Learn about entrepreneurship and its relation to business.
Learn to define the concepts surrounding entrepreneurship, including 'enterprise' and 'innovation'.
Ask students to list successful entrepreneurs they know – from well-known examples to local business people or family friends – and ask them why they think these examples are successful and what characteristics they share.
Ask students to share the answers from their interviews with the rest of the class and discuss any similar themes that arise.
Ask the class if their definition of an Entrepreneur has changed and, if so, how. Ask students if any of them think they would make successful entrepreneurs and, if so, why. To end on a light note, they can try the quiz in the Entrepreneurs student worksheet to find out.
Successful entrepreneurs are the rock stars of the business world feted for seeing market gaps and conceiving innovative ideas that give their businesses real, concrete points of difference. However, entrepreneurs are also sometimes known for their dynamic characters
BUT WHAT EXACTLY IS AN ENTREPRENEUR?
The word ‘entrepreneur’ actually comes from the 19th Century French word entreprendre “somebody who undertakes”. It describes business people who take on the risk of starting their own enterprise or financially investing in other fledgling businesses. According to Oxford Dictionaries, an entrepreneur is someone “who sets up a business or businesses, taking on financial risks in the hope of profit”.
ENTREPRENEURS AND RISK
In business, risk is manageable but unavoidable. Starting a business is a big risk in itself, after all, especially when the budding entrepreneur takes on all the financial risks themselves. However, there is the perception that entrepreneurs are simply high-stakes gamblers compared with their established business counterparts.
Not everyone can be a successful entrepreneur. For every Mark Zuckerberg - Facebook founder, 2011 net worth US$13.5 Billion (source: www.forbes.com) – there is a Preston Tucker, whose uber-ambitious car company only rolled 51 cars off its production line. The Tucker Automobile featured many innovations and had a focus on passenger safety way ahead of its time. Unfortunately, Tucker’s need for funding led him to another innovative idea – allowing customers to pre-purchase accessories before one car had even been built. This led to a fraud investigation, which eventually sank