Author: Jim Riley Last updated: Sunday 23 September, 2012 An
entrepreneur is defined as someone who has the ability to take
risks and organise the factors of production. When starting a
new business the entrepreneur faces a number of problems before
they can start up. They need an idea and a will to succeed, but
these are not enough on their own to be successful. A business
needs: Finance – to fund the other elements listed below:
finance is usually the hardest thing to obtain in a start-up
business. Labour – to help develop a product or service and then
to produce/deliver it. Customers – without them, the business
will fail. Obtaining customers means the business must undertake
marketing. Suppliers – provide many of the “inputs”, such as raw
materials. Premises and equipment – maybe a simple office, or
possibly a large, modern factory; depending on what the business
activity is. Management organisation & structure – this is often
very simple at the start-up stage (e.g. a sole trader!).
Designed, researched a