What Does It Mean to Be an Entrepreneur?

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 Entrepreneur
An entrepreneur is a person who sets up a business and
Definition - Noun takes risks in the hope of making money.
They see a financial opportunity and act on it.

The word ‘entrepreneur’ first appeared in the English

Origin language in the 1700s. It comes from the French verb
‘entreprendre’ which means to ‘undertake’ or to ‘do
something’.
 Consider
What characteristics does an entrepreneur need to have to be successful?
Which characteristics do you think are the most important?

‘Genius is 1% inspiration
and 99% perspiration.’

Thomas Edison 

Inventor
 Innovation
Vision

Characteristics of
an Entrepreneur

People Skills Administrative

Skills
 • Self-confident and positive attitude

• Willing to assess and

take risks

• Resilient, accepting

Vision of failure and willing

to learn from
mistakes

• Hard-working and determined

• Passionate and believes in

the business idea
 • Flexible and willing to
• Able to problem-solve adapt to change

• Able to think about Innovation

fresh approaches
and new ideas

• Forward-looking and able

• Creative to imagine a vision of the
future 
• Networking and
marketing skills
• Ability to talk to and
listen to everyone

People Skills

• Ability to develop good relationships with

customers, employees, suppliers and
business partners
 • Business planning
• Organisation • Time management

Administrative Skills

• Money-management skills
• Understanding of how
to raise finance

• Record-keeping skills
Characteristics of an Entrepreneur

What entrepreneurial characteristics do you think you have?

The following slides provide examples of some famous entrepreneurs. 

When you look through them, consider what characteristics they have
demonstrated throughout their careers.
 Entrepreneurs Throughout History
Henry Ford (30th July 1863 – 7th April 1947)
Henry Ford was a US engineer and businessman who started making cars in 1896. He
founded the Ford Motor Company and invented a new system of production called the
assembly line. This is where each worker is responsible for just a small part of the
manufacturing process. This made it possible for factories to make products
much more quickly and cheaply, and many factories around the world still make
things this way. His new method of production meant that cars became far
more affordable for many people who otherwise would never
have been able to buy one.

“Whether you think you can,

or you think you can’t –
you’re right.”
 Entrepreneurs Throughout History
Madam CJ Walker (23rd December 1867 – 25th May 1919)
The first Black woman in the US to become a self-made millionaire, Madam Walker
developed and sold a range of hair care products to cater for the needs of Black women with
afro hair. This was innovative because all
products previously on the market were designed to be
sold to white people. Originally named Sarah Breedlove,
she was born on a cotton plantation in Louisiana as the
daughter of two previously enslaved people. The goal
when starting her business was to make Black women
feel good about themselves, and she was seen as a role
model and leader in the Black community.

“Don’t sit down and wait for

the opportunities to come. Get
up and make them.”
 Entrepreneurs Throughout History
Walt Disney (5th December 1901 - 15th December 1966)
Disney is famous for creating one of the most recognised brands in history. He was not only
a cartoonist but a great businessman and innovator, always making sure he used the most
up-to-date technology in his animation. For example, he was the first to combine a
cartoon with sound in ‘Steamboat Willie’, and also the first to release a
cartoon in full colour. He was well known for being an inspirational leader
and making his employees ‘part of the story’.

“You can design and create, and

build the most wonderful place in the
world. But it takes people to make
the dream a reality.”
 Entrepreneurs Throughout History
Jamsetji Tata (3rd March 1839 – 19th May 1904)
Regarded as the ‘Father of Indian Industry’, he founded the Tata Group of companies,
which includes the well-known Tata Iron and Steel Works. Tata was also the
first to introduce the innovative ring spindle into his cotton mills, his hotel
was the first in India to have electricity and he focused his business plans
around creating education and employment opportunities in the poorest areas of
India. He established the city of Jamshedpur, now a bustling
metropolis, which grew up around his industries.

