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Entrepreneur Facts & Worksheets

Entrepreneurship is the process of setting up a new enterprise and bearing risks, intending to make a profit

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Entrepreneurs are risk-takers and are their own bosses. They decide on their business, and therefore bear the losses and reap the rewards. Moreover, entrepreneurs help increase economic growth.

See the fact file below for more information on Entrepreneur or alternatively, you can download our 27-page Entrepreneur worksheet pack to utilize within the classroom or home environment.

Key Facts & Information

Background

  • Entrepreneurship is the process of setting up a new enterprise and bearing risks, intending to make a profit. 
  • An entrepreneur is a person who creates a new business and opportunities, venturing their own money and assets with the desire to make a profit while bearing risks.
  • Behind every business in the country, entrepreneurs develop, design, produce, market, and eventually sell businesses, whatever the size and scope they cover. 
  • Entrepreneurship is about innovation, considering problems as opportunities that will eventually change the world. 
  • Entrepreneurs also help boost the economy by providing job opportunities and introducing new products and services to the market.
  • In 1800, a French economist named Jean-Baptiste Say invented the word entrepreneur, from the French word “entreprendre”, meaning undertaker or adventurer. 
  • Traders and merchants were the first entrepreneurs.
  • Around 17,000 BCE, the first known trading of humans occurred in New Guinea, where locals exchanged obsidian, a black volcanic glass, an essential material in making arrowheads, to obtain other necessities. 
  • As trading and entrepreneurship developed, there was also an opening of trade routes between cities.
  • Animals such as donkeys, horses, and camels were used in trading caravans and moving commodities and ideas. 
  • Innovations continued, including building ships, which were significant in extending trading overseas.
  • Different kinds of transportation were invented afterward.
  • From the exchange of goods, the use of money was introduced.
  • It was an accepted medium to store value and make exchanges. 
  • The inevitable population growth also expanded the volume of trade.
  • Entrepreneurs such as merchants and explorers started to raise capital, take more risks, and increase economic growth; this led to capitalism. 
  • One of the most significant innovations today is the market system in which entrepreneurs play an important role.

Types of Entrepreneurs

  • Entrepreneurs create different opportunities in the market, such as employment.
  • There are different types of entrepreneurs, and they vary depending on several factors such as goals, personality, abilities, and the environment.
  • The most common types of entrepreneurs are the following:

BUYERS

  • These are entrepreneurs with enough wealth to specialize in buying established and promising businesses. 
  • Buyer entrepreneurs search for businesses and assess them based on their standing, feasibility, and capability to succeed. 
  • They prefer acquiring businesses that are already established.
  • Buyers do not have to go through the process of starting from the ground and building themselves up.
  • After the acquisition, they evaluate whether there are structural changes needed and hire the most suitable people to run and administer the business.

IMITATORS

  • These are entrepreneurs who copy other businesses’ ideas and make them more appealing by improving them.
  • Imitative entrepreneurs save time and stress coming up with an innovation or a product because they start by copying.
  • However, they work hard to think of new ideas that they can incorporate into the business.
  • Imitators can be considered as a mixture of a hustler and an innovator.
  • One advantage of imitators is that they can learn from the mistakes of the previous entrepreneurs in the same field and avoid them as they create their business.

INNOVATORS

  • Innovators are entrepreneurs who often think of new ideas and innovations useful in establishing businesses.  
  • They create different strategies to market the business and ensure that these strategies set them apart from their competitors. 

HUSTLERS

  • As suggested by the word itself, hustlers hustle. 
  • In the business world, being identified as a hustler is a compliment. 
  • They start from the bottom and work their way up.
  • They always work hard because they believe that rather than capital, hard work is an essential factor for a business to grow.
  • Hustlers acknowledge the worth of networking, so they use it to make and expand their opportunities.

RESEARCHERS

  • Entrepreneurs that depend on data and facts rather than listening to their instincts and gut feelings are called research entrepreneurs. 
  • They launch their business slower than the other types of entrepreneurs because they believe that it will be more successful with enough preparation and the correct information. 
  • Researchers note as many contingencies as possible and write detailed financial plans.
  • They don’t want any failure in their business, so they make sure to build an in-depth understanding of the business they do. 

FINANCIERS

  • Financiers make use of their money to enter different business ventures.
  • They do not have formal training or knowledge in creating a business, but can still create their own personal brands.
  • Financiers appoint experts who can run the business on a day-to-day basis.

