An Entrepreneur is an individual with a good eye for

business opportunities and risk taking. The term is

often used to describe the person with the
imagination and skill to set up a new business.
Entrepreneurs are those who organise and co-
ordinate the other factors of production. They
are the owners of business enterprises who, by
taking risks and making decisions, enable
production to be carried out in anticipation of
demand.
1. Conceptualizing
2. Planning
3. Accessing Funds
4. Organsing the Business
5. Operating the Business
The entrepreneur starts with
an idea or concept for a new
business. This idea could
come from a number of
sources:
Copying the business idea of
others.
 A new invention created by the entrepreneur
Crafts and Hobbies – Sometimes business
opportunities arise from a hobby, past-time or
particular artistic skill that the entrepreneur has.
  The entrepreneur may purchase the right
to produce and market the new design or
invention of someone else (franchise)

Donut Boys
 Once a new idea for a business start-up has
been conceived the entrepreneur must then start
planning for the establishment of the business.
Planning means making preparations for future
events.

 No planning means that immediate
decision will have to be made each time
a new problem or situation arises – and
quick decisions without previous
consideration or without enough
information are often disastrous.
All new business ventures require
funding. Even the smallest of new
operations for example, a window
cleaning business, will need capital for
ladders, buckets and sponges.
One of the most significant tasks for an
entrepreneur is to convince investors
that the new business concept is worth
taking a risk on.
Once plans have been drawn up and the finance arranged, the
entrepreneur must start organizing the resources needed for
the setting up and operating of the business. If other people
are to be employed, an organizational structure will be needed.
Providing resources will need to be acquired – premises in an
appropriate location, machinery will need to be purchased, staff
recruited, selected and trained etc.
All the previous roles of the entrepreneur
carried out before the business was actually
operating – before the product was produce
and sold. Once all resources are in place the
operations can begin but the work of the
entrepreneur does not end here. There must
be continuous monitoring of the good. There
must be continuous monitoring of the good or
service machinery needs maintaining and sales
must be checked against targets.
Characteristics of the
Entrepreneur
Most successful entrepreneurs must
have certain personality traits and
leadership qualities.
Initiative

The entrepreneur needs to be self-

motivated. They should not need others
to tell them what to do.
Determination

Someone who is likely to give up easily

is not likely to be successful in business.
All entrepreneurs suffer set backs from
time to time, but it is important that they
have the perseverance to fight back.
Responsibility

A good entrepreneur will not blame

others when things go wrong. They will
recognize the cause of the failure and
accept the responsibility to do something
about it.
Imagination

The entrepreneur needs to be innovative

and creative, thinking of and developing
new ideas.
Independence

Entrepreneurs must be goal-oriented

and willing to work long hours, often
alone after others have gone home.
Willing to take risks

A successful business person develops

a flair business opportunities and
continues to take calculated risks when
necessary.
 2002 question 7
Many governments throughout the ,Caribbean region
have been encouraging persons to become
entrepreneurs

a. What do you understand by the term ‘entrepreneur’? [2]

b. Suggest THREE reasons why entrepreneurship is
encouraged in your country. [3]
c. List THREE characteristics of a successful entrepreneur. [3]
d. Discuss TWO problems an entrepreneur may encounter. [6]
e. Outline how an entrepreneur may overcome any one of the
problems discussed in c. above. [2]
f. List FOUR ways in which government may assist
entrepreneurs. [4]
2006 Question 2

 Outline TWO functions of an

entrepreneur. [4]
 Explain THREE reasons why some
entrepreneurs may prefer to keep
their business small. [6]