To make their business idea a success, an entrepreneur should be aware of their strengths and limitations. This allows them to build a team that will meet all the needs of their business. For example, an entrepreneur with an idea for a new product might employ an experienced designer to create its packaging and a marketing manager to take responsibility for researching potential customers and promoting the product.
The entrepreneur is central to the success of their organisation. Their desire to succeed will motivate others. Increased motivation boosts morale and productivity.
An entrepreneur introduces new ideas and ways of working into a business.
Case study: The Jelly Bean Factory A
Go to page 87 of your Activities and Accounts Book to read about the Irish confectionery business The Jelly Bean Factory and identify the entrepreneurial characteristics and skills on display.
Profile of an entrepreneur A
Go to page 88 of your Activities and Accounts Book to complete a profile of an entrepreneur of your choice.
ENTERPRISE The actions of an entrepreneur are described by the term enterprise.
i
Enterprise is the ability to generate an idea, identify an opportunity and take the risks needed to turn the idea into a business.
You may also hear the word ‘enterprise’ used simply to mean a business or company. For example, ‘She started her dog-walking enterprise last year.’
