Role of an entreprenuer Flashcards
What is a business?
organisation that exists to provide goods and services on a commercial basis to customers
What are the two types of product a business can provide?
- goods and services
What are the barriers to entrepreneurship?
- support and finance
- lack of a viable business idea
- gender (women are under represented)
What is the role of an entrepreneur?
- spot business opportunities
- take calculated risks in order to gain possible future returns
- act as a catalyst for the creation and growth of a new business
What is a business idea?
- explains why a business has been formed and what the business is trying to achieve
What are good business ideas>
- solving a problem
- offer a better or cheaper alternative
- have a clear focus
What is intrapreneurship?
people within a business creating or discovering new business opportunities
How can businesses encourage intrapreneurship?
- give employees ownership of projects
- training in innovation
- encourage networking
Entrepreneur definition?
- a person who organises, operates and assumes the risk for a business venture
What are the two financial motives of starting a business?
- profit maximisation
- profit satisficing
What are some non financial motives of starting a business?
- more control over working life
- wants flexible working
- wants reward from effort
What are some drawbacks of being an entrepreneur?
- lonliness and isolation
- financial pressure
- higher stress levels
- need to do multi-tasking
- strain on family and social life
what are social enterprises?
businesses with the primary the social objectives whose profit is reinvested into the business or community
Characteristics of an entrepreneur?
- passionate and visionary
- energetic
- driven
- decisive
- focus
- resiliant
- risk taking
6 problems when moving from an entreprenuer to leader
- learning to delegate
- trusting others
- listening to others
- having an open mind
- be less reactive
- developing emotional intelligence
