1.5.1. Role Of An Entrepreneur

Question 1

Role of entrepreneur

Answer 1

1. Creating and setting up a business
   -Generating business idea
   -Spotting an opportunity(taking risk)
   ~Changes in tech, society, economy, housing market
   -Market research

2.Running and expanding business
-Habits of successful entrepreneurs in the way they run the business:
~Measure performance unbiasedly
~Eye for detail and think strategically
-Risks of expansion:
~Over estimated demand
~Failing to raise sufficient finance
~Not recruiting enough or right people

3. Innovation within the business
   -If they are loosely defined as those able to generate and develop new ideas then there is a role for them in large fur my s
   -Creative and disruptive thinking can help they gain exposure
   -Nurture innovation in a way to mainstays competitive advantage
   -Entrepreneurial behaviour within setting of large business (intrapreneurship) can be seen in many successful businesses

Question 2

Barriers to entrepreneurship

Answer 2

-Funding
-Gender Bias
-Lack of public support

Question 3

Anticipating risk and uncertainty

Answer 3

-Difficult to control or even influence
-Main cause can be reduced by:
sales forecasting
scenario planning
introduce new products