1.5.1 Role of an Entrepreneur Flashcards
1
Q
What is an Entrepreneur?
A
A person who takes on the risks of new business activity with an aim of gaining a reward (usually profit)
2
Q
what does creating and setting up a business involve?
A
- Generating an idea
- Asking if the idea can add value
- Conducting market research
- Drawing up a business plan
- Deciding on legal structure
- Raising finance
3
Q
What is Intrapreneurship?
A
When an employee shows entrepreneurial skills within a business
4
Q
Why is everyone not an entrepreneur?
A
- Not everyone wants to be an entrepreneur
- Lack of access to finance
- lack of knowledge
- Risk-averse
- Lack confidence
- Limited Skills
5
Q
What is Risk?
A
When you can predict the chance of an outcome in the future
6
Q
What is Uncertainty?
A
When you cannot predict the chance of an outcome in the future
7
Q
What are the risks when setting up a business/
A
- Financial
- Could lose money invested
- Salary foregone
- Esteem
- Fear of failure
- Proving self
- Commitment
- A lot of time and effort
- Loss of personal and social time
