Chapter 1: Importance of Entrepreneurship

DHL - The supply chain is what I find to be one of the most important things to growing quality of life and DHL is one of the biggest logistical companies that handles "19% of global international express delivery market" - (ChatGPT).

After reading the first chapter I was able to get an understanding of what entrepreneurship is, the motives of entrepreneurs, the risks and rewards, and most importantly the importance of entrepreneurship.

So the very definition of an entrepreneur is finding a problem whether it be in your life or others and using your prior knowledge to create something new and take on the risks of a new idea. Risk is really the thing that differentiates an employee from an entrepreneur, because they are actually in charge of making the choices that will then either positively or negatively affect the business. Another key part of being an entrepreneur is your reasoning for doing so, for many it's the freedom to create the rules, do what you enjoy, help your community, and also create greater wealth. But with these rewards comes a hefty price, the risks involved in creating a new business is the obvious failure of doing so which is highly likely as only of 800,000 business 50,000 make it. Instability in income is also a big risk, because if your business isn't profitable you're not going to be able to pay yourself, and with this also comes tons of hard work. You're going to be doing multiple jobs at once because during the startup process it's very rare to be financially ready to hire someone else to help. Entrepreneurship is such an important thing to markets, society, and you because it creates markets where trade and innovation can occur, and most importantly quality of life can increase.

If I am being completely honest when I think of entrepreneurship I think of greed and wealth inequality. And while I think it's merited in many cases from the current actions corporations have made, it also deserves its flowers because at its very essence it has brought so much to my life. After reading this chapter I have come to realize the importance of entrepreneurship in everyone's lives. I mean being able to go to the store on a random day, and go purchase some pokemon cards that come all the way from Japan is truly a miracle and the very “miracle” is a product of entrepreneurship. Entrepreneurs take on the risks of coming up with new ideas to improve people's lives and putting in the work to bring it to market where it could very much fail. But what I find really amazing is the way one entrepreneur works with another to create a supply chain with a lot of specialization so the benefits could be even further passed down to as many consumers. So to end this blog I just want to say thank you and give a huge shout out to all those who have made my quality of life grow!