1.5.1 Role Of Entreprenur

Question 1

Entrepreneur

Answer 1

A person willing to take a risk in setting up + growing their own business
Solve problems + create wealth in economy

Question 2

What do entrepreneurs?

Answer 2

Innovate/invent
Take risks (financial security)
Organise (capital/people/tech)
Make decisions

Question 3

Running/expanding/developing business

Answer 3

Financial management - raising capital/managing costs
Purchasing - suppliers/deliveries
Managing people - recruitment/training/motivation
Marketing - promotion/advertising
Administration -insurance
Production - storage/goods

Question 4

Intrapreneurship

Answer 4

Employees within a business who have freed = opp to develop ideas + use creativity to innovate
Solve problems/create new products and add huge value

Question 5

Risk + uncertainty

Answer 5

Risk- can plan for (theft/hack)
Uncertainty - can’t plan for (sometimes natural) (pandemic/flood)

Prep by
-carrying out detailed plans
Analysing external influences

Question 6

Barriers to entrepreneurship

Answer 6

Lack of finance
Lack of ideas
Lack of skills