Business Studies; Entrepreneurs

Noted based on different types of entrepreneurs, characteristics of entrepreneurs, risks and rewards, opportunity cost and reasons for wanting to become an entrepreneur.

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Business Studies- Entrepreneurs
Several different types of entrepreneur:
The people who take an exciting business into a competitive market where they
reinvent the product or service to make it different e.g. the founder of easyJet.
The people who take calculated risks to start business because of their belief in the
product or service, such as Duncan Bannatyne of the Bannatyne group of
The people who start more than one business, and then use similar techniques and
brand names to launch new ones, such as Sir Richard Branson and his virgin group
of companies.
Entrepreneurs are people who take risks and bring together all the resources necessary to
make their business successful. Their role may be complicated it can involve:
Developing new markets by either satisfying the needs of customers or creating new
demand for products and services
Discovering new sources of materials, such as developing a new way of producing
Coordinating employees, resources and money to create products and services in
an efficient and innovative way
Introducing new technologies, industries or products
Creating employment (one of the reasons the government is so keen on
People want to start their own businesses to have more control over their lives and careers.
Characteristics of entrepreneurs:
Drive and energy
High initiative and personal responsibility
Internal locus of control
Tolerance of ambiguity
Low fear of failure
Moderate risk taking
Longterm involvement
Money seen as a measure, not merely as an end
Good use of feedback
Continuous problem solving
Good use of resources
Selfimposed standards
Clear goal setting
Only a few entrepreneurs will possess all of these qualities, some will have strengths in
some areas and weaknesses in others. Achievement, persistence and selfbelief are also
important qualities to have. Risk taking is very important, but needs to be balanced. Lots of

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Business Studies- Entrepreneurs
people will hesitate about starting a business because of fear of failure however lots of
people will go into starting a business, face setbacks and not know how to proceed.
Internal locus of control placing the responsibility, choice and control of events in one's
own hands
Ambiguity having more than one interpretation lack of clear meaning
Risks and rewards:
Managing risk is another important role for an entrepreneur.…read more

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Business Studies- Entrepreneurs
Desire to create something important and make a difference
Desire to grow a business from scratch
Excitement…read more


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