Business Concept: Entrepreneur
What is an entrepreneur?
An entrepreneur is someone who identifies a business opportunity and takes the risk of organising resources to exploit it.
Entrepreneurs are central to the creation and development of businesses. They bring together ideas, people, finance and other resources and make decisions about how those resources should be used.
But being entrepreneurial involves more than simply starting a business. Entrepreneurs need to be able to spot opportunities, operate in conditions of uncertainty, and make decisions when resources are limited.
Think about it
Imagine two people opening similar businesses in the same market.
One simply copies what existing competitors are doing. The other identifies an unmet customer need and develops a new way of satisfying it.
Which person is demonstrating the greater degree of entrepreneurship — and why?
Exam tip
When answering questions about entrepreneurs, avoid simply listing characteristics such as risk-taking, creativity or confidence.
Instead, explain how a particular entrepreneurial characteristic might affect a business decision or its chances of success.
For example:
Weak:The entrepreneur is a risk-taker.
Better:The entrepreneur's willingness to take risks may encourage them to invest in an untested product opportunity, potentially allowing the business to enter the market before competitors.
This week's Teaching Business theme:
Entrepreneurs & Enterprise
Look out for further teaching ideas, exam tips and classroom activities during the week.
Teaching Business
Related Teaching Resources
Teaching this topic in class? Explore our full lesson resources on Entrepreneurs & Enterprise and Business Ownership, with structured activities, exam practice and classroom-ready slides.
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