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What is an Entrepreneur? An entrepreneur is a person who has possession of a new enterprise, venture or idea and is accountable for the inherent risks and the outcome of a product. An entrepreneur also brings together the other 3 factors of production; land, labour and capital.
Famous Entrepreneurs Duncan Bannatyne – Scottish Entrepreneur, business interests being hotels, health clubs and spas. Lord Alan Sugar – British Entrepreneur, made his fortunes from his company Amstrad. Sir Richard Branson – British Entrepreneur, most recognised for his company Virgin. David Sullivan – British Entrepreneur, made fortunes from pornography publishing.
Duncan Bannatyne Bio Duncan Bannatyne is recognised by many as one of the business angels on the hit BBC show “Dragon’s Den”. He is also a credited author and has written 5 books which have sold over 250,000 copies. Duncan has become infamous for his ruthless business mind and personality, however he does have a lighter side, as he does a lot of charity work and was awarded an OBE for his efforts.
Lord Alan Sugar Bio Alan began in trading at the age of 16 selling car aerials from the back of a car. He is known for his BBC programme “The Apprentice” in which Lord Sugar gives young businessmen and woman the chance to work with him. In 2007, he sold his Amstrad, which was one of his biggest business ventures. Sugar is also notable for his time as chairman of Tottenham Hotspur from 1991 to 2001.
Sir Richard Branson Bio His first successful business venture was a magazine called “Student” at age 16. Branson's Virgin brand grew rapidly during the 1980s—as he set up Virgin Atlantic Airways and expanded the Virgin Records music label. Richard Branson is the 5th richest person in the United Kingdom and 254th in the world Branson has also beaten a number of world records.
David Sullivan Bio A millionaire at the age of 25, now worth over 500million. From 1986 until 2007 he owned the “Daily Sport” and “Sunday Sport” which he sold for £40 million. A millionaire by 25, with his partner, David Gold, Sullivan moved into the adult entertainment industry; his business empire encompassing sex shops, adult magazines and several low-budget blue movies. Sullivan is also known for joint chairmen of Birmingham and West Ham football club along with David Gold.
Traits of Entrepreneurs Take what they do seriously Enjoy what you do Plan everything Manage money wisely Remember it’s all about the customer Project a positive business image Get to know your customers Build a top-notch business team
Role of an Entrepreneur To combine the four factors of production Think up the idea of the business Also invest the capital needed for the business Take a risk that the business will take off or not