feel sorry watching it for free! Keep up the AMAZING work 🙂

  69. For the praise that rightfully that goes to starting a business that is open to the LGBT people other minorities or social issues, it kind of makes it seem that a regular job can't be a contribution to those things. You can still choose to only take salary jobs from societal positive businesses, or work at their HR department to improve the way they treat their personal. I'd even say that large businesses that have been doing poorly need people who have these concerns to turn things around. After all even big corporations are made of people and since we want corporations to change it would help if the people working there are willing to change.

  70. Entrepreneurship is the new thing now!

  71. I'm so happy that there's a crash course on entrepreneurship! My thinking of entrepreneurship is right on! Thank you so much for this video! Keep it up!

  72. Hey Everyone, I'm reviewing the potential of starting a channel all about entrepreneurialship and going through the grind of starting from nothing and building a brand, providing services and hopefully an empire. I would be looking to keep a constant set of videos on 2 daily basis and cover a weekly / monthly rundown of how each venture is doing and what they're making. Is this something anyone would be interested in?

  73. What are some of your biggest issues you face as an entrepreneur when it comes to mental/emotional health?

  74. I feel that list of reasons entrepreneurs start company's on such a deep level. I don't do well in interviews and you can't put "self-taught *insert skill*" on a resume. It's so frustrating knowing your worth but not being able to express it and ultimately getting sold short. It's definitely been a big motivator for getting myself started in my business

  75. what has happend to the crash course business

  76. How do you prepare your script … thank you.

  77. I love how this came literally two days after I decided to start my own business. Hope this'll help.

  78. The face is distracting, again crash course, ITS HARD TO LEARN FROM BEAUTIFUL WOMEN….

  79. lgbtq ? like seriously

  80. So… my favorite internet person (Anna Akana) hosting a series that I am actually interested on, in my favorite YouTube channel (CrashCourse)…


  81. Wow my most awaited series

  82. Wish there wasn’t liberal ideals shoved in here. Good message aside from that!

  83. It's Free Real Estate

  84. 7:45 And mortgages. That industry doesn't tend to see people in freelance positions as in "secure employment", no matter how much money you earn. It's not a terrific system.

  85. you don't need to hire them if they say: men can't be funny

  86. Hell yeah! Thank you.

  87. Hi how can I connect to your organization?

  88. I have a question: If someone wants to open a business like a club or restaurant would they be an entrepreneur? After they open their club/restaurant?

  89. I came to this show to learn about entrepreneurship, but fell in love with her fun personality 🦄

  90. The successful entrepreneurs kind of make the entrepreneurial lifestyle seem so glamorous when it's actually really difficult for long periods of time.

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