1.5.1 Entrepreneurs

Question 1

What is an Entrepreneur?

Answer 1

A person who sets up a business. They take on risks of new business activity with the aim of getting a reward (usually profit).

Question 2

What key roles do Entrepreneurs have?

Answer 2

. Creating and Setting up a business
. Running and Developing a business
. Bringing innovation to the business world
. Overcoming barriers to entrepreneurship
. Anticipating Risk and Uncertainty

Question 3

What is creating and setting up a business?

Answer 3

. An entrepreneur needs to identify a gap in the market and a need for a product. This can be done through market research.
. They will then need to form a business plan
. They will have to raise money to start the business and acquire all the other resources they need to get the business going.

Question 4

What is running and developing a business?