Role of the Entrepreneur

• Enterprise occurs when an entrepreneur has an idea for product and turns this into reality. Their idea might be an improvement on an existing product, or a new product idea.

• Entrepreneurs conduct market research to see if their idea is likely to be successful.
• Entrepreneurs make decisions on what to produce, who to produce it for, how much to charge etc.
• Entrepreneurs organise factors of production to be in place so that the product can be manufactured.
• Entrepreneurs take risks eg their idea might fail and they may lose their investment.

Skills and Qualities of a Successful Entrepreneur

	Entrepreneurs must have a willingness to take risks which may require personal qualities such as confidence.
	Entrepreneurs need good communication skills to enable them to communicate effectively with their employees, suppliers and customers.
	Entrepreneurs must have determination and enthusiasm to rise to a challenge and to stick with an idea and be able to overcome any obstacles to achieving their aims.
	Entrepreneurs need good decision-making skills eg to decide which good or service to produce, which method of raising finance to use, what price to charge customers and which employees to hire.
	Entrepreneurs may need numeracy skills so that they can use financial information to make business decisions.
	Entrepreneurs need leadership skills to lead and motivate their employees to achieve the objectives of the organisation.