Entrepreneur

Question 1

Define the term ‘Entrepreneur’

Answer 1

A Entrepreneur is a person who identifies successful business opportunities, risks time and money to start and operate a business, bringing resources together, with the intention of generating wealth.

Question 2

Define the term ‘Entrepreneurship’

Answer 2

The practice of identifying a new innovation or opportunity, organizing the financing and other resources and taking the risk in the hope of creating wealth.

Question 3

Roles and functions of the Entrepreneur

Answer 3

Conceptualizing - forming a new idea, coming up with a new product, service or improvements to a new one.

Planning - The entrepreneur identifies goals, targets and objectives. Find ways to achieve them

Question 4

Characteristics of an Entrepreneur

Answer 4

Creative and Innovative - the ability to develop novel ideas, different ways of doing things, open minded.

Flexible - The ability to react quickly to changes such as market or economic changes and adapt to them.

Risk taker - takes calculated risks.

Goal Oriented - very focused and has a high need for achievement.

Presistent and preserving - does not give up easily, confident and optimistic.

Question 5

Steps in Organizing the business

Answer 5

Proper record keeping and documentation.

Organizing labour, natutal resources, machinery & equipment.

Operating the business-day-to-day activities of the business

Evaluating the performance of the business