1.5.1 Role of an entrepreneur

Question 1

Entrepreneurs

Answer 1

Individuals who are willing to take risks in setting up and growing a business

Question 2

Roles played an entrepreneur (4)

Answer 2

Innovate and invent - often create new ideas, products & services

Organise - pull together resources e.g capital, technology and people

Make decisive business decisions - e.g how to raise finance, prices , choice of production

Take risks - entrepreneurs are often willing to risk their careers and financial security in order to succeed

Question 3

Where do business ideas come from

Answer 3

Personal experience e.g a hobby or an interest

Lifestyle choice -some people may set up a business in order to be their own boss

Business experience - starting new business using experience of current job/profession e.g barber opening up a whole barber shop

Skills - setting up a business based on their interpersonal skills or technical abilities e.g plumbing

Spotting a gap in the market - some people see an opportunity in everyday life

Question 4

7 stages in setting up a business

Answer 4

1 - idea
2 - research
3 - planning
4 - Financing
5 - Location
6 - Resources
7 - Launch