1.5 Moving from an Entrepreneur to a leader

Question 1

What is an entrepreneur?

Answer 1

Some who shows initiative and spots an opportunity for a business and then takes risks for a reward e.g profit.

Question 2

What is a leader?

Answer 2

A person that can inspire others and motivate them to meet objectives.

Question 3

3 things entrepreneurs and leaders have in common:

Answer 3

Decision making
Confident
Determined
Manage responsibility

Question 4

3 Differences between an entrepreneur and a leader:

Answer 4

An entrepreneur sets up the business.

A Leader tends to manage resources.

An entrepreneur can be a leader but a leader doesn’t have to be an entrepreneur.

Question 5

Issues in transitioning from an entrepreneur to a leader:

Answer 5

Reluctance to hand over control making it hard to delegate.

Loss of autonomy in decision making.

Learning to trust others.

Lack of leadership qualities such as emotional intelligence, validation, motivation and communication.