Concepts: Profits, Markets, Competition, Market Structure, Labor Costs, Innovation, Entrepreneurial ability, Improvements in technology, Productivity, Comparative Advantage, Physical Capital, Government Regulations, Business Incentives, Economies of Scale, Profit Maximization, Product Differentiation, Brand Name, Advertising
General Instructions:Choose one concept from the list above, and write a paper a 350 to 500 word paper (350 words, is the absolute minimum) in which you state a response to the following prompt;
“Before participating in the Graded Discussion 3, (Entrepreneurial Ability) I thought about (one of the concepts from the list) in this way …, now I think … “.
You are free to organize and arrange your sentences and paragraphs in any you see fit, but your response MUST at least have the following 5 elements:

It must state and define the concept or idea.
It must explain how you viewed or understood the concept before this class.
It must explain your new way of viewing, or understanding the concept.
It must say the reason why your perspective, or understanding changed. In other words, what did you do, see, or hear as a result of this class that helped transform your opinion.
It must have information, data or facts, that supports the reason for your change. The information, data or facts can be presented in the form of an example, or as part of an explanation.

As you produce your response, you should also consider the following:

The implications of the change in perspective. In other words, now that you see this in this way, what are some of the things that will come after? What will you do differently? What follows? Also, analogies and metaphors are a great way to illustrate how one views a concept or an idea.·
Your response will be evaluated in accordance to the following Intellectual Standards; Clarity, Accuracy, Precision, Relevance and Logic. For more information review the assignment rubric. 
Discussion 3–Entrepreneurship is an individual’s ability to convert their business ideas and concepts into actions to generate profit. According to Bill Gross in his talk about The single biggest reason why startups succeed, entrepreneurship’s goal is to impact change in the world toward a better future (Gross, 2015). Entrepreneurship helps unlocks various human potentials. Some of the factors that result in the success of the business include; timing. An entrepreneur should always wait until the audience is ready and the technology is mature enough to support the business for it to succeed. The team (Gross, 2015). Any entrepreneurial step success depends on the group of people who take part in its execution. The team should have the right skills and experience to enable the business to succeed. The ideas (Gross, 2015). Every entrepreneur always has an idea that turns into a business. The success of a company also depends on how creating and inclusive the picture is. The funding (Gross, 2015). Any entrepreneurial idea requires capital to start. The success of the business also depends on how much capital one invests. The model (Gross, 2015). The strategy adopted by the entrepreneur on how to run the business, gain profit, and deal with the customers determines the business idea’s success.
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