GCE Business

Enterprise
Entrepreneurs
Objectives
 Recognise the key characteristics of successful
entrepreneurs
 Assess the importance of enterprise and
entrepreneurs to a country’s economy
Entrepreneur
 An entrepreneur is a person who takes the
financial risk of starting and managing a
business venture
 They have:
- new ideas for businesses
- invested their own money into developing these
ideas
- accepted responsibility of managing the business
- accepted the risk of failure
Entrepreneurs Quiz
Which entrepreneur are you most like? Answer these
questions to find out!

1.The most important thing about your business to you is that:

a. It’s socially and environmentally responsible
b. It’s always growing bigger and better
c. It’s honest and hard working

2. You are most against:

a. Animal testing and unfair trade
b. Giving up if something doesn’t work out
c. Wasting time with people who are trying to take advantage
of you
Entrepreneurs Quiz
Which entrepreneur are you most like? Answer these questions to find out!

3. You would proudly work with:

a. Romanian orphanages
b. World leaders to solve global conflicts
c. Children’s hospitals

4. You believe in:

a. Making sure your products and practices are ethical and fair
b. Taking a risk and trying something new
c. Working hard to succeed

5. On a free weekend you like to:

a. Campaign for a social cause
b. Break a world record
c. Share your business skills
Entrepreneurs Quiz
You picked mostly As…
You’re most like the late Dame Anita Roddick, the founder of
The BodyShop.
You’re passionate about the environment, homelessness…
you’re an activist at heart. It’s important that your business
reflects your beliefs and you won’t cheat or take short-cuts to
achieve your goals. Little things can make a big difference
Entrepreneurs Quiz
You picked mostly Bs…
You’re most like Sir Richard Branson, owner of The Virgin
Group.
You’ll try anything once, you love taking risks and you have a
smart business brain which helps you invest. You like to think
of the big picture and trust other people to manage the
details. You learn from your mistakes and you try again.
There’s no such thing as failure.
Entrepreneurs Quiz
You picked mostly Cs…
You’re most like Sir Alan Sugar, founder of Amstrad and star
of The Apprentice.
You’re proof that hard work and honesty pays off. You don’t
mind working your way up the ladder, and you have faith in
your team. You understand the importance of learning from
others. You’re not afraid to say what you think. Dedication is
the key to success.
Successful entrepreneurs:
Key Characteristics
 Risk taking
 Innovation – the ability to bring new ideas into
market
 Commitment and self-motivation
 Multi-skilled
 Leadership skills
 Perseverance
Successful entrepreneurs: Mark Zuckerberg

BBC Mark Zuckerberg Inside Facebook

http://www.youtube.com/watch?v=bMMei5N
WDrQ
Successful entrepreneurs:
Key Characteristics
 Innovation – the ability to bring new ideas into market

Innovation and ideas - what makes a successful business

concept?
 http://www.tutor2u.net/blog/index.php/business-
studies/comments/innovation-and-ideas-what-makes-a-
successful-business-concept

Innovation & Protecting a Business Idea - Classroom Video

 http://www.tutor2u.net/blog/index.php/business-
studies/comments/innovation-protecting-a-business-idea-
classroom-video
Successful entrepreneurs:
Key Characteristics
Insights from an Entrepreneur - Lara Morgan (Pacific Direct)
 http://www.tutor2u.net/blog/index.php/business-
studies/comments/insights-from-an-entrepreneur-lara-
morgan-pacific-direct#extended

Tim Harford on why it its good for new businesses to fail

 http://www.tutor2u.net/blog/index.php/business-
studies/comments/tim-harford-on-why-it-its-good-for-new-
businesses-to-fail#extended
Successful entrepreneurs:
Key Characteristics
Insights from an Entrepreneur - Kirsty Henshaw (Worthenshaws)
 http://www.tutor2u.net/blog/index.php/business-
studies/comments/insights-from-an-entrepreneur-kirsty-henshaw-
worthenshaws

Video case study - enterprise at the sharp end

 http://www.bbc.co.uk/news/uk-11818350

How to start a toy shop

 http://www.smarta.com/advice/starting-up/how-to-start-a/how-to-
start-a-toy-shop
Successful entrepreneurs:
Key Characteristics
Insights from an Entrepreneur - Laura Tenison (JoJo Maman
Bebe)
 http://www.tutor2u.net/blog/index.php/business-
studies/comments/insights-from-an-entrepreneur-laura-
tenison-jojo-maman-bebe

