1.5.1 - Role of an Entrepreneur

Question 1

Defintion of a Business

Answer 1

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

Question 2

Enterprise

Answer 2

The skills and abilities to take risks and create profits

The creation of a business to meet the needs and wants of customers

Question 3

Entrepreneur

Answer 3

A person who organizes, operates, and assumes the risk for a business venture. A person who takes the risk in starting a new business

Question 4

Start-Up

Answer 4

A start-up is a new business enterprise, formed by one or more entrepreneurs

Question 5

Market Mapping

Answer 5

A technique used to analyse key variables within a market place and identify niches

Question 6

Intrapreneurship

Answer 6

Intrapreneurship involves people within a business creating or discovering new business opportunities, which leads to the creation of new parts of the business or even new businesses

Question 7

Uncertainty

Answer 7

Uncertainty is when businesses are unable to predict external shocks or future events

Question 8

Risk

Answer 8

The probability that things will not go as well as planned