Role of an entrepreneur(1.5.1)

Question 1

What is an entrepreneur?

Answer 1

an individual who sets up and runs a business taking on the financial risk

Question 2

What do entrepreneurs do?

Answer 2

businesses are usually born by the way of an entrepreneur
successful entrepreneurs can identify and pursue opportunities create value for customers and build thriving businesses

Question 3

Entrepreneur organise resources

Answer 3

must be able to coordinate the resources necessary to start and sustain propsed longevity of a business
e.g fiinance, space, employees

Question 4

Entrepreneur make decisions

Answer 4

these decisions will determine successs or failure especially in the start up phase overly competitive periods or other problematic instances

Question 5

Entrepreneur take risks

Answer 5

involves taking risks-financial persoanl or professional
these risks can pay off with great rewards but they can also lead to failure and financial loss

Question 6

Entrepreneur skills

Answer 6

innovative
take risks
decisive
strong business knowledge-finance management production process

Question 7

What is intrapreneurship?

Answer 7

pertains to the practice of promoting entrepreneurial thinking and behaviour within an existing business

Question 8

Intrapreneurship

Answer 8

allows business to tap into the creative potential of their employees and generates new products services or processes that can drive growth and competitive advantage
helps to create culture that generates a sense of ownership and engagement among employees which increases motivation and helps to retain top talent

Question 9

Barriers to entrepreneurship

Answer 9

entrepreneurial capacity
access to finance
fear of failure
lack of training

Question 10

Entrepreneur risk and uncertainty

Answer 10

successful entrepreneurs can navigate risk and quickly respond to uncertainty in an efficient manner to maximise strong practice