characteristic of an entreprenuer

Question 1

what is an entrepreneur?

Answer 1

someone who sets up a business. without them the business would not exist

Question 2

what are the reasons someone might set up their own business?

Answer 2

profit maximisation
profit satisficing
ethical reasons
independence
to work from home

Question 3

what is profit maximising?

Answer 3

to make as much money as possible

Question 4

what is profit satisficing?

Answer 4

to make enough money to maintain their interest in the business

Question 5

what are the roles of an entrepreneur?

Answer 5

creating and setting up a business
running and expanding a business
innovation

Question 6

LOA- creating and setting up a business is the most important role of an entrepreneur

Answer 6

• creating and setting up a business is the most important role
• give an example
• entrepreneur able to establish business in the market
• without this role the business would not exist

Question 7

LOA- expanding business most important role of entrepreneur

Answer 7

• expanding business is the most important role
• give an example
• entrepreneur can increase capacity
• increase output
• increase sales volume
• increase sales revenue
• increase gross profit

Question 8

what are the skills of an entrepreneur

Answer 8

communication
team working
problem solving
organisation
numeracy
information technology

Question 9

what are the characteristics of an entrepreneur?

Answer 9

creativity
hard work
resilience
initiative
self confidence
risk taking

Question 10

LOA- creativity as the most important characteristic

Answer 10

-creativity most important role
-help them to innovate and come up with unique product ideas
- differentiate from competitors
- build a strong brand
-more loyal customers
- inc selling price without fall in demand
- inc revenue
- inc gross profit margin
- inc retained to reinvest