1.5 Entrepreneurs and Leaders

Question 1

Creating & Setting up a business

Answer 1

-Ideas Generation + Research
-Business Planning
-Financial Planning + Funding
-Setting up Operations
-Marketing + Branding
-Launch

Question 2

Running a Business

Answer 2

-Day to Day operations
-Financial Management
-HR management
-Customer relationship management
-Marketing & Sales
-Supply Chain Management
-Compliance & Risk Management

Question 3

Expanding/Developing a Business

Answer 3

-Market Research & Analysis
-Product/Service Development
-Strategic Planning
-Expansion Strategies
-Financial planning & Investments
-Technology Adoption

Question 4

Innovation & Intrapreneurship

Answer 4

Innovation- process of introducing new idea/product/services that crate value and drive growth

Intrapreneurship- practise of promoting entrepreneurial behaviour/mindset within company’s existing structure- empowering employees to act like entrepreneurs

Question 5

Innovation within a business

Answer 5

-Product Innovation, e.g. electric vehicles
-Service Innovation, e.g. digital banking
-Process Innovation, e.g. tracking system
-Marketing Innovation, e.g. Coca cola with names

Question 6

Benefits of Intrapreneurship

Answer 6

For Business: Innovation, employee retention&engagement, comp advantage, new revenue streams, enhanced rep & brand image

For Employees: innovation, professional development, sense of ownership, increased autonomy, impact & fulfillness

Question 7

Barriers to Entrepreneurship

Answer 7

-Lack of Finance
-Entrepreneurial Characteristics
-Legal Barriers
-Lack of ideas
-Aversion to Risk

Question 8

Anticipating Risk

Answer 8

-helps entrepreneurs identify potential threats before they occur
-enables proactive and planning of risk strategies
-reduces the likelihood of unexpected setbacks or financial losses
-enhances decision making
-builds resilience and adaptability

Question 9

Anticipating Uncertainty

Answer 9

-competitive advantage in dynamic environments
-enable early detection of market trends
-facilitate agile response to changing circumstances- helps stay ahead
-fosters innovation by encouraging new opportunities
-improves resource allocation & strategic planning

Question 10

Characteristics needed

Answer 10

-Confidence
-Determination
-Self Motivation
-Judgement
-Resilience
-Initiative