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ENTREPRENEURS

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ENTREPRENEURS. Enterprise is one of the factors of production (Land, labour, capital and enterprise) Probably the most important The Entrepreneur Combines the factors of production in order to create a business. INNOVATION. Business activity begins with the entrepreneur having an idea

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ENTREPRENEURS

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  1. ENTREPRENEURS • Enterprise is one of the factors of production (Land, labour, capital and enterprise) • Probably the most important • The Entrepreneur Combines the factors of production in order to create a business

  2. INNOVATION • Business activity begins with the entrepreneur having an idea • Even if the idea is adapted then the entrepreneur is being innovative

  3. ORGANISATION • Land, labour and capital are hired by the entrepreneur and organised to produce goods or services. • Decisions include: location, method of production, design, prices and wages.

  4. ENTREPRENEUR An entrepreneur is someone who • Has good ideas and develops them into a business • Is a good manager • Takes risks (capital and reputation) • Makes decisions

  5. FamousEntrepreneurs • Sir Richard Branson – Virgin • Michelle Mone – MJM International (Ultimo Bras) • Alan Sugar - AMSTRAD • James Dyson – Dyson Vacuum Cleaners • Chris Evans – tv shows • Arnold Clark – car sales • Sir Tom Farmer – Kwik-Fit • Ann Gloag – Stagecoach • Andy Soutar - Stagecoach • Tom Hunter –sports shops • Robert Wiseman – dairies

  6. Past Paper Question • 2007 CS Q3 • Alan MacLeod, the owner of The Eeusk Restaurant, is an entrepreneur. Describe the role of an entrepreneur in a business. (4)

  7. Solution • Develops a business idea. • Combines the factors of production (land, labour, capital and enterprise). • Take the risk of losing their initial investment if the business idea fails. • Use their initiative to make decisions on finance, hiring staff, etc. • Delegates responsibility to managers or staff. • Decide the strategic and tactical objectives of the organisation.

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