16 - Entrepreneurs Flashcards
an entreprenuer
someone willing to take risk in setting up a business or growing it, see business opportunities to make money and meet the wants and needs of society
what do entreprenuers do
make decisions
organise resources such as technology or people
innovate and invent - create new ideas ect
take risks
sourcing business ideas
business ideas can come from -
* business experience (setting up busienss in a sectre they are aware of)
* lifestyle (want to be their own boss ect)
* personal expeirence (hobby or interest)
* spotting a gap in the market
* skills
the process of setting up a business
the idea
reserach
planning
financing
location
resources (legal, manufacturing and marketing)
the launch
how do entreprenuers run, expand and devlop their business
- financial managment (raising capital, managing costs ect)
- purchasing (suppliers ect)
- managing people (recruitmebt, training ect)
- admin (insurance,tax ect)
- production (production, storage and quality of goods)
- marketing
ways of reducing risk and preparing for uncertainty
- carry out detailed research
- produce plans
- anaylse external influences
- develop contingency plans
intraprenuers
employees within the business wo have teh freedom and opportunity to be creative and innovate, solving problems and creating new products.
add lots of value to a business
barriers to sucsess
lack of finance
lack of ideas
aversion to risk
competition
legal barrriers
skills of an entreprenuer
financial managment
people managment
organisation
negotiation
charcterisrics of an entreprenuer
self cofnident
determined
initiative
commitment
financial motives to start a businss
profit maximisation (to earn as much as possible)
profit satisfying (to earn a comfotbale living)
non-financial motives to starting a business
social enterprise (not for profit)
independnance
home working
ethical stance
