ROLE OF AN ENTREPRENEUR

Question 1

define entrepreneur

Answer 1

Is a person who is willing to take a risk in setting up and growing their own business.

Question 2

define intrapreneurship

Answer 2

An employee within a business who takes risks to solve a problem/design something new

innovation within the business

Question 3

advantages of intrapreneurship

Answer 3

+ Drives innovation
+ Promotes new ways of doing things
+ Increases productivity/efficiency
+ Reduces waste
+ Increases profitability
+ Adds value = competitive advantage

Question 4

how do businesses encourage intrapreneurship?

Answer 4

 Train employees in innovation
 Give employees ownership of projects
 Make risk-taking and failure acceptable
 Give employees time outside the confines of a job description
 Encourage networking and collaboration
 Reward entrepreneurial thinking and activity

Question 5

barriers to entrepreneurship

Answer 5

• Lack of skills/beliefs
• Risk-averse/ fear of failure
• lack of capital
• lack of training

Question 6

define and describe risk

Answer 6

• the possibility things will go wrong
   Can be managed: market research, planning, knowledge
   Entrepreneurs look at the size of risk relative to rewards to make decisions
• spreading risks by diversifying

Question 7

define and describe uncertainty

Answer 7

• unpredictable and uncontrollable events that affect the business
• beyond the control of the business
   Need for contingency plan; what to do IF something happens
   Important to have reserves/alternatives; e.g. stock, money