Entrepreneurs

Mr Patrick Ahern

As Business Studies

So who are entrepreneurs?

Michael Dell Pierre Omidyar Howard Schultz Anita Roddick The late

Jamie Oliver Richard Branson Mark Zuckerberg Steve Jobs The late

Alan Sugar

Computers (Dell Computer) Internet (Ebay) Coffee (Starbucks) Health Care (Body Shop) Food (Chef) Lots of markets (Virgin) Facebook Apple Media

Do Entrepreneurs have to be famous? Driving instructor Teacher Restaurant owner Clothes manufacturer IT consultant Builder Barbour / hair dresser Gym owner

You need to set your work out like thisEssential for been an entrepreneur

Not essential for been an entrepreneur

Write the following in your book decide if you think they are important or not? Obtaining finance Risk Business understanding Business knowledge Having a qualification in

business Being clever Having good ideas Determination Planning To be good on computers

Enthusiasm Energy Drive Spotting a niche market Leadership Having a good education Having lots of money Been pretty or handsome Having a totally original idea To work very hard Driving license

Characteristics of entrepreneurs Determination Initiative Taking risks Decision making Planning Persuasion Leadership Resilience

Determination

Drive (take on new challenges) To keep your eye on the goal The persistency to make it work To have the “I will” attitude To want it so badly that even when other

people keep telling you not to, you keep going

When the business fails, to start up again

Initiative

The will power to start something Come up with a new idea Be creative Taking action Low fear

of failure

Taking Risks

Sometimes taking a chance Not everything will work out you have to be in it to win it Maybe you can loose a lot

Decision Making

In business just like in life there are always options and you will need to make a choice, the ability to make a decision is essential

Thinking things through Assessing the risk

Planning

Thinking things through Saving money for quiet times Ice-cream is not sold in the winter, venders

need to plan for this and make sure they have enough money to keep in business over the weekend.

Persuasion

To encourage other people to do things To get others to buy your product or service Make people believe in what you are doing Negotiation Skills

Leadership

To lead others (Self confidence) To have management skills To get others to work effectively (motivate)

Video Time

You will see 2 videos Try to identify what is

happening in the video and what characteristics are present and which are not

We will discuss after each one

Becoming an entrepreneur

is more than just setting up a new business; it is taking risks, coming up with new innovative ideas and ultimately finding solutions to problems. There is no such thing as a typical or standardised entrepreneur.

Entrepreneurs

are individual people that come from different backgrounds, with different skills. They can exist in any area of business from marketing to sales. Entrepreneurs can be at the forefront of large multinational organisations such as Bill Gates (Microsoft) or be starting out in small local businesses such as (Sherlock’s hair dressers) instrumental in working for other organisations and leave to set up by themselves.

So what characteristics make a good entrepreneur?

?

Reasons for becoming an entrepreneur

?

What characteristics do the following statements relate to? 1. Convinced the staff to work overtime, to cover my absence

while at meetings2. Taking a loan to expand the business to produce a new

product line3. Been rejected by 4 potential customers, but yet still going to

give a presentation to the 5th one 4. Organised the meetings for next week and arranged for cover

while away5. Choosing to change supplier, even though they are more

expensive, they are more reliable6. Motivating the staff to work more efficiently, and investing in

the quality of the product7. Spotting an opportunity to make and sell a new product and

setting up the facilities to do it

What Characteristics do you posses? Write down what

characteristics you have!!

And how you think you could develop other areas.

Find other peoples characteristics Stand up and go and find the person with the

same first letter of your English name or the closest alphabetically and in this pair try to guess what characteristics they have and write these down.

For example I am called Patrick I would have to pair with Paul, or if Paul is not available Rachael.

ABCDEFGHIJKLMNOPQRSTUVWXYZ

Are the characteristics your partner guessed for the task the same as yours?

There is one more characteristic This is very important, if not the most

important Can anyone guess what it is?

OK Video time

Task

In this task we are going to look at an example of two people who had ideas to start up a new businesses. Both were students and both had plenty of publicity about their business plans. Having an idea is one thing but putting it into operation and making a success out of it, however, is another!

You can find out the basics behind each story by following the links to the 'In the News' articles below.

Read Hand Out 1

Martin Halstead - founder of Alpha 1 Airlines (http://www.bized.co.uk/cgi-bin/chron/chron.pl?id=2321)

The global airline industry is facing financial difficulties at the moment. This has been caused by a fall in passenger numbers and the high cost of fuel. Is setting up a new airline too risky?

Read Hand Out 2

Rachel Lowe - founder of the board game 'Destination' (http://www.bized.co.uk/cgi-bin/chron/chron.pl?id=2266)

Image: Something as simple as traveling in a taxi might give you the idea for a business venture - but are you creative and determined enough? Do you have the skills and initiative to get your idea off the ground? Rachel Lowe did just that!

Feedback time

I will give you a post-it Please stick them on the board on

your way out with any comments you have for me

You do not need to put your name on these

And if you leave it blank you can put it at the top of the board if you enjoyed the lesson, and the bottom of the board if you did not.

If you find it hard please let me know