The entrepreneur - a new venture creator

Question 1

The entrepreneur:

Answer 1

Representative of the entrepreneurial process;

“Hero” of the economy;

New venture creator;

His actions are stimulating not only the economies’ development but also our imagination;

Through the entrepreneur’s initiative, ideas and behaviour a valuable and rare resource is used;

He/she is making a “trip” in the land of unknown and uncertainty.

Question 2

Entrepreneur roles:

Answer 2

Investor
Owner
Manager
Inventor
Doer

Question 3

Managerial Features of an Entrepreneur

Answer 3

Independence in decision making and actions;

Higher control over the whole company;

Decision in condition of limited resources;

High dependence on the business environment;

Closer relationships with consumers, customers, distributors;

Higher responsibilities than a manager;

Superior complexity and diversity of activities;

Increased awareness of the interdependencies between the
management of the firm and the economic environment;

Broader scope of activities subject to change;

Increased use of informal channels of communication;

Higher and more intense individual exposure;

Stronger engagement in social and family relations’ system.

Question 4

Opportunity entrepreneurship:

Answer 4

dominant in developed economics; it is based on positive motivations

Question 5

Necessity entrepreneurship:

Answer 5

dominant in economics under developed economics; it is based on negative motivations

Question 6

Cyberpreneurs:

Answer 6

an owner, founder or manager of anInternetbased business, who makes money throughriskand/orinitiative

Question 7

2 distinct manifestations:

Answer 7

As a technological extension to a non-technological business (e.g. a restaurant launches an online ordering system for take-away service or a traditional retailer launches an online shop);

As a technology based business venture, where technology is the vehicle or enabler of the whole venture (e.g. technology enabled clothing exchange).

Question 8

Eco-preneur:

Answer 8

The “green” entrepreneur (ecopreneur) is NOT only concerned with profit, but also with the impact of his business on the environment!
Ecopreneurs operate with sustainable business models, from an environmental perspective!
Examples of Eco-Businesses:
Eco-tourism;
Production of solar panels;
Recycling of materials;
Production and sale of sustainable construction materials;
Refurbishment and sale of second-hand furniture, etc

Question 9

The dark side of entrepreneurship:

Answer 9

Confrontation with Risk:
Financial Risk
Career Risk
Family and Social Risk
Psychic Risk

Stress:
The main sources of stress are: Loneliness; Immersion in Business; People Problems; Need to Achieve. Solutions: Networking; Getting Away from It All; Communicating with Employees; Finding Satisfaction Outside the Company; Delegating.

Ego: An Overbearing Need for Control (Sense of Distrust; Overriding Desire for Success; Unrealistic Optimism)

Question 10

TOP 10 “fatal mistakes” an entrepreneur can make:

Answer 10

Managerial incompetence;
Lack of appropriate experience;
Supporting an unsustainable business idea;
An under-capitalized business;
The liquidity crisis stemming from financial mismanagement;
Lack of a strategic business management;
Insufficient & Ineffective Marketing;
Lack of appropriate business growth control;
Inappropriate location;
Lack of control over stock.