The Entrepreneur

Role of the Entrepreneur Entrepreneurs are innovators who create new products or process They are risk takers They are people who take an idea and make it a success

Entrepreneurs are innovators who create new products or process

They are risk takers

They are people who take an idea and make it a success

Role of the Entrepreneur Combines the other 3 factors of production (land, labour, capital) to produce a good or service Takes the risk of losing investment if business fails

Combines the other 3 factors of production (land, labour, capital) to produce a good or service

Takes the risk of losing investment if business fails

Characteristics of Successful Entrepreneurs Desire for responsibility Self confident High level of energy Willingness to learn from failure Ability to lead and inspire

Desire for responsibility

Self confident

High level of energy

Willingness to learn from failure

Ability to lead and inspire

Extra Terms To Know Wealth Wealth Creation

Wealth Creation The amount each stage in the chain of production adds to the value of the product Wealth Means to have a great amount of value (e.g. belongings, money)

The amount each stage in the chain of production adds to the value of the product

Means to have a great amount of value

(e.g. belongings, money)