Entreprenur Flashcards
what is a entrepreneur?
A entrepreneur is a person who starts a business or takes over a business and is willing to take risks in order to make a money.
List 6 skills for an entrepreneur and justify?
Communication skills-Listening to those around you, presentation of ideas to internal/external stakeholders, communication with suppliers and customers.
Problem solving skills- Ability to problem solve to develop creative and innovative solutions
Team working skills-Ability to be able to work with a team to succeed with the idea.
resilience-the ability to be resilient when things get tough in the bussines
Planning and organizational skills-Ability to plan and organize with resources available at start-up and to continue to plan and organise as the business develops
Learning skills- Ability to continue to learn and to develop as the business starts and expands. Learning IT, staff management, new terms etc.
list four characteristics or attributes an entrepreneur posseses
adaptability-entrepreneurs must be ready for the challenges that occur in their business and they must be able to overcome these challenges
risk taker-they are prepared to give things ago despite fears of them failing
growth mindset-when your business is struggling you need to have a growth mindset to keep persisting
creativity-sometimes you may need to be creative to overcome challenges or to help your products or service grow -to overtake competitors
Define business opportunity?
A business opportunity is a set of circumstances that presents itself as a avenue for success.
what are the 6 business opportunities?
Sources of business opportunity may include:
innovation and entrepreneurship
recognising and taking advantage of market opportunities,
changing customer needs,
research and development,
technological development
global markets
distinguish between an entrepreneur and innovation:
An entrepreneur is someone who starts a business and is willing to take risks in order to make money. On the other hand innovation is refers to the process of creating a new or significantly improved product or service
define innovation
Innovation may generally refers to the process of creating a new or significantly improved product, service or process e.g. mobile phone
recognizing and taking advantage of market opportunities
Potential business owners may be able to identify market opportunities due to:
Inefficiency in the market: Inefficiency refers to the lack of effectiveness or productivity in the functioning of a market system, leading to suboptimal outcomes and resource allocation.
Identifying a gap in the market-A gap in the market is a group of customers whose needs are not currently being met.
changing in customer needs
Changing customer needs:
The needs of customers in the market for any product can change due to:
changing incomes
changing tastes and fashions
changing prices of complementary and substitute goods and services
changing population
changing expectations about the market, including future prices
changes in the number of potential customers
research and development
Research and development:
Research and development(R&D) is a set of activities undertaken to improve existing products, create new products and improve production processes.
R&D can provide a potential business owner with many opportunities. For example, it can allow a person to develop new products in response to the actions of any competitors, or to improve existing products so that they become more superior to those of competitors.
technological development
The development of new products and processes creates opportunities for people with business ideas.
global markets
Global markets:
A growing number of businesses sell goods and services in domestic as well as international market.
Some of the advantages afforded by global markets include:
the opportunity to grow and further expand a business
reduced dependence on local markets
