1.5.1 Role of an entrepreneur

Question 1

what does creating and setting up a business involve as a entrepreneur?

Answer 1

*identify gap in the market
*market research
*decide location
* decide legal ownership

Question 2

what does running and expanding a business involves as a entrepreneur?

Answer 2

*sales and marketing techniques
* set aims and objectives =>monitor performance
*hire employees

Question 3

what is the definition of entrepreneur?

Answer 3

A person who organises, operates, and assumes the risk for a business venture

Question 4

what are the three main roles of an entrepreneur?

Answer 4

*spot business opportunities
*take calculated risks - future gains
*act as a catalyst for the creation and growth of the new business

Question 5

the definition for intrapreneurship?

Answer 5

when an employee shows entrepreneurial skills within a business -> having new innovative ideas

Question 6

what can a business do to encourage intrapreneurship?

Answer 6

*give employees ownership of projects
*make risk-taking an failure acceptable
*reward entrepreneurial skills and activity

Question 7

what barriers do entrepreneurs face?

Answer 7

*lack of money - new technology and machinery
*lack confidence - fear of failure or absence of a secure wage
*lack of training - not knowing how to run a business

Question 8

How does an entrepreneur overcome lack of money?

Answer 8

*raising the capital - getting a loan from the bank