THEME 1: 1.5 ENTREPRENEURS AND LEADERS

Question 1

what is an ENTREPRENEUR?

Answer 1

An entrepreneur is a risk-taker who is willing to set up a business venture.

Question 2

what is an ENTERPRISE?

Answer 2

Enterprise is the demonstration of initiative, risk, flair, dedication, and skill in setting up a business.
[new businesses are formed and new products/ services created and brought to the market]

Question 3

what are entrepreneurial CHARACTERISTICS?

Answer 3

characteristics are PERSONALITY TRAITS

Question 4

what are entrepreneurial SKILLS?

Answer 4

skills are ABILITIES

Question 5

what does SPOTTING TRENDS and ANTICIPATING THEIR IMPACT mean?

Answer 5

a social trend becomes more popular, so there is a rise of the no. of people that MAY impact the business.

Question 6

what is IDENTIFYING A GAP IN THE MARKET mean and what can you use to do this?

Answer 6

noticing an area in need of an innovative idea to provide more variety of options and can use a MARKET MAP to find the right balance.

Question 7

what does COPYING IDEAS FROM OTHER COUNTRIES mean?

Answer 7

use of INTELLECTUAL PROPERTY which are: COPYRIGHT (for written work)
PATENT (for designs)
TRADEMARK (for logos)

Question 8

what is FINANCIAL GAIN FOR THEMSELVES demonstrate?
[financial motives]

Answer 8

some people calculate that financial is greater working for themselves than for others.

Question 9

what is PROFIT MAXIMISATION?
[financial motive]

Answer 9

profit can be a major motivation and is the difference between sale revenue and costs; it rewards successful entrepreneurs for their hard work so they make as much profit as possible.

Question 10

what is PROFIT SATISFICING?
[financial motive]

Answer 10

some entrepreneurs aren’t solely motivated by the size of profits. They may not be interested in taking on the additional risk.

Question 11

what is ETHICAL STANCE?
[non financial motives]

Answer 11

having a social conscience, provide ethical or environmentally friendly products/ services.

Question 12

what is SOCIAL ENTERPRISE?
[non-financial motive]

Answer 12

achieving benefits for society.

Question 13

what is INDEPENDENCE?
[non-financial motive]

Answer 13

taking your own decisions.

Question 14

what is HOME WORKING?
[non-financial motive]

Answer 14

control of your own working hours.

Question 15

what is INTRAPRENEURSHIP?

Answer 15

Intrapreneurship focuses on the employees within a business that have many of the attributes of entrepreneurs.

Question 16

what IS an INTRAPRENEUR?

Answer 16

An Intrapreneur is someone within the business that takes risks in an effort to solve a given problem. They bring innovation to existing businesses rather than to business start ups.
- SELF-DRIVEN
- PROACTIVE
- ACTION-ORIENTED

Question 17

what DOES an INTRAPRENEUR do?

Answer 17

-CONDUCT RESEARCH
-CREATE EFFECTIVE WORKFLOW DIAGRAMS
-STRATEGIZE COMPANY CULTURE ADVANCEMENT
-TAKE INITIATIVE

Question 18

what are the 3 ROLES OF AN ENTREPRENEUR?

Answer 18

● INNOVATE
● ORGANISE
● MAKE KEY DECISIONS

Question 19

what does INNOVATE mean?

Answer 19

this might involve spotting a gap or making your product/ service different from others.

Question 20

what does ORGANISE mean?

Answer 20

they make sure there are enough resources, such as labour equipment, to make the business viable (successful)

Question 21

what does MAKE KEY DECISIONS MEAN?

Answer 21

make important decisions such as which is the best source of finance? Which is the best product design or best method of production.

Question 22

what are SMART objectives?

Answer 22

SPECIFIC- clear and easily defined
MEASURABLE- objectives quantifiable
ACHIEVABLE- agree on objectives needed
REALISTIC- not conflicting with other objectives
TIME BOUND- based on explicit timescales

Question 23

what does PIGSS stand for?

Answer 23

PROFIT
INCREASE MARKET SHARE
GROWTH
SOCIAL/ETHICAL
SURVIVAL

Question 24

what are COMMON objectives?

Answer 24

●profit maximisation(more products are released)
●diversification(establish the USP of the business)
●break even( firm’s total revenue = total costs)
●survival (during early years of trading)

Question 25

factors DETERMINING business objectives

Answer 25

●size and status
●short term vs long term
●consumer pressure
●economic environment
●importance of profit
●pressure group activity
(e.g. green peace)
●employee welfare

Question 26

what is the PUBLIC sector?

Answer 26

●run by LOCAL & CENTRAL government
●funded by TAX REVENUE
●e.g. NHS, SCHOOLS, DFE (department of education)

Question 27

what is the PRIVATE sector?

Answer 27

●run by PRIVATE INDIVIDUALS
●funded by their own profits
●e.g. soletrader, partnership, LTD(private limited company) and PLC (public limited company)