BUS101: Introduction to Business

Though most entrepreneurial ventures begin as small businesses, not all small business owners are entrepreneurs. Entrepreneurs are innovators who start companies to create new or improved products. They strive to meet a need that's not being met, and their goal is to grow the business and eventually expand into other markets.

In contrast, many people either start or buy small businesses for the sole purpose of providing an income for themselves and their families. They do not intend to be particularly innovative, nor do they plan to expand significantly. This desire to operate is what's sometimes called a "lifestyle business". The neighborhood pizza parlor or beauty shop, the self-employed consultant who works out of the home, and even a local printing company - all of these are typical lifestyle businesses. We discuss the positive influences that both lifestyle and entrepreneurial businesses have on the U.S. economy.