1. Entrepreneurship

2. Objectives
Understand the functions of entrepreneurs and innovation within an organisation
Develop knowledge of what makes a good entrepreneur using an examples
Understand the importance with economy

3. What do these 3 people have in common?
Mel Gibson
Snoop Dog
Paris Hilton

4. Scale these entrepreneurs in order of how much you think they are worth.
Bill Gates
Deborah Meaden
Peter Jones
Theo Paphitis
Stelios Haji-Loannou
Oprah Winfrey
Richard Branson

5. Order of wealth Bill Gates £30 b Oprah Winfrey £1.3 b
3. Stelios Haji-Loannou £1.29 b
4. Richard Branson £2,700m
5. Peter Jones £157m
6. Theo Paphitis £135m
7. Deborah Meaden £40m

6. Characteristics of entrepreneurs
Self-confidence
Self-determination
Being a self-starter
Judgement
Commitment
Perseverance
Initiative
Risk Taking

7. Motives for becoming an entrepreneur
Financial reward
Independence
Building a business
Job satisfaction
The product

8. Government Support Promotes creation of small business
Small businesses are vital for the success of the economy
New products and ideas provide essential competitive dynamism in the economy
Government set up business link
Grants and subsidies offered
Princes trust scheme

9. Risk and opportunity costs
Risk of failure is a big motive
If the business fails large debts may have to be paid off
The opportunity cost of an activity is the benefits lost for the next best alternative
High for entrepreneur

10. Factors of production Are business resources
An entrepreneur develops the idea then hires and organises:
Land – Not just where the premises are but includes natural resources, both renewable and non-renewable.
Labour – The workforce of the business. It is possible to improve the human resources by training.
Capital – Sometimes described as the artificial resource because it is made by labour. Includes tools and machinery for examples.

11. TASK Working with a partner
Choose an entrepreneur from the list on the board
Research the entrepreneur and find out:
A brief description about them
What characteristics do they have – innovation, organisation, risk taking, managing ?
What has made them successful?
Give a 3 minute presentation back to the group about your findings
You have 25 minutes!

12. Question
Why are entrepreneurs so important to the success of the UK economy? (8)

13. Summary
Understand the attributes an entrepreneur has and the risk involved
Know what support is available to an entrepreneur
Have examples of entrepreneurs