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An entrepreneur is a person who organises and manages a business venture or enterprise with considerable initiative. They will assume the risk, responsibilities and potential rewards or failures of the venture.  Future Growth Strong

They are often opportunists who can identify a niche in the market and have the ability to innovate, develop a business idea and generate new products and services.

Entrepreneurs find opportunities in an extremely diverse range of business or industry sectors. They play a key role in any economy.

Becoming a successful entrepreneur is not always easy. Many entrepreneurs have experienced both failures and successes. Being successful is assisted by planning your business venture properly and having resilience and optimism to overcome challenges.

Researching the market, developing a business plan and considering financial costs will assist you in working out if your business idea is viable.

To increase opportunities for success you should get advice on how to set up a business, how to employ and manage staff and be able to understand regulations and licensing requirements.

ANZSCO ID: 1111

ThinkingKnowledge, skills and attributes

An entrepreneur needs:

  • a vision to recognise business opportunities
  • ability to identify what people want and how to improve the business
  • to be a creative thinker
  • to be confident and enthusiastic
  • commitment and determination
  • resilience
  • leadership and management skills
  • team building skills
  • decision making and problem solving skills
  • communication skills
  • time management skills
  • business and industry knowledge

Words

 

Duties and Tasks

An entrepreneur identifies a commercial need in their community, crafts a business idea and takes the lead role to start their business. If a business idea doesn't involve creating a product that was insufficient in the market, it typically involves using technological innovations to make a product or service more easily accessible.

  • 1. Initiating and leading business activities.
    Initiating and growing a business to its maturity is a traditional role for entrepreneurs. As societies progress, people regularly develop new needs that an entrepreneur can satisfy with their business ideas. This business idea can provide either services or products that would benefit the community. Identifying a gap and planning how to address it helps entrepreneurs initiate new business ventures at any opportunity. They must understand every aspect of the business, including making critical decisions, setting a good example for employees and resolving conflicts.
      
  • 2. Allocating employees' duties
    From the onset of a business, an entrepreneur needs to allocate their employees' responsibilities effectively. Hiring qualified and competent staff requires a great deal of care, especially for small businesses. An entrepreneur is also responsible for organizing a business structure and environment that helps each employee maximize their potential. The success of a business venture often relies on its employees' contributions.

    Therefore, defining your team's role and responsibilities is a vital entrepreneurial role to exercise for maximum business productivity. Allocation of duties also minimizes team conflicts, maximizes production and helps boost employee morale.
       
  • 3. Forecasting business changes
    Most businesses face some kind of uncertainty as they develop. An entrepreneur's role in this aspect is to anticipate any challenges and address them as quickly as possible. Forecasting is important because it helps the entrepreneur make decisions such as reducing or increasing stock for a product, procuring updated software or making credit acquisition decisions.
      
  • 4. Creating jobs
    When an entrepreneur sets up or expands a business, they decide which employees they need to hire. Entrepreneurs consider factors such as who oversees processes and who can fulfill administrative tasks. Even when an entrepreneur does not directly employ staff to work in a physical location, they may still need to consider people who can work as a service provider, a software salesperson or a programmer.
      
  • 5. Identifying business opportunities
    Entrepreneurs regularly seek out opportunities that can grow or boost sales for their business. They identify which product to add and which market to expand to. An entrepreneur should listen to their potential clients and find opportunities to develop tailored products that cater to their clients' needs.

    By doing a little competitive analysis, an entrepreneur can find out what other businesses in the area are doing and how they are succeeding. This process might include a physical survey or reading publications about trends in a specific industry. Talking to customers also makes it easier to identify their frustrations and experiences, which an entrepreneur can use to improve their business.
       
  • 6. Creating and sharing wealth
    Starting a business involves a network of activities. Whether an entrepreneur runs a small business operator or an established company, many spend money from savings and gain capital from family, friends or banks when they start out. Investors often look forward to investing in small but potentially viable businesses, while lenders grow their own businesses by earning interest from capital extended to entrepreneurs. The cycle of such fund mobilization can help the local economy build wealth.
      
  • 7. Improving the standard of living
    Economies are used to measure living standards. These living standards can improve through the developments or services that an entrepreneur brings through their business.

    Innovations that can reduce the cost of creating a product also reduces the product's price while allowing the business to maintain the same profits, which allows customers' to spend less money. When people save money by acquiring a product at a cheaper price, they can use the savings for other purposes. This is an indication of an improved standard of living.
       
  • 8. Taking up and reducing business risk
    When entrepreneurs start a business, they spend time analyzing and researching to make sure their ideas succeed. An entrepreneur's role is to eliminate the risk of business failure by taking measures to reduce as much risk as possible.

    Such measures include bringing competent and committed employees in the company, obtaining insurance coverage for the most risk-prone segments of the business and getting more investors motivated to grow the business.
      
  • 9. Building strategic partnerships
    An entrepreneur must create a business environment where partnerships can thrive, which helps their business succeed. Generating and closing new business leads is an essential entrepreneurial skill. An entrepreneur should maximize their marketing capacity, spend time talking to qualified potential partners and regularly call every prospect. Creating strategic partnerships can help entrepreneurs make better decisions for their company and even obtain more capital.
      
  • 10. Digitalizing business operations
    Because technology evolves so quickly, a business product or service can be rendered obsolete due to new technology's entry. An entrepreneur is responsible for continuously updating the technology they use in their business processes or activities. Entrepreneur roles regarding technology include:
    • Researching the most recent methods of reducing production cost
    • Disposing of equipment that is not improving profitability
    • Organizing training for staff to help them familiarize themselves with the latest technological programs in the market to improve efficiency
    • Using the most popular and recent marketing medium to ensure you reach your target group
Did You Know?

