Theme 1 Topic 1 - Entrepreneurs

Question 1

Define Entrepreneur

Answer 1

An individual who takes the risk to start up a new business idea or project

Question 2

Define Enterprise Skills

Answer 2

The skills required by a business person that involves risk taking and creativity

Question 3

Define Intrapreneurship

Answer 3

The act of behaving like an entrepreneur while working within a large organisation

Question 4

What are four roles of an entrepreneur?

Answer 4

Creating and setting up a business, Running/expanding/developing the business, Innovation, Anticipating risk and uncertainty

Question 5

What are three barriers to being an entrepreneur?

Answer 5

Lack of access to finance, Lack of experience/know how, Failure to understand the importance of market research

Question 6

What are three characteristics of an entrepreneur?

Answer 6

Risk taking, resilient, confident

Question 7

What are three skills of an entrepreneur?

Answer 7

Innovative, creative, organised

Question 8

What are two financial motives for setting up a business?

Answer 8

Profit maximisation and profit satisficing

Question 9

What are three non-financial motives for setting up a business?

Answer 9

Ethical stance/social entrepreneurship, Independence, Homeworking

Question 10

Define Opportunity Cost

Answer 10

The cost of one business decision in terms of the next best alternative lost

Question 11

Define Trade Off

Answer 11

Having too much of one thing means having less of another