1.5.1 - Role of Entrepreneurs Flashcards
1
Q
Importance of an entrepreneur creating and setting up a business
A
- Identifying a gap in the market
- Business plan and research
- Raises money to start and acquires resources needed
2
Q
Importance of an entrepreneur running and developing a business
A
- Up to date with law,sales and marketing
- Continuous market research
- Set aims and objectives and monitor performance
3
Q
Importance of an entrepreneur bringing innovation
A
- Need to be innovative and think of new products
- Allows staff to take risks
- Helps to retain top talent
4
Q
What is intrapreneurship?
A
An employee who is tasked with developing an innovative idea or project within a company
5
Q
Advanatges of intrapreneurship
A
- Innovation within the business
- Builds a culture of ownership and engagement which increases motivation
- Incentives
6
Q
Importance of an entrepreneur overcoming barriers to entrepeneurship
A
- Access to finance
- Lack of confidence
- Lack of training
7
Q
Importance of an entrepreneur anticipating risks and uncertainty
A
Risk - Can plan for
Uncertainty - Unexpected factors
- Successful entrepreneurs can manage risk and quickly respond to uncertainty
