1.5.6 Moving From Entrepreneur To Leader

Question 1

What is an entrepreneur?

Answer 1

• An entrepreneur is a person who is willing and able to create a new business idea or invention and takes risks in pursuing success

Question 2

What do entreprenuers do?

Answer 2

They organise resources:
* An entrepreneur must be able to gather and coordinate the resources necessary to start and operate a business

They make business decisions
* Entrepreneurs must be able to make decisions that will determine the success or failure of their business

They take risks
* Entrepreneurship involves taking risks - financial, personal, or professional

• These risks can pay off with great rewards, but they can also lead to failure and financial loss

Question 3

What is intrapreneurship?

Answer 3

Refers to the practice of promoting entrepreneurial thinking and behaviour within an existing business

• It involves empowering employees to think and act like entrepreneurs
• The business encourages them to take risks, innovate, and develop new ideas and projects that may benefit the business

Question 4

What are the difficulties faced by some entreprenuers when transitioning to a leader of a growing business?

Answer 4

• The need to delegate:
• Entrepreneurs need to learn to delegate tasks and responsibilities to others
• Can be difficult for entrepreneurs who are used to having control over every aspect of their business.
• Trust & verfiy
• It’s important to trust your team members to do their jobs effectively
• Also important to verify that tasks are being completed correctly and on time
• Learning to listen
• It’s important to listen to the ideas and perspectives of others
• Having an open mind
• Need to be open to new ideas and willing to adapt to changing circumstances