Entrepeneurship - Chapter 8

Question 1

What is an entrepreneur?

Answer 1

Entrepreneur is a person who take the initiative as well as the personal and financial risk in setting up an organisation.

Question 2

What is a skill?

Answer 2

A skill is an ability that people get through practice, experience, training.

Question 3

What is a Characteristic?

Answer 3

A characteristic is a personality trait that you are born with.

Question 4

What are the rewards of being an entrepreneur?

Answer 4

1. Be your own boss and make all decisions.
2. Keep all profits for themselves.
3. Sense of achievement for succeeding.
4. To create employment for themselves.
5. Turn a hobby / interest into a business e.g. sport & personal trainer.

Question 5

What are the risks of being an entrepreneur?

Answer 5

1. Lose the money invested if the business fails.
2. Work long working hours and difficult to get time off.
3. Income is not guaranteed.
4. You may not have all the skills needed for the business.