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Question 1

What is an Entrepreneur?

Answer 1

Entrepreneur – someone who perceives an opportunity and creates an organisation to pursue it

Question 2

What is the role of Entrepreneurship?

Answer 2

• Generation of Novelty
• Development of novel products and services
• Creation of Employment
• Creation of New Industries
• Challenging/displacing existing players - renewal
• Satisfying un-met needs

Question 3

Draw the opportunity cycle of enterprise.

Answer 3

Question 4

Give examples of entrepreneurial opportunities.

Answer 4

• Changes in Demand
• Changes in Supply
• Matching Demand and Supply
• Changes in the Environment
• Innovation
  
  • Products
  • Processes
  • Channels of Distribution
  • Forms of Marketing
  • Forms of Organisation

Question 5

What are the challenges of opportunity exploitation?

Answer 5

• Identifying and selecting a real opportunity
• Selecting and committing to a viable project
  
  • Identifying resources
  • Selecting a good sector
  • Finding the right location
• Hitting the window of opportunity
• Minimising the risks of “lock-in”
  
  • i.e. being constrained by choices you make about a particular technology, channel to market, etc

Question 6

Describe the challenges in resource mobilisation

Answer 6

• Obtaining input resources
  
  • Funding
  • Technology
  • People
• Setting up production
  
  • Make or buy
  • Establishing routines and procedures
• Overcoming the “liability of newness”
  
  • Sources of Resources
  • Customers

Question 7

What are the challenges of resource generation?

Answer 7

• Achieving steady resource generation
• Establishing a viable market position
• Finding customers and getting orders - and repeat orders
• Achieving revenue recovery
• Getting the right people in place
• Developing competence and capability
• Retaining or replacing key people
• Integrating new members into team
• Calling a halt to development work

Question 8

What are growth challenges?

Answer 8

• Changing demands on management and staff
• Increased complexity, synchronisation needs, bottlenecks and backlogs
• “Penrose constraint” - limits on managers’ time and competence
• Accessing resources to sustain growth
• Maintaining competitiveness in evolving market
  
  • Finding new customers, maintaining existing customers
  • Generating new product stream
  • New competitors; Saturation; Erosion of margins
• Growth may peter out and plateau, or reverse