1.5.1 Role of an Entrepreneur Flashcards
1
Q
What is entrepreneurship
A
The process of creating a business and managing its risks and profits
2
Q
What is an entrepreneur
A
a person who takes on the risks of a new business’s owner with the aim of gaining a profit
3
Q
what are the key roles of an entrepreneur
A
- creating and setting up a business
- running and developing a business
- bringing innovation to a business
- overcoming barriers to entrepreneurship
- anticipating risk and uncertainties
4
Q
as well as the key roles, what do entrpreneurs do
A
- innovate and invent
- take risks
- organise
- make decisions
5
Q
how might they identify a gap/niche/need for product
A
market research
6
Q
what are the seven steps to setting up a business
A
- the idea
- research
- planning
- financing
- location
- resources
- the launch
