role of entrepreneur

Question 1

what is an entrepreneur

Answer 1

organises business venture
devises products
chooses how they are going to be produced
chooses price 
responsible for risks

Question 2

what are the two roles of an entrepreneur

Answer 2

create business in the first place by combining resources into a product of service
and is responsible for success and progression

Question 3

what are intrepreneurs

Answer 3

work from inside the business,
will focus on product development or production methods
they tackle problems and look to improve overall productivity through process innovation or increasing capacity for business

Question 4

what are the barriers to entrepreneurship

Answer 4

business survival and expansion entails risk but many people with good ideas are unwilling to take risks
access to finance
certain groups of society may find it harder

Question 5

what are the characteristics of an entrepreneur

Answer 5

hard work 
motivation 
risk taking 
initiative
creativity 
resilience 
perseverance
understanding in the market

Question 6

why do people set up a business - financial reasons

Answer 6

profit maximisation

profit saticficing

Question 7

why do people set up a business - non financial reasons

Answer 7

ethical
social entrepreneurs - use their skills to achieve benefits for the society
self actualisation - developing an ambition
creativity
independence - making own decisions can be motivating
homeworking - have control over working hours