Entrepreneurs are individuals who set up new businesses. The first step is the idea: what type of product are they going to try to sell? Most successful entrepreneurs get their ideas for a new business by looking for gaps in the market, such as an unsatisfied consumer want or need, or a discrepancy between what consumers want and what is currently being supplied.
Entrepreneurs don’t just talk about their ideas, they act on them to create brandnew businesses. To create new firms, entrepreneurs need to raise finance to pay start-up costs, such as leasing a building to operate from; buying machinery, equipment and opening stocks of raw materials; and, if necessary, recruiting and training a workforce.
Your organisation does not have access to this article.
Sign up today to give your students the edge they need to achieve their best grades with subject expertise
Subscribe
