Session 29 - Entrepreneur

Question 1

Place each of the following stages in order of starting a business: planning, location, research, financing, resources, the idea, the launch

Answer 1

The idea, research, planning, financing, location, resources, the launch

Question 2

What is the idea phase of starting a business

Answer 2

The idea may come from a moment of inspiration, past experiences (business and personal), lifestyle choice, spotting a gap or unique skills

Question 3

What is the research phase of starting a business

Answer 3

Entrepreneur will carry out research into the market, customer needs, competition, profitability and potential suppliers

Question 4

What is the planning phase of starting a business

Answer 4

Entrepreneur will usually draw up a detailed business plan

Question 5

What is the financing phase of starting a business

Answer 5

Entrepreneurs will explore internal and external sources of finance

Question 6

What is the location phase of starting a business

Answer 6

For some businesses, location is a key strategic decision. For other e.g online retailing it may be less critical but still important

Question 7

What is the resources phase of starting a business

Answer 7

Organising resources may include: suppliers, Human Resources, legal issues, utilities, manufacturing and marketing

Question 8

What is the launch phase of starting a business

Answer 8

May involve an opening event to generate good public relations or activities to spread awareness of the new business

Question 9

What are the 4 barriers to entrepreneurship

Answer 9

Personal, economic, financial, political

Question 10

Explain the personal barrier to entrepreneurship

Answer 10

Lack of self esteem, risk averse, fear of failure, lack of technical skills

Question 11

Explain the economic barrier to entrepreneurship

Answer 11

Taxation, market entry regulations

Question 13

Explain the political barrier of entrepreneurship

Answer 13

Unstable political landscape