1.5 - Entrepreneurs

Question 1

Entrepreneur

Answer 1

A person who spots an opportunity and shows initiative and a willingness to take risks in order to benefit from the potential rewards

Question 2

Enterprise

Answer 2

The process by which new businesses are formed in order to offer products and services in a market

Question 3

Intrapreneurship

Answer 3

Intrapreneurship refers to employees within a business who have the freedom and opportunity to develop their ideas and use their creativity to innovate

Question 4

Risks

Answer 4

Can be anticipated by entrepreneurs:
- Entrepreneurs have some control over the risks they take
- Entrepreneurs make a conscious decision to take risks and to a certain extent chose the level of risk
- E.g., new product development, changing suppliers, delegating and using outside agencies, i.e., delivery

Can manage risk by:
- Conducting market research
- Completing a thorough business plan
- Understand the industry
- Assess own potential loss, i.e., personal