Entrepreneurs
An entrepreneur is a person who starts a business, taking risks to bring a new product or idea to market.
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An entrepreneur is a person who starts a business, taking risks to bring a new product or idea to market.
- They organise factors of production
- Profit is the reward
- Risk of failure is high
🧠 Quick quiz
Three questions. Score 2 or more to complete the topic.
What is Entrepreneurs?
Within Economics & Civics, which covers money, markets, business, government, law and citizenship: how societies are organised and run, this topic explains Entrepreneurs. Economics and civics topics explain how money, markets, laws and government affect people, so each topic here pairs a clear definition with a model.
Check that you can explain Entrepreneurs in your own words and give one example from everyday life. If you can do that, you have understood the core idea.
Understanding Entrepreneurs helps you read the news critically and weigh up policies, choices and arguments about society.
Entrepreneurs in detail
An entrepreneur is a person who starts a business, taking risks to produce goods or services in the hope of making a profit. Entrepreneurs spot opportunities, organise resources, make decisions and are often creative, determined and willing to accept failure.
They need to raise finance, from savings, loans, investors or crowdfunding, and create a business plan. Success brings profit, jobs and innovation for the economy, while failure can mean financial loss. Many new businesses fail in the first years, often because of cash-flow problems. Examples range from local shops to technology start-ups.
How the interactive helps you understand Entrepreneurs
Click a card to flip it and reveal the answer, then move on to the next one.
Before you change anything, predict the result. Then change one value at a time and check whether your prediction was right. This is a quick way to build a correct mental model of Entrepreneurs.
Real-life uses and examples
- Explain Entrepreneurs to a classmate using a choice you make yourself, such as spending pocket money.
- Give a balanced answer about Entrepreneurs by considering more than one point of view.
- Relate Entrepreneurs to a news story about prices, jobs, elections or government spending.
Common mistakes to avoid
- Giving an opinion without evidence or a clear economic or civic reason.
- Confusing a short-term effect with a long-term one.
- Learning the definition without testing it. Use the quiz and the interactive to check that you can apply the idea.
Frequently asked questions about Entrepreneurs
What is Entrepreneurs?
An entrepreneur is a person who starts a business, taking risks to bring a new product or idea to market.
What are the most important points about Entrepreneurs?
The main points are: They organise factors of production; Profit is the reward; Risk of failure is high.
Why is Entrepreneurs useful?
Understanding Entrepreneurs helps you read the news critically and weigh up policies, choices and arguments about society.
How can I practise Entrepreneurs?
Open the interactive at the top of this page and change the controls one at a time. Predict the result before each change, then take the three-question quiz. A score of two or more marks the topic as complete on this device.
Which topics are related to Entrepreneurs?
Related topics in Economics & Civics include Marketing, Exchange Rates, Development and Aid.