Intro

Question 1

What is an entrepreneur?

Answer 1

Someone who sets up a business

And without them business would no exist

Question 2

Why might someone choose to set up a business?financial motives

Answer 2

Profit maximising -make as much profit as possible

Profit satisficing-to make enough money to maintain their interest in business

Question 3

Why might someone choose to set up a business? Non financial reasons

Answer 3

Independence
To work from home
Ethical reasons

Question 4

What are the skills of an entrepreneur?

Answer 4

Communication
Team working
Problem solving
Organisation
Numeracy
Information technology

Question 5

What are the characteristics of an entrepreneur?

Answer 5

Creativity
Hard working
Resilience
Initiative
Self confidence
Risk taking

Question 6

What is the role of entrepreneurs?
(Entreps at early stages of business )

Answer 6

Innovative
Organise factors of production

Early stages:
Managing finance
Admin
Marketing
Purchasing
Managing staff
Production of there product of service

Question 7

Why do 60 percent of businesses fail each year ?

Answer 7

Being risk averse
Fear of failure
Legal barriers
Lack of entrepreneurial capacity

Question 8

What is intrapreneurship?

Answer 8

Encouraging employees to be innovative
By coming up with there own ideas