objectives  Students should be able to:  Identify the characteristics of the typical entrepreneur.  Outline why people want to set up their own businesses and essential steps in doing so.

an entrepreneurs

Who an entrepreneur? An Entrepreneur is a person who undertakes a risk by investing money, time and energy in the building of a business with the aim of making a profit.

T he roles of the Entrepreneur  Generate new ideas and create products  Keeps their ears to the ground in the marketplace  Plan and manage the use of the resources of a business enterprise to provide goods and services for the consumer or targeted customers

Role continues  be innovative in coming up with the best product or service for the market  Be a visionary; that is to be able to project beyond the present, and provide and follow through a vision of what the business could be in the future  Acquire the necessary tools such as machinery and equipment, where necessary, to enhance the business operations

Advantage and disadvantage of and entrepreneur ADVANTAGESDISADVANTAGES Experience personal satisfactionTime consuming and physically stressful Experience greater independence in making decision There is no guarantee that there will be sustained demand for the product or service being offered. Be able to call upon family and friend when project deadline is in danger The entrepreneur may be unable to respond to increased demand for good and services Be able to focus on customer satisfaction by providing high quality personal service Both management experience and management quality mighty be lacking

Characteristics of an entrepreneur  Visionaries  Risk takers  Hardworking  Passionate about their business ideas and plan  Not afraid of failure  Innovative/creative  Highly motivated that will help other around them  Focus on their vision

How do entrepreneur in your community help the community?  E Easy access to good and service  Provide jobs  Contribute to clubs and schools  Be a role model  Provides training to workers

Photo of young entrepreneur

quiz Click on the correct answer.

question 1 What is the best definition for the entrepreneur? A. A bank managerA bank manager B. An individual who bears risk to make a profitAn individual who bears risk to make a profit C. A risk taker A risk taker D. A sales person in a supermarketA sales person in a supermarket

question 2 E ntrepreneurs include which of the categories of persons? A. Vendors and sole proprietors B. Television announcers C. Pensioners D. Chefs

question 3 All of the following are important characteristics of the entrepreneur except? A. Loving B. Inventor C. Creative D. Good managerial skills

question 4 4. Which is NOT a benefit of being an entrepreneur? A. being your own bossbeing your own boss B. setbacks for which you are solely responsiblesetbacks for which you are solely responsible C. being able to do work you’re interested inbeing able to do work you’re interested in D. earning a large profitearning a large profit

question 5 5.Which of the following is a common entrepreneurial trait? A. Viewing changes as threateningViewing changes as threatening B. A need for structured environmentsA need for structured environments C. A high need for achievementA high need for achievement D. All of the aboveAll of the above

correct Q1Q2Q3Q4Q5

In correct Q1Q2Q3Q4Q5 GOOD TRY

reference  Robinson. K.& Hamil. S.(2011).Principle of Business for CSEC.