1.5.1 Flashcards
What is an entrepreneur?
A person who takes on risks to hopefully gain a reward.
2, What can a successful entrepreneur do?
Identify and pursue opportunities
What are 3 things entrepreneurs do?
Organise resources, gather and coordinate them
Make business decisions, EG what price to charge
Take risks.
What is intereneurship?
Promoting entrepreneurial thinking and behaviour within business.
How does intrpenureneurship work?
Empowering employees to take risks, innovate and develop ideas.
What are 2 benefits of intrepeneurship?
Taps into creative potential of their employees for new ideas
Increases motivation by giving more autonomy
How many business promote inentrepreneurship?
offers rewards and incentives
4 barriers of becoming entrepreneur?
Entrepreneurial capacity
Access to finance
Fear of failure
Lack of training
What is entrepreneurial capacity?
Individual doesn’t have the ability to think creatively, take risks and spot opportunities.
What is a risk?
A threat to a businesses success that can be prepared for.
What is an uncertainty?
Unexpected event out of entrepreneurs control.