“In a free enterprise, the community is

not just another stakeholder in business,
but is in fact, the very purpose of its
existence.”
 Entrepreneurs Throughout History
Coco Chanel (19th August 1883 – 10th January 1971)
Coco Chanel was one of the first female fashion designers to create simple and practical
clothes for women. She was raised by nuns in a French orphanage, and the nuns taught her
how to sew and to make clothes. Many people thought of her as a role model because she
became successful and wealthy despite
being an orphan, and because she had the courage to introduce
bold, new ideas to the fashion world. She banned her
workers from wearing corsets and other items of clothing
that were uncomfortable. Chanel still exists as a fashion
brand today and is responsible for ‘the little black dress’
as well as a popular range of perfumes.

“In order to be irreplaceable one must

always be different.”
 Entrepreneurs Throughout History
Although these entrepreneurs are remembered for some of their innovative business ideas, it
is important to recognise that some of the things that they believed in would not be
acceptable today. For example, Henry Ford and Coco Chanel both supported the Nazis
before the Second World War and had anti-Jewish ideas. It is also widely recognised that
early Disney animations contain examples of racial stereotyping that are no longer
considered to be acceptable.

While we can learn many lessons from these individuals about how to be an entrepreneur, it
is now recognised that some of their business ideas and practices should not be celebrated in
today’s world, even if they were considered acceptable by society at the time.

Now let’s look at some examples of entrepreneurs today.

 Present-Day Entrepreneurs
Jeff Bezos (born 12th January 1964)
Jeff Bezos is the founder and CEO of the e-commerce company, Amazon, and is currently
the wealthiest person in the world. In August 2020, he became the first person in history to
have a net worth in excess of $200 billion. He initially launched Amazon as a bookselling
website from his garage. Amazon is now the largest internet-based ‘everything’ store in the
world and even produces its own television shows for its on demand streaming service. In
2000, Bezos also founded a company called Blue Origin that makes spacecraft. In July
2021,
Jeff made a short 10-minute, 10-second journey into space.
While Jeff Bezos has been a successful businessman, there has been
some criticism that Amazon staff are not always treated very well.

“You don’t choose your passions. Your passions choose you.” 

“The thing about inventing is you have to be both stubborn and

flexible, more or less simultaneously.
The hard part is figuring out when to be which!”
 Present-Day Entrepreneurs
Oprah Winfrey (born 29th January 1954)
Oprah Winfrey is best known for her multi-award-winning talk show in the USA, The
Oprah Winfrey Show, which is the highest-ranked talk show in history. She is also an
actress, philanthropist, producer and the first Black woman to own and run a
television network; the Oprah Winfrey Network,
or OWN. She is one of a small number of women who
are self-made billionaires, believed to be the wealthiest African-American and
has also been ranked as the greatest Black philanthropist in US history.

“Doing the best at this moment puts

you in the best place for the next
moment.”
 Present-Day Entrepreneurs
Bill Gates (born 28th October 1955)
Co-founder and chairman of Microsoft, Bill Gates, was responsible for inventing and
introducing the Microsoft Windows operating system used on most computers. In 2021, he
was the third richest person in the world
and founded a highly influential charity called the
Bill and Melinda Gates Foundation. He gives money
and support to human rights causes, education
and to promote innovation in technology.

“It’s fine to celebrate success but it

is more important to heed the
lessons of failure.”
 Present-Day Entrepreneurs
Elon Musk (born 28th June 1971)
Elon Musk is a businessman, an industrial designer and engineer. He is the CEO of Tesla
Motors, which makes electric cars; of Solar City, which makes solar panels; and of
SpaceX, which makes spacecraft. He also founded the electronic payments
website Paypal. In 2021 he was the second wealthiest person in the world with
a net worth of $167 billion. He was born in South Africa, later moved to Canada
and now
lives in the USA.

"I think it is possible for ordinary

people to choose to be
extraordinary."
 Present-Day Entrepreneurs
Mark Zuckerberg (born 14th May 1984)
Mark Zuckerberg was only 19 years old when he created the social media application
Facebook while he was still studying at university in the USA.  Zuckerberg was the fourth
richest person in the world
in 2021, with a net worth of $101.2 billion. He is one of the
youngest ever self-made billionaires, being the only person
under 40 in the Forbes list of top 20 richest people. He still
works as the CEO, chairman and controlling shareholder
of Facebook. He is also a co-founder of the ‘Breakthrough
Starshot’ project, that develops solar sails for spacecraft.
In 2013, a movie was made about how he founded Facebook,
called ‘The Social Network.’