Australia's Top [amount of $$$] Entrepreneurs are:

Nick Molnar & Anthony Eisen – Afterpay

Afterpay

Nick Molnar and Anthony Eisen
Nick Molnar & Anthony Eisen

Afterpay Limited (abbreviated as Afterpay) is an Australian financial technology company best known for its buy now, pay later (BNPL) service. It operates in Australia, the United Kingdom, Canada, the United States, and New Zealand. Afterpay was founded in 2014 by Nick Molnar and Anthony Eisen.

In June 2017, Afterpay merged with one of its technology suppliers, Touchcorp, to form the Afterpay Touch Group. In November 2019, the company was renamed Afterpay Limited. In August 2021, Afterpay and American payments company Square, Inc. (later renamed Block, Inc. in December 2021) announced they had entered into arrangements for Square to acquire Afterpay for US$29 billion (A$39 billion), which was later completed on January 31, 2022.


Melanie Perkins & Cliff Obrecht – Canva

CANVA

Canva Cofounders

Canva is a free online graphic design tool. Amateurs and professionals use the tool to create social media posts, presentations, posters, invitations and much more. With over 60 million monthly users, including big corporations like Zoom,
Canva is worth 40 billion dollars.


Mike Cannon-Brookes & Scott Farquhar – Atlassian

Atlassian

Atlassian Cofounders
Mike Cannon-Brookes & Scott Farquhar
  
Atlassian is a software company that develops products for software developers. Large companies like Domino’s, Audi and Visa use programs created by Atlassian. Worth 100 billion dollars, Atlassian is a highly successful company.



Kayla Itsines – SweatApp

Sweatapp

Kayla Itsines

Sweat is a fitness app for women that can be used at home or in the gym. It offers a wide range of workouts to help you reach your wellness goals. A social platform, Sweat connects women across the globe who can help motivate and inspire each other on their fitness journeys. Today, SweatApp has an average of 1 million active users per month. Itsines actually sold the company in 2021 for 400 million dollars.



Janine Allis – Boost Juice

Boost Juice

Janine Allis


Boost Juice is a juice and smoothie brand with 580 stores across 13 different countries. Made with fresh fruits and vegetables, delicious, inventive flavours and great marketing, this brand is a favourite across the globe.

Read about Janine Allis story here
(Source: FutureLearn)

 

Working conditions

Entrepreneurs can expect to work in a variety of conditions dependent on what business or industry their business venture is involved in.

Tools and technologies

Entrepreneurs use a range of general office equipment including computers, photocopiers and mobile phones. They will generally need a valid driver's license.
Other tools and technologies will depend on the type of business venture the entrepreneur is involved in.


Education and Training

It is possible to become an entrepreneur without formal qualifications.

It may improve your chances for the success of your business venture if you have completed training related to business, entrepreneurship or setting up a business.

Qualifications in these areas, from certificates through to degrees are offered through State Training Providers, universities and other registered training organisations (RTOs).

 

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Home Entertainment Store Attendant

Beautician

Newsagent

Pharmacist

Locksmith

Retail Manager

Funeral Director

Pastrycook

Entrepreneur

Barista

Tattoo Artist

Auctioneer

Events Coordinator

Restaurant Manager

Wedding Coordinator

Hotel Motel Manager

Drycleaner

Pet Groomer

Picture Framer

Makeup Artist

Visual Merchandiser

Screen Printer

Signwriter

Kennel Cattery Operator

Vending Machine Servicer

Croupier

Weight Loss Consultant

Antique Dealer

Wool Buyer

Bed and Breakfast Operator

Trolley Collector

Butcher

Waiter

Florist

Hairdresser

Salesperson

Baker

Chef

Greengrocer

Home Entertainment Store Attendant

Beautician

Newsagent

Pharmacist

Locksmith

Retail Manager

Funeral Director

Pastrycook

Entrepreneur

Barista

Tattoo Artist

Auctioneer

Events Coordinator

Restaurant Manager

Wedding Coordinator

Hotel Motel Manager

Drycleaner

Pet Groomer

Picture Framer

Makeup Artist

Visual Merchandiser

Screen Printer

Signwriter

Kennel Cattery Operator

Vending Machine Servicer

Croupier

Weight Loss Consultant

Antique Dealer

Wool Buyer

Bed and Breakfast Operator

Trolley Collector

Butcher

Waiter

Florist

Hairdresser

Salesperson

Baker

Chef

Greengrocer

Home Entertainment Store Attendant

Beautician

Newsagent

Pharmacist

Locksmith

Retail Manager

Funeral Director

Pastrycook

Entrepreneur

Barista

Tattoo Artist

Auctioneer

Events Coordinator

Restaurant Manager

Wedding Coordinator

Hotel Motel Manager

Drycleaner

Pet Groomer

Picture Framer

Makeup Artist

Visual Merchandiser

Screen Printer

Signwriter

Kennel Cattery Operator

Vending Machine Servicer

Croupier

Weight Loss Consultant

Antique Dealer

Wool Buyer

Bed and Breakfast Operator

Trolley Collector

Butcher

Waiter

Florist

Hairdresser

Salesperson

Baker

Chef

Greengrocer

Home Entertainment Store Attendant

Beautician

Newsagent