1 Are you an entrepreneur?
You may well have a good idea, but does that make you an entrepreneur? The term entrepreneurship is a troublesome one to define – does it describe a type of person, or a way of doing business? More importantly, is it something you are born with or something you can develop? Entrepreneurship and enterprise are closely related concepts. Below are two definitions that the rest of this course is based on.
Entrepreneurs are those persons (business owners) who seek to generate value, through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets.
Entrepreneurs are defined by their actions (not the size of organization they work for*). They create and/or exploit change for profit, by innovating, accepting risk and moving resources to areas of higher return.
Enterprise is an alternative term for a business or firm, as in the widely used term ‘small and medium sized enterprise’ (SME). They include ‘social enterprises’ which are trading organisations that serve a primary social purpose, and which can take a variety of legal forms….
*An intrapreneur is a salaried employee in a larger company and the profits and risks of their work go to their employer.
In these definitions you will hopefully recognise yourself – or the possibility that you can become an entrepreneur if you have an idea and you know how to exploit it.
In this course you are also going to learn through the experiences of four real entrepreneurs who are in the process of developing and growing their own venture. You will be introduced to them here and then they will describe some of the key decisions they made, and why, as you work your way through the course.
- Claudio Marturano, Nubis Aviation Training
- Emma Prince, Evolve Intervention (www.evolve-intervention.com/)
- Nick Allen, Flo and Vie (www.floandvie.co.uk)
- Alex Bond, CEO of Fresh Check (www.freshcheck.com)
Transcript: Video 1 Who are you and what is your enterprise?
Next you will consider the source and inspiration for a business idea.