role of an entrepreuner and their motives and characteristics

Question 1

define a business

Answer 1

an organisation that sells goods and services on a commercial basis to customers

Question 2

define entrepreneur

Answer 2

a person with a new idea who is willing to take risks to benefit from the potential reward

Question 3

how do you create and set up a business

Answer 3

1. generate an idea
2. ask if the idea can add value
3. conducting market research
4. deciding on a legal structure
5. raising finance

Question 4

define intrapreneurship

Answer 4

innovation within a business

Question 5

list the benefits of intrapreneurship

Answer 5

helps drive innovation in business

offer solutions to problems

Question 6

how can personal factors be a barrier to entrepreneurship?

Answer 6

lack of self esteem
fear of failure

Question 7

how can economic factors be a barrier to entrepreneurship?

Answer 7

taxation
market entry regulations

Question 8

how can financial factors be a barrier to entrepreneurship?

Answer 8

lack of cheap labour
lack of investments

Question 9

how can political factors be a barrier to entrepreneurship?

Answer 9

unstable political landscape

Question 10

what are two risks of entrepreneurship?

Answer 10

may not have finance needed
loss of security

Question 11

two rewards of entrepreneurship?

Answer 11

have their own wage
keep profits