1.5.1 Role of an entrepreneur Flashcards
Business:
- organisation exists
- provide goods and services
- on commercial basis to customers
Goods;
Physical products
E.g. consumer electronics, industrial components, cars
Services:
Intangible products
E.g. insurance, dental services, cleaning
Enterprise:
Skills & abilities to take risks and create profits
Creation of a business to meet = needs and wants of customers
another word for a for: profit business or company
Entrepreneur:
- person who organises,operates and assumes the risk for a business venture
- person who takes the risk in starting a new business
Business venture:
- considered a small business.
- Many ventures invested in by one or more individuals /groups
- expectation of the business = financial gain for all backers.
Start-up:
- new business enterprise
- formed by one or more entrepreneurs
Market mapping/budget research
grid showing 2 features of a markets individual brands added
+identify gaps, visual/simple interpretation, compare to competitors
-subjective, gap may not have a market, not every factor
7 Entrepreneur skills:
- creative
- innovations
- shows leadership
- driven & determined
- confident
- risk taking
- charismatic
6 Sources of business ideas;
- business experience
- personal experience
- observations
- brain storm
- innovation
- budget research/market mapping
6 Importance of business ideas to entrepreneurship:
- solve problem
- better/cheaper way
- simple/practical
- delivered quickly
- clear focus
- anticipate trends and exploit market
Role of entrepreneur
- spot opportunity
- take risk = return
- catalyst for creation and growth of new business enterprise
Brain storming
Variables plotted = niches
+new innovation
-ideas may come to nothing if don’t understand market
Personal experience
Day-day experience &;bad experience
+insight of consumer start new way
-cant build around 1 experience
Business experience
-Insights what works,
-less need for market research
+insight in mismatch between customer expectation /supplier delivery
-may do same as its ex- employee
Analysis of opportunity
+research into segments, rival=identify opportunity
-looking too close may = unoriginal development
Observations
Watching what happens to customers (even in other markets), see bad experiences look for poor customer service
Skill
Ability to do something well
e.g. negotiating
Characteristic
Feature or quality (personality based)
E.g. determined
