THEME 1.5.1

Question 1

What is an Entrepreneur?

Answer 1

A person who starts a business and shows initiative and a willingness to take risks.

Entrepreneurs make use of the resources available to them to set up or develop a business

Question 2

what are the steps to create a business?

Answer 2

Creating and setting up a business will involve a number of steps including:

• Generating an idea
• Asking if the idea can add value
• Conducting market research
• Drawing up a business plan
• Deciding on legal structure
• Raising finance

Question 3

What is INTRAPRENEURSHIP?

Answer 3

Intrapreneurship is when employees in a larger organisation act in the same way as entrepreneurs

Question 4

What are barriers to entrepreneurship?

Answer 4

• Not everyone wants to be an entrepreneur – comfortable working for others
• Lack of access to finance
• Knowledge and know how
• Risk-averse
• Lack confidence
• Limited skills
• Or is it just not having an idea?

Question 5

Risks

Answer 5

risk can be anticipated by entrepreneurs through:
Market research
Understanding of the industry
Assessing own personal potential losses
Business plans

Question 6

uncertainty

Answer 6

Uncertainties
Are harder to anticipate as outside of the entrepreneur’s control:
Keep up to date with current business climate e.g. economic and political changes
Make plans for unexpected events (contingency plans)
Spread risk e.g. a number of products or suppliers

Question 7

What are the risks of being an entrepreneur?

Answer 7

risks of being an entrepreneur:

• financial risk(lose money)
• esteem (fear of failure)

Question 8

what are the rewards of being an entrepreneur?

Answer 8

entrepreneur rewards
-profit motive
be your own boss
satisfaction
achievement