Insights from an Entrepreneur - Fraser Doherty (SuperJam)

 http://www.tutor2u.net/blog/index.php/business-
studies/comments/entrepreneur-video-an-interview-with-
fraser-doherty
Successful entrepreneurs:
Key Characteristics
Insights from an Entrepreneur - Will King (CEO King of Shaves)
 http://www.tutor2u.net/blog/index.php/business-
studies/comments/insights-from-an-entrepreneur-will-king-ceo-
king-of-shaves

BBC Resource: Start Up Stories

 http://www.bbc.co.uk/news/10390419

Video Case Study - Just Jenny’s Ice Cream Start-up

 http://www.tutor2u.net/blog/index.php/business-
studies/comments/video-case-study-just-jennys-ice-cream-start-up
Successful entrepreneurs:
Key Characteristics
Video case study - three startups born in the storm
 http://www.tutor2u.net/business/videocases/videocase-born-in-the-
storm.pdf

Video case study - A start-up that needs a beancounter

 http://www.tutor2u.net/business/videocases/videocase-coffeebeans.pdf

Video case study - Never too late to start a business

 http://www.tutor2u.net/business/videocases/videocase-
seniorentrepreneurs.pdf

Video case study - three small businesses born in the storm

 http://www.tutor2u.net/business/videocases/videocase-
borninastorm.pdf
Importance of enterprise and
entrepreneurs to a country’s economy
 Employment creation
 Economic growth
 Firm’s survival and growth
 Innovation and technological change
 Exports
 Personal development
 Increased social cohension
Entrepreneur: characteristics
Missing words
Older entrepreneurs often start a business due to redundancy
or early __________________. Their ambitions
may be no more than to provide a reasonable income. Young
entrepreneurs are more likely to have great ambitions,
largely based around building something significant. They
want to prove something to _______________________
and to their parents or teachers. Most show their enterprise
at an early age, e.g. the Innocent Drinks trio who were
running discos while at school and University.
Entrepreneur: characteristics
Match the characteristic (on the left) to its explanation
(on the right)
CHARACTERISTICS OF SUCCESSFUL YOUNG ENTREPRENEURS*
Entrepreneurial Characteristic Explained
Characteristic
1. Integrity A. The ability to cope with disappointment
2. Common sense B. Honesty in dealing with suppliers, customers
3. Resilience and staff
4. A sense of humour C. Being willing to reject a quick profit made
5. Taking a long term view today
D. Able to understand what customers really want
E. Able to laugh at themselves and laugh with
others
Entrepreneur: characteristics
Work out the characteristics of entrepreneurs from the clues
and the anagrams.
Comes up with highly original ideas. VICAR TEE
Committed to putting in as many hours as needed during the
start-up. RAW GRID HONK
Able to cope when things go wrong (as they will). IS EEL NICER?
Willing to tackle new challenges, even when they would frighten
others. CLIENTS OFFEND
Entrepreneur: motives
Missing words
People start their first business for a range of reasons. Some
are psychological, such as the drive to prove themselves e.g.
dyslexics who struggled at school such as Richard Branson.
Others are personal: to be your own __________, or in
pursuit of a dream to build something that will last, e.g.
Stelios, who started _________________. Another category is
financial, either with the goal of becoming staggeringly rich
(retire to the Caribbean by 35) or simply to provide sufficient
________________ to keep the family comfortable.
HINT: words from income, boss, easyJet
Entrepreneur: Multiple Choice
An entrepreneur is someone who:
a is an employee of a business enterprise
b takes the risk of starting and managing a business venture
c works for the government to provide public services
d just provides capital to a business start-up.

Which of the following is not a likely characteristic of a

successful entrepreneur?
a willing to take risks
b committed and self-motivated
c innovative
d risk averse.
Entrepreneur: Multiple Choice
The main difficulty, identified by entrepreneurs in an
International Labour Organization survey, for new business
start-ups was:
a finance
b identifying a market need
c marketing
d finding suitable employees.

Business enterprise is claimed to bring all of the following

benefits to an economy with the exception of:
a creation of employment
b a more dynamic and innovative economy
c economic growth
d a reduction in competition.