Entrepreneurs

Question 1

What is an Entrepreneur? (2)

Answer 1

A person who sets up a business and without them they wouldn’t exist.

Question 2

What are the 5 reasons entrepreneurs start a business? (5)

Answer 2

1. Financial Motives - Profit Maximising and Satisficing
2. Ethical
3. Independence
4. Work From Home

Question 3

What are the 3 roles of an entrepreneur? (3)

Answer 3

Creating and Setting up a business
Running and Expanding the business
Business Innovation

Question 4

What is Business Innovation? (2)

Answer 4

Making Unique Products through R&D and adapting them to improve customer loyalty

Question 5

Why is creativity as an important characteristic as an entrepreneur? (9)

Answer 5

1. Creativity is the most important characteristic
2. As it allows them to be Innovative
3. Differentiates from competitors
4. Build a Strong Brand
5. Customer Loyalty
6. Able to Increase Price without fall in demand
7. Increase Revenue
8. Increase Gross Profit
9. Increase Retained Profit to reinvest into..