“The biggest risk is not taking

any risk.”
 Present-Day Entrepreneurs
Jonathan Seaton (born 23rd December 1982)
Jon founded the educational publishing website Twinkl in 2010, along with his wife Susie,
to make learning materials more available and to reduce the burden
on teachers. Twinkl began in the UK but now operates worldwide for a
global market. In 2018, Twinkl received a Queen's Award for Enterprise for the
company's work in International Trade and again in 2020, this time for
Innovation. Twinkl is the official partner of BBC Children in Need and
provides free materials to help children to fundraise for the charity. During the
COVID- 19 school closures, Twinkl partnered with BBC Bitesize and
offered all resources for free to support home learning. Jonathan Seaton was
awarded an MBE for services to Technology and Education in 2020.

“For the jobs of the future, children need to be

able to problem solve, think creatively or
pattern spot, rather than learning by rote.”
 Social Entrepreneurs
A social entrepreneur is someone who uses business strategies in order to solve
social, cultural or environmental problems. They are different to other
entrepreneurs in that they are not motivated to set up businesses to make money,
but in order to solve problems in the world that they care passionately about.

Can you think of any examples of social entrepreneurs?

Do you think any of the entrepreneurs we have already looked at could

be described as a social entrepreneur? 

What characteristics do you think an individual needs to demonstrate in

order to be a successful social entrepreneur?
 Social Entrepreneurs
Greta Thunberg (born 3rd January 2003)
Greta is a Swedish environmental activist who is famous for challenging world leaders to
take action against climate change. She used social media and spoke at public events to
inspire other young people to protest about climate change, and started a world famous
school strike movement known as Fridays For Future. In December 2019, Time magazine
named her the ‘Person of the Year’ and she has been nominated to win the Nobel Peace
prize. While she does not fit the definition of an entrepreneur in that she does not sell any
products or services for financial profit, she has a clear mission and knows how to capitalise
on media opportunities and building relationships with businesses in order to bring about
change.
She is seen as a powerful role model for many people and entrepreneurs
look to her for lessons in public speaking and marketing.

“We can’t save the world by playing by the rules,

because the rules have to be changed.”
 Social Entrepreneurs
Malala Yousafzai (born 12th July 1997)
A human rights activist and social entrepreneur, Yousafzai, is the youngest ever person to
win the Nobel Peace Prize. She was awarded the 2014 prize aged just 17, for her activism
for girls' and women's rights. She was living in an area of Pakistan that was run by the
Taliban, who banned girls from going to school. She wrote about her experience of
living under the Taliban and she raised global awareness by
having her writing published abroad. She was a victim of a gunshot
attack in October 2012. She has written a book, “I am Malala: The Girl Who
Stood Up for Education and Was Shot by the Taliban.” She is the
founder and CEO of the Malala Fund, a charity that campaigns for access
to education for girls across the world.

“If we want to achieve our goal, then let us

empower ourselves with the weapon of knowledge
and let us shield ourselves with unity and
togetherness.”
 Entrepreneurs
Entrepreneurs come from all different walks of life and work across all business
sectors.  
Anyone of any age can become an entrepreneur, so long as they have some good
ideas and the determination to succeed. We call this an ‘entrepreneurial spirit.’

“The difference between who you are and

who you want to be, is what you do.”
Bill Philips

US entrepreneur and author

 Glossary
capitalism An economic and political system in which a country’s trade and industry are
controlled by private owners for profit, rather than by the state.
enterprise A business, company, project or undertaking, especially one involving a lot of
challenges or creative problem-solving.
initiative The ability to assess and start things independently, or an action to resolve a
difficulty or improve a situation.
innovation A new method, idea or product.
investor A person or organisation that puts money into financial schemes with the hope of
receiving a profit.
marketing Promoting and selling products or services, including market research and
advertising.
networking Interacting with others to exchange information and develop professional or social
contacts.
philanthropist A person who seeks to improve things for others, especially by the generous
donation of money to good causes.
start-up The action of setting something in motion, or a newly established business.

venture A business enterprise, usually one that involves risk.