1.5.1 Role of an entrepreneur

Question 1

How may an entrepreneur generate a business idea?

3

Answer 1

• Observation (of other firms)
• Thinking ahead (spot trends)
• Personal/business exp (personal needs not met?)

Question 2

How may opportunities arise for an entrepreneur?

4

Answer 2

• Changes in tech
• Changes in society (trends in way people behave)
• Changes in economy
• Market research

Question 3

What are the main problems to avoid when considering expansion?
3

Answer 3

• Overestimating demand
• Fail to raise sufficient finance to support (>cash)
• Not recruiting enough/right people

Question 4

What are some barriers to entrepreneurship?

3

Answer 4

• Funding (loans)
• Gender bias (UK entre = 3x^ likely to be male)
• Lack of public sector support (suspect tax avoidance/greedy motives)

Question 5

What may a lack of public sector support lead to?

1

Answer 5

• Education system that fails to value entre skills

Question 6

How can uncertainty be reduced?

1

Answer 6

• Firms portfolio (>dependence)

Question 7

What are the main roles of an entrepreneur?

4

Answer 7

• Setting up a business (idea, spot opportunity)
• Running/expanding
• Innovation
• Anticipating risk/uncertainty