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3 Cards in this Set
- Front
- Back
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People Who start a business are called Entrepreneurs
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An entrepreneur is a person who raises the resources and organises the activities needed to start a business. Entrepreneurs have an idea for a new business, then they organise everything they need to set up their business, including financial investment, staff, buildings, research and development and marketing. If the entrepreneur organises things well, and consumers want the good or service, the business will succeed. If they get it wrong the business will have to give up and stop trading.
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Entrepreneurs are Innovative Risk-takers, Planners and Organisers
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Successful entrepreneurs tend to be creative - they're innovators who have spotted a gap in the market. A gap in the market is either an original idea, or a way of making an existing idea different from the competition e.g. selling goods to a new segment of the market. They have perseverance. James Dyson took years to get his new design of vacuum cleaner to the market because he couldn't get an existing manufacturer to adopt his ideas. Eventually, he raised the finance himself and started his own small business to make what's now one of the best-selling cleaners in the world. They're risk-takers. When starting a business, many entrepreneurs have to use their own financial resources to provide start-up capital. If the business fails, they lose their investment. They're prepared to take the risk because they believe that they will gain financial rewards - they're motivated by profit. As a general rule, low risk = low rewards, and high risk = high rewards. They're good organisers and planners. Successful entrepreneurs plan what financial, technical and human resources they'll need and organise resources so that they're used cost-effectively.
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