- An entrepreneur is someone who takes a personal and financial risk to set up a business with the hope of making a profit.
Identifying a Business Opportunity
An entrepreneur might:
- Modify an existing product.
- Have an idea for a product or service that is completely new
- Identify a product or service that is not currently available in their area.
- Identify a product or service that could be sold at a lower price.
The Characteristics and Skills of and Entrepreneur
- A characteristic is an aspect of your personality, for example being creative.
- A skills is something that you can learn over time, for example how to manage a business.
Characteristics
- Creative
- Risk-taker
- Ambitious
- Initiative
- Resourceful
- Determined
Skills
- Planning
- Time management
- Communication
- Market knowledge
- Problem solving
- People skills
Enterprise and Society
- Entrepreneurship is the act of turning opportunities and ideas into value for society.
- Entrepreneurship can be divided into:
- Financial enterprise
- Cultural enterprise
- Social enterprise
Financial Enterprise
- Most business are set up with the purpose of financial gain, such as shops. For example, Spar.
The value to society of financial enterprise is that it:
- Creates jobs.
- Provides goods/services to customers and businesses.
- Contributes to economic growth.
- Generates taxes that could be used to benefit society.
Cultural Enterprise
- Some businesses are set up to promote the arts and culture, such as galleries. For example, Science Gallery Dublin.
- These businesses may make a profit, but making a profit is not their main aim.
The value to society of cultural enterprise is that it:
- Gives people access to arts and culture.
- Creates jobs.
- Brings income into the country.
Social Enterprise
- Social enterprise is a company run like a business but they aim to make a profit to help a special cause rather than the owner.
- Some business are set up with the aim of solving problems that affect society, such as environmental issues. For example, GreenPlan, which seeks to tackle climate change.
The value to society of social enterprise is that it:
- Raises awareness of social issues.
- Brings about social change.
- Creates jobs.