1.5.1 Role of an Entrepreneur Flashcards
definition entrepeneur
a person who sets up a business and takes risks in the hoip of a profit
reasons to start a business
financial profit, help other people, pursue a dream, be innovative, be your own boss, hand it down to children
steps to setting up a business
1: market research, 2: start small, 3: business plan, 4: grow business
what includes running a business day-to-day
communication, innovative ideas, stock control,finances, advertisement, product awareness, market research
ways to expands business
marketing, international business, online, franchise, open at another location
intrapreneurship
self-confident, understand trends, drive innovation, solve problems
barriers to entrepreneurship
fanancial barrier, lack of training, lack o fconfidence, fear of failure, lack of entrepreneureal capacity
who is intrapreneur
employee within larger business who thinks like an entrepreneur
definition of risk
possibility that the business will have a lower than expected profit or a loss
what is risk?
objective, can be quantified, can be measured
what is financial risk?
starting business financial risk for owners because they may put their own money into business
what is lack of security?
if an entrepreneur has a regular job and they decide to leave that job to open their own business
they may have a mortage, a car, other bilss to pay
definition of uncertainty !!!!!!!!!
when a business is unable to predict external stock
what is uncertainty?
subjactive, doesn’t assume knowledge of alternatives, makes hard for business to respond
exemples of uncertainty
extreme weather , health scares, war bad publicity, glovbal recession
