Higher Business Management Entrepreneur Task Ryan Bryceland
What is an entrepreneur? Ryan Bryceland An entrepreneur is someone who combines all other three factors of production: land, capital and labour. They are who has possession of a new enterprise, venture or idea and is accountable for the inherent risks and the outcome of a product.
Entrepreneurs and their Businesses Ryan Bryceland Richard Branson – Virgin. Lord Alan Sugar – Amstrad. Steve Jobs – Apple. Mark Zuckerberg – Facebook.
Richard Branson Ryan Bryceland Branson is owner of the franchise Virgin, whose business expansions stretch from skin cell centres to air travel to a record company. He started his business selling stolen goods from the trunk of his car and this eventually led him into buying a chain of record stores and from their the business expanded. He is now worth approximately £2.6bn.
Lord Alan Sugar Ryan Bryceland Sugar’s main business venture was the electronics company Amstrad. He also owns and has shares in other companies such as Amsair, Amsprop, Viglen Ltd and Amscreen as well as being chairman of Tottenham Hotspur from 1991-2001. Having sold his company Amstrad he is still worth approximately £770m.
Steve Jobs Ryan Bryceland Steve Jobs is the co-founder (along with Steve Wozniack) and chairman of electronic gadget company Apple. He also created the animation studio PIXAR before selling it to the Walt Disney Company and then becoming one the company’s directors. He created the Macintosh and Apple’s ventures now stretch to the iPod, iPhone and MacBook. He is worth around $8.3bn.
Mark Zuckerberg Ryan Bryceland Zuckerberg is an American computer programmer and internet entrepreneur. He and some of his classmates founded Facebook and he is now the CEO of the company. He is worth approximately $13.8bn.
Skills & Traits of an Entrepreneur Ryan Bryceland Entrepreneurs have to be willing to take the risk that their business will make the money back that they have used to fund it and a net profit.Therefore they have to be brave! They have to have knowledge of the business world to maximise their businesses profit and limit expenditure in order to make the business a success. They have to see the opportunity to expand the business where possible. You need courage, knowledge and luck to become a successful entrepreneur!
Role of an Entrepreneur in a Business Ryan Bryceland The entrepreneur has to come up with the idea for the business. They have to come up with the capital to fund the business, either by raising their own or borrowing from others. They have to take the risk that the business will be successful and make a profit. The have to ensure the human and machinery power are in place to keep the business running.