Entrepreneurship is Bigger Than You Think

In “Economics For Real People” Gene Callahan notes that “All human actions have an entrepreneurial aspect to them, not just those of the people who run businesses.”

I thought this was pretty interesting. Most people think of someone like Elon Musk or Jeff Bezos when they hear the word “entrepreneur”, but the great economist Ludwig von Mises noted that as a kind of activity entrepreneurship really just means acting in the face of a future made uncertain by shifting market conditions.

Since none of us possesses a crystal ball by which to divine what’s coming, we are all entrepreneurs when and to the extent that we have to use our best judgment to make predictions.