ANGELA: Welcome to English for Business and Entrepreneurship, a course created

by the University of Pennsylvania. This course is designed for non-native English

speakers who are interested in the global business economy.
RHEICEZ: We are excited to have you in this course and look forward to helping you
improve English language skills necessary for the international workplace. Let’s get
started with UNIT 1: BECOMING AN ENTREPRENEUR.
ANGELA: At the onset, this is Unit 1, Video 4 - “What is entrepreneurship?
Entrepreneurship is the making of a new business through creating a startup or buying
and changing an existing business.
Elaborating the former, a new business can be a startup which means a business that did
not exist before. On the other hand, the latter tries to explain that a new business can be
an old business that has changed so that it can be more successful. An example of
changing a business could be buying a restaurant and changing the menu.

Now, who is an entrepreneur? An entrepreneur is a person who takes an idea and turns
it into a successful new business that is expected to grow. Entrepreneurs share some
common business skills. First, they are very good at finding the right idea that has the
potential to succeed and grow. Second, entrepreneurs are very good at identifying
needed resources like materials, people, and money, as well as potential customers.
Entrepreneurs also share other management styles. Lastly, entrepreneurs often sell a
startup or a new business once it grows to a certain size, and may own many businesses
at the same time.

RHEICEZ: - - - Why Entrepreneurship - - -

ANGELA: Welcome to Unit 1, Video 7. “Ideas, products, and opportunities.” Ideas,

products, and opportunities are all important to businesses.
Let's talk about ideas first. How do people create new product ideas? There are usually
two ways. The first, is to create an idea to fill a need in a market. The second source or
beginning of new products ideas is to bring something that already exist somewhere else.
This is also filling a need but in this case the idea is not the product. The idea is getting a
product to a different place.
Now let's talk about ideas and products, it's important to know that ideas are not the same
as products. Sometimes ideas do not become products, sometimes there only ideas and
nothing more.
When an idea is presented as a product, it should be one of three types. The first is a
good. This is something tangible, something that can be touched. Often, people will
mistakenly say the word product when they mean good. The second type is a service.
This is intangible. It cannot be touched, examples would be a taxi service, a medical
procedure, a travel booking. The third is a hybrid product that combines a good and a
service. Examples would be a bed and breakfast hotel, a restaurant meal, a flight. Both
goods and services are provided in these types of products.
Now let's talk briefly about opportunity. Opportunity is a chance to do something. If a new
product has a chance to succeed, if people are interested in buying it, it is an opportunity.
So there you go! Again, what we have in this module are ideas, products, and services.

RHEICEZ: - - - Deciding on a Type of Startup & Risk, Failure and Important Step - - -

ANGELA: We hope that through this short course discussion, we were able to impart to
you what you initially have to grasp and understand in becoming an entrepreneur.

RHEICEZ: Thank you for learning with us in this course. ‘Til next time!