1.5.1 Role of an entrepreneur

Question 1

define business

Answer 1

an organisation that exists to provide goods and services on a commercial basis to customers

Question 2

define entrepreneur

Answer 2

a person who spots an opportunity and shows initiative and a willingness to take risks to benefit from potential rewards

Question 3

creating and setting up a business

Answer 3

generate an idea
ask if idea can add value
constructing market research
draw up a business plan
decide on legal structure
raise finance

Question 4

define intrapreneurship

Answer 4

innovation within a business, taking risks to solve a problem

Question 5

intrapreneurship pro’s

Answer 5

helps drive innovation within a business
offer solutions to a problem

Question 6

personal barriers

Answer 6

lack of self esteem
risk averse
fear of failure
lack of technical skills

Question 7

economic barriers

Answer 7

taxation
market entry regulations

Question 8

financial barriers

Answer 8

lack of start up capital
lack of cheap labour
lack of investments

Question 9

political barriers

Answer 9

unstable political landscape

Question 10

2 risks

Answer 10

loss of job security
may not acquire finance

Question 11

2 rewards

Answer 11

own wage
keep profits