role of an entrepreneur

Question 1

what is a business?

Answer 1

A business is an organization that exists to provide goods and services on a commercial basis to customers

Question 2

why do businesses exist?

Answer 2

businesses exist to provide goods and services on a commercial basis to customers

Question 3

the benefits of business to society

Answer 3

1. create employment
2. drive innovation through R&D and new products
3. pay taxes on profits earned and collect taxes for the government
4. create wealth by providing returns on investments

Question 4

what is an enterprise?

Answer 4

• the skills and abilities to take risks and create profits

- the creation of a business to meet the needs and wants of customers

Question 5

what is an entrepreneur

Answer 5

• takes a restless look at the business opportunities that exist and then turn a business idea into action
• a person who takes the risk in starting a new business

Question 6

what is a start-up?

Answer 6

a start up is a new business enterprise, formed by one or more entrepreneurs

Question 7

the role of the entrepreneur

Answer 7

• spot business opportunities
• takes calculated risks in order to gain possible future returns
• act as a catalyst for the creation and growth of new business enterprise

Question 8

what are business ideas meant to do?

Answer 8

• solve a problem
• offer a cheaper, better way
• simple and practicable
• can be delivered quickly
• have a clear focus
• anticipate trends

Question 9

what are the main sources of business ideas? e.g. observation

Answer 9

• brainstorming
• thinking ahead
• ideas from personal or business experience
• innovations

Question 10

how do you spot an opportunity?

Answer 10

• changes to the economy
• new technology
• society changing
• anticipating change

Question 11

how do small businesses gain an understanding of the market?

Answer 11

SMALL BUDGET RESEARCH

• entrepreneur will gain a general understanding of the market
• geographical mapping: walk around town mapping competitors and looking at prices, deals ect
• and then based on the knowledge gained produce a market map

Question 12

how to run a business successfully?

Answer 12

• obsessive eye for detail
• strategic thinking
• love what you’re doing

Question 13

how to successfully expand?

Answer 13

• establishing that extra demand exists
• ensure that finance is in place
• ensure that people are in place

Question 14

intrapreneur

Answer 14

has the personal characteristics of an entrepreneur , but works within a large organization

Question 15

intrapreneurship

