What is an Entrepreneur? An Entrepreneur is an individual who develops a business idea and combines the factors of production in order to produce a good or provide service.
Entrepreneurs. Henry Ford – Founder of Ford Motor Company Sir David Murray – Founder of Murray International Metals Ltd Roman Abramovich- 73% owner of Sibneft (Oil Company) + Russian Aluminium Hugh Hefner – Founder of Playboy Magazine Neil Scott - Creator of The Theatre of Sport
Henry Ford Ford chose to leave his farm home at the age of 16 to become a mechanic in Detroit Ford became an engineer for the Edison Illumination Company, it was clear the he would dedicate his life to industrial pursuits. During this time he experimented on developing his own propelled vehicle. Though two previous attempts had failed, in 1903 the Ford Motor company was incorporated. The production of the Model t was everything he thought it should be. It was reasonably priced, reliable, and efficient but under the current conditions only a few could be made in a day. To meet the growing demand the company opened a large factory. Within a short time he had revolutionized an assembly line and became the biggest automobile manufacture in the world.
Sir David Murray Born in Ayr, Scotland, Murray had formed the company Murray International Metals Limited by the age of 23. The company grew to include steel production, mining and property development. Subsequently, the Murray Group of companies grew to become one of the United Kingdom’s most successful privately-owned enterprises. Added to the core business of steel were interests in surface mining (GM Mining), commercial property development (Premier Property Group), venture capital (Charlotte Ventures) and call centres (RHL, trading as 'RESPONSE' from February 2007 onwards, formerly Response Handling Limited). In 2006, the Murray group collectively reported turnover of £550 million,
Sir David Murray Continued Corporate success was also reflected in Murray's personal wealth, estimated in the Sunday Times Rich List 2008 at £720 million, making him the 113th wealthiest person in Britain. In 2007, Murray was said to be the seventh richest Scot. Murray's personal wealth has suffered in the recession of 2008–2009. The Sunday Times Richlist 2010 valued his fortune at £110 million, 78% down on the £500 million fortune he was estimated to have in the 2009 edition of the richlist He Also Owned the Famous Glasgow Rangers
Hugh Hefner Hugh was the founder of His school’s newspaper, and indulged himself in writing, cartooning and serving as president of the student council. After graduating high school, he joined the US Army in January 1944; he served as an infantry clerk and drew cartoons for various Army newspapers. In 1951, he landed a job that would propel his career into the publishing business, working for Esquire magazine as a promotion copywriter for $60 a week. The first issue of his magazine, Playboy, featured a cover shot of Marilyn Monroe from her 1949 calendar shoot. This first issue had no date, as Hugh was not even sure if he could produce subsequent issues. It hit the newsstands in December 1953, and sold more than 50,000 copies. By 1960, Sales were more than a million copies a month Over the next 50 years, Hugh would see his magazine become an international sensation, as he built and developed his empire.
Roman Abramovich Abramovich’s life started out very difficult. His mother passed away when he was 18 months old and his father was killed in a construction accident when Abramovich was at the age of 4. He was raised by 2 different uncles and lived in many different Russian orphanages. Abramovich started 5 companies between 1992 – 1995, all specializing in the oil industry. With his partner, Boris Berezovsky, he became majority owners of Sibneft, a major oil company. During the 90’s Abrmovich also acquired private aluminum holdings and merged them with holdings of Oleg Deripaska to form the world’s second largest aluminum producer, Russian Aluminum. Abramovich also started the charity, Pole of Hope and invested millions of pounds on Chukotka by building schools, and renovated schools in nearby towns and villages. Also a keen supporter in European Football he bought over Chelsea Football club in 2003.
Skills and Traits of an Entrepreneur Entrepreneurs need to be risk takers and be able to use initiative They need to be good decision makers as they make most business decisions such as raising finance or hiring staff. You need to know your customer – this will keep customers happy, earn your company a good reputation in the business world.
The Role Of Entrepreneurs When Entrepreneurs start a small business they are responsible for all aspects of if from marketing and production to dealing with suppliers When the business expands entrepreneurs will hand this responsibility to managers and employees