1.5 Entrepreneurs And Leaders Flashcards
What are some barriers to entrepreneurship?
Lack of training, entrepreneurial capacity, fear of failure, access to finance
What is an entrepreneur?
An entrepreneur is a person who is willing and able to create a new business idea.
What are the 3 roles an entrepreneur is expected to do?
Organise resources, Makes business decisions, Take risks
What is Intrapreneurship?
The practice of promoting entrepreneurial thinking and behaviour within a business.
What are some business objectives?
Sales maximisation, Customer satisfaction, Social objectives, Market share, Cost efficiency
What is the aim for start up businesses?
Most start up businesses aim to survive the initial entry into the market and to generate enough cash flow.
What are some forms of businesses?
Sole trade, Partnership, Social enterprise, Lifestyle business, Franchise, Private LTD company, Public PLC company
What are the advantages and disadvantages of a sole trader?
+Complete control of the company
-Personally responsible for debts
What are the advantages and disadvantages of a partnership?
+More skills available
-Potential disputes
-Profits have to be shared
What are the advantages and disadvantages of a private LTD company?
+Limited liability
+Access to more finance
-Time consuming to set up
What is opportunity cost?
Opportunity cost in the cost of the next best alternative forgone.
What is a trade off?
A trade off is when having more of one thing leads to having less of another.
What are the difficulties of transitioning from an entrepreneur to a leader?
Need to delegate, Learning to listen, Having an open mind, Being less reactive, Trust and verify, Developing emotion intelligence
What are the skills and mindset of an entrepreneur?
Unshakeable self confidence, One to one persuader, Brilliant tactician, Single minded in pursuit of goal, Idea generator
What are the skills and mindset of a leader?
Brilliant strategist, Gravitas and presence, Idea prioritiser, Able to reassure large groups, Inspiring figurehead
