Objectives of the lesson:

 Define the term entrepreneur

 Give examples of entrepreneurs

 Describe the six functions of an entrepreneur

 Describe the characteristics of an

entrepreneur.
Who is an entrepreneur ?

 An entrepreneur can be
defined as a person who
organises or starts and
manages a business with the
hope of making a profit.
Some Popular Entrepreneurs

 Kama Maharaj of Sacha Comestics

 Anya Ayoung Chee Fashion Designer

 Richard Harford Mario’s Pizzeria.

Functions of an Entrepreneur

 The entrepreneur organises the resources

for the business for example, he must
locate a place to conduct his business
( land), hire employees ( labour) etc.

 The entrepreneur also invest capital into

the business. This can be his savings and /or
a loan, a machine, land, a vehicle, a
computer etc.
Functions of an Entrepreneur

 The entrepreneur comes up with the

idea for the business to sell a
particular good or service to the
public.

 The entrepreneur also plans the

formation of the business such as
registering the business.
Functions of an Entrepreneur

 The entrepreneur also has the

responsibility of managing the business;

 The entrepreneur bears the risk of a loss

since there is no guarantee that the
business will succeed. The risk that all his
time, efforts and financial investment may
not yield profits.
Characteristics of an
Entrepreneur
 Flexible – an entrepreneur has to be able to
do many different task in order to
successfully operate his business. He would
need to have an understanding of book
keeping, ordering and maintaining stocks,
interacting with customers, technical skills,
and how to make the product.
Characteristics of an
Entrepreneur
 Persistence and perseverance – ensuring
that one’s own business is a success
requires one to stick to his goals even when
being faced with challenges. It requires a
person to find the positive in every
situation. For example, a businessman
owning a clothing factory , facing a
downturn in the economy, can make
cheaper clothing that people can afford.
Characteristics of an
Entrepreneur
 Goal oriented and committed – strongly
focusing on achieving one’s aims.

 propensity to take calculated risk – this is

the risk involved in investing capital into
the business with no guarantee that profits
will be made.
Characteristics of
Entrepreneur
 Creative & innovative – entrepreneurs
need to always implement new ideas
and ways of doing things in order to be
original and stay ahead of competition.
For example, owner of a bakery will
always have to create new recipes to
attract customers and keep them
interested in their products.