Role of an Entrepreneur Flashcards
What is a business?
an organisation that exists to provide goods and services on a commercial scale to customers
What are characteristics of private sector businesses?
profit maximisation, provide income/employment, provide taxation, provide necessities, driving force behind economy.
What is an entrepreneur?
the skills and abilities to take risks and create profits.
What is a start-up business?
a new business enterprise formed by one or more entrepreneurs
What makes a good entrepreneur?
creativity, risk-taker, willingness, well represented, spot opportunities, calculated risks, viable, catalyst for growth, simple products.
What are some sources of ideas?
personal experiences, market research, refine products, spot a gap/opportunity, market mapping, copy an idea/benchmark, passion, failure on current product, brainstorming, innovations
What is market mapping?
a technique used to analyse key variables within a market place and identify niches.
What are some positives and negatives of using market mapping?
+ allows analysis of market , shows gap
- subjective, doesn’t include other factors, doesn’t work with all products, no likely return.
What are some methods of research on a small budget?
geographical mapping, checking prices, deals and discounts, arrange visitor days, market map
What are methods to run a business successful?
obtain listen to objectives to measure performance,
eye for small fluctuations/changes
think strategically,
have ambition and love customer satisfaction
How does a business expand successfully?
establish extra demand,
ensure finance,
ensure people in place
