Entrepreneur Profile
Behind every business is an entrepreneur. Learn what entrepreneurs are like, why they take the plunge, and how they weigh the risk of enterprise against the reward.
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Free interactive practice at using the material, which is what the marks are for.
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Who is an entrepreneur?
Every business starts with an entrepreneur: a person who sets up and runs a business, bringing together the money, people and ideas, and taking on the risk in the hope of making a profit. The entrepreneur is the enterprise, one of the four factors a business needs. This module looks at what entrepreneurs are like and why they do it.
What entrepreneurs are like
Successful entrepreneurs tend to share certain qualities:
Risk and reward
Running a business is a gamble. The entrepreneur weighs what they could lose against what they could gain:
Match the quality to its meaning
- Hard-working
- Innovative
- Organised
- Risk-taking
- Willing to put in long hours and effort
- Full of new ideas and ways of doing things
- Able to plan and manage time, money and people
- Willing to invest without a guaranteed return
An entrepreneur trait?
Which of these is a characteristic of a successful entrepreneur?
- Being innovative and full of new ideas
- Avoiding hard work
- Being disorganised
- Never taking any risk
Reasons to start up
People become entrepreneurs for many reasons. Some want to be their own boss and have flexible hours. Some want to pursue an interest or earn more money. Others spot a gap in the market, or are simply dissatisfied with their current job.
Match the reason to its meaning
- Be your own boss
- Fill a gap in the market
- Pursue an interest
- Dissatisfaction
- Wanting to make your own decisions
- Spotting a need no business is meeting
- Turning a hobby or passion into a job
- Being unhappy in a current job
Reasons to start up?
Select the TWO reasons a person might start their own business.
- To have more flexible hours
- To fill a gap in the market
- To get a guaranteed, steady wage
- To avoid all risk
From idea to business
Put the steps of starting a business into a sensible order.
- Spot a gap in the market
- Come up with a business idea
- Take a risk and invest money
- Set up and run the business
Complete the profile
An _____ is a person who sets up a business. They are the _____, one of the four factors of production. They take a _____ in the hope of making a _____. A common reason to start up is to be your own _____.
What an entrepreneur does
Tap the TWO statements that are TRUE.
- An entrepreneur takes a risk in the hope of making a profit.
- Enterprise is one of the four factors of production.
- Entrepreneurs are guaranteed to make money.
- Being disorganised is a key entrepreneur quality.
- Entrepreneurs never take any risks.
Read the entrepreneur
For each person, choose the best answer.
- Priya leaves her office job because she is bored and wants to choose her own working hours. What is her main objective?
- Sam notices there is no vegan cafe in his town and decides to open one. What has he done?
- Aisha works late every night on her start-up and keeps going even when sales are slow. Which characteristic is this?
Profile an entrepreneur
Choose a real or imagined entrepreneur and profile them: their characteristics and why they started their business. This is written in English and is not auto-marked.
- Name the entrepreneur and the business
- Describe two of their characteristics, such as innovative or risk-taking
- Explain two objectives that led them to start up
- Explain one risk they took and one reward they hoped for