LESSON 17.5 What is the role of entrepreneurs?
LEARNING INTENTION By the end of this lesson, you should be able to: • explain what an entrepreneur does • describe the skills they bring to businesses in Australia.
Tune in The word ‘entrepreneur’ is used a lot in business, but what is an entrepreneur? What does an entrepreneur look like? How do you know if someone is an entrepreneur? Being an entrepreneur is one way that a person can work and earn an income. 1. Brainstorm the skills and qualities that an entrepreneur might have and share these with your class. 2. Make a list of famous or well-known entrepreneurs. 3. Next to your list of names, write down what you think the entrepreneur is mainly known for.
FIGURE1 What is an entrepreneur?
17.5.1 What is an entrepreneur? An entrepreneur could be someone just like you. Entrepreneurs use their skills, knowledge and attitudes to turn ideas into actions. In Australia, the government supports people to start their own businesses and bring their ideas to life. Entrepreneurs: • persist in doing something about an opportunity they have recognised
• are not afraid to search for opportunities to promote their ideas • thrive on the challenge of creating their own successful business • have a problem-solving mindset • are not afraid of taking risks • are innovative.
An entrepreneur is someone who has an idea and turns it into a business. How old do you need to be? Any age! If you have a good idea and the drive to make it happen, you could be like these young entrepreneurs who have had big success stories: • Sleepwear company, Night Sweet Thing, was started in 2019 by friends Bridey and Gandhari from New South Wales, Australia. They used TikTok to promote their business during COVID-19. • Blake Garrett started his school software company, School Bytes, in 2015 when he was 17. He came up with the idea after hearing his school’s ofýce staff complain about their old system. • Subway sandwich shops were the brainchild of 17-year-old US-based Fred DeLuca. • Rip Curl, an Australian company, was started up in the Australian backyard of surfers Brian Singer and Doug Warbrick. • Dell Computers was set up when 18-year-old Michael Dell realised it was a lot cheaper to build computers than to buy them ready made.
TOPIC17 Working for a living 605
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