PRODIGIES

  • Prodigies are innately talented and intelligent, so they use this gift to build and innovate different paths in the business world.
  • They do not follow what others do, but create ways to determine the steps for what to do to achieve success in their business.

Duties of Entrepreneurs

  • There are several different types of entrepreneurs, but their duties are almost the same. Some are listed below:
    • They start and lead business activities.
    • Entrepreneurs create business and job opportunities.
    • They designate the different duties and responsibilities of employees.
    • Entrepreneurs make use of technology to digitize business operations.
    • Entrepreneurs tend to reduce business risks.
    • Entrepreneurs generate and share the wealth gained from the business.
    • They are significant in improving standards of living.
    • They also build strategic partnerships. 
    • They often forecast business changes.

Qualities of Entrepreneurs

  • Anyone can be an entrepreneur, but success is not determined by factors such as wealth, experiences, race, gender, or education.
  • Most excellent entrepreneurs possess certain qualities that make them successful in the field.
  • Here  are some of the significant and helpful qualities for entrepreneurs to have:
  • Devotion
  • Confidence
  • Creativity
  • Willpower
  • Risk-taker
  • Persistent
  • Open-minded
  • Remember that anyone can be an entrepreneur, but not everyone can have the same success.

Famous Schools for Studying Entrepreneurship

  • Several institutions in the world offer MBA programs that interested individuals can attend.
  • Some of the best schools that offer such programs are:
    • Massachusetts Institute of Technology
    • Babson College
    • Tecnológico de Monterrey
    • Harvard University
    • University of Pennsylvania
    • University of California, Berkeley
    • Stanford University
    • Babson College

Famous Entrepreneurs

ELON REEVE MUSK

  • He is the CEO of SpaceX, the largest aerospace manufacturer.
  • He also owns Tesla Inc., The Boring Company, and the Nueralink Corporation. 

JEFFREY PRESTON BEZOS

  • The well-known and largest e-commerce company, Amazon, was founded by Jeffrey Preston Bezos. 
  • He also owns The Washington Post and Blue Origin.

STEVE JOBS

  • Steve Jobs was a co-founder and former CEO of the famous brand, Apple.
  • He was also a shareholder in Pixar, a board member in The Walt Disney Company, and the founder and former CEO of NeXT.

WILLIAM HENRY “BILL” GATES III

  • Bill Gates co-founded Microsoft and is known as the most popular entrepreneur.
  • He invented the world’s first microcomputer in 1980, thus holding a title in the Guinness Book of World Records.

MARK ELLIOT ZUCKERBERG

  • He co-founded and is CEO of the most famous social networking site, Facebook.

MICHAEL SAUL DELL

  • Michael Saul Dell is the founder and CEO of one of the world’s largest technology companies, Dell Technologies.

Entrepreneur Worksheets

This is a fantastic bundle that includes everything you need to know about Entrepreneur across 27 in-depth pages. These are ready-to-use worksheets that are perfect for teaching students about entrepreneurs who decide on their business, are risk-takers, and also their own bosses.

Complete List Of Included Worksheets

  • Career: Entrepreneur Facts
  • Types of Entrepreneurs
  • Famous Entrepreneurs
  • My Favorite Entrepreneur
  • My Success
  • Overcoming Challenges
  • Being an Entrepreneur
  • I Can Be an Entrepreneur
  • My Business
  • Acquiring Companies
  • Making It My Own

Frequently Asked Questions

What are the origins of the entrepreneur?

In 1800, a French economist named Jean-Baptiste Say invented the word entrepreneur, from the French word “entreprendre”, meaning undertaker or adventurer. Traders and merchants were the first entrepreneurs. Around 17,000 BCE, the first known trading of humans occurred in New Guinea, where locals exchanged obsidian, a black volcanic glass, an essential material in making arrowheads, to obtain other necessities.

What are the different types of entrepreneurs?

Some of the most common types are classified as Buyers, Imitators, and Innovators.

Who are among the top entrepreneurs of the 21st century?

In the 21st century, the biggest names in the business world are: Jeff Bezos, Bill Gates, and Mark Zuckerberg to name a few.

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Link will appear as Entrepreneur Facts & Worksheets: https://kidskonnect.com - KidsKonnect, May 31, 2022

Use With Any Curriculum

These worksheets have been specifically designed for use with any international curriculum. You can use these worksheets as-is, or edit them using Google Slides to make them more specific to your own student ability levels and curriculum standards.

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