


Franchisee
Franchisor or
Franchise Owner
Social Entrepreneur
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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. 
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
Knowledge, 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

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


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 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


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


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 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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