1.5.1 Flashcards
What is an entrepreneur?
Someone that takes the risks and starts up their own business in hope of making a profit.
Role of an entrepreneur
An entrepreneur takes risks, good at identifying opportunities and is innovative and organised.
Stages of setting up a business
1) idea generation and research
2) Business planning
3) financial planning and funding
4) operations
5) marketing
6) launch
Setting up operations
This consists of
- securing a physical location or establishing a virtual presence
- setting up necessary infrastructure, equipment, and technology for operations
- Hire and train employees.
Running a business
1) Day to day operations
2) financial management
3) Human Resources management
4) customer relationships management
5) marketing and sales management
Expanding and developing a business
1) market research and analysis
2) product or service development
3) strategic planning
4) technology development
5) financial planning and investment
Innovation within a business
refers to the process of introducing new ideas, products, services, or processes that create value and drive growth.
Ways entrepreneurs can innovate
1) product innovation
2) service innovation
3) process innovation
4) marketing innovation
Intrapreneurship
Enables employees to take on the mindset and initiative of entrepreneurs to drive change and create new opportunities for the business.
Barriers to entrepreneurship
1) Lack of finance
2) lack of entrepreneurial characteristics
3) legal barriers
4) fear of failure
5) lack of ideas
How does anticipating risks help entrepreneurs
1) helps to identify threats to the business before they occur
2) reduces the likelihood of unexpected setbacks or financial loss
3) enables proactive planning
How does anticipating uncertainty help entrepreneurs
1) provide entrepreneurs with a competitive advantage in dynamic and unpredictable environments
2) facilitate agile responses to changing circumstances, helping entrepreneurs stay ahead of the curve
