Page 3: Why be an entrepreneur?
Anita Roddick, co-owner of the Body Shop and one of the UK's great entrepreneurs said: 'Nobody talks of entrepreneurship as survival, but that's exactly what it is and what nurtures creative thinking. Running that first shop taught me business is not financial science, it's about trading: buying and selling. It's about creating a product or service so good that people will pay for it .'
This approach reflects the way in which many of the UK's best known entrepreneurs take risks. These include Virgin's Richard Branson, Dragon's Den's Theo Paphitis, and CMC's Peter Cruddas. The business world consists of many risk takers. Individuals have different attitudes to risk:
Willingness to take a risk is one of the 'traits' or personality characteristics of an entrepreneur. However, there are other traits that help Peter Cruddas to develop his business. When explaining why he opened a new office in Vancouver, Canada, he said: 'I think the biggest asset I have as an entrepreneur is that I absolutely love business. For me, business is not difficult, it's not a hardship. I don't get out of bed every morning to make money. I get out of bed every day to do business. '
Additional traits include:
Peter believes that having a single focus is important. Unlike other entrepreneurs, he does not build or buy and sell other businesses just to make a profit. He finds work a pleasure and the success of his business is recognition of his achievement. For him, being an entrepreneur gives him control over his business and future.
Some entrepreneurs are described as 'serial entrepreneurs'. They take and develop a business to sell it on quickly for profit in order to move onto something else. For example, in recent years some entrepreneurs have set up themed restaurant chains to sell on.
In contrast, Peter has stuck with the business he believes in. He makes the business work. Money doesn't control him. His view is that if something is 'good for the business, then it is good for the entrepreneur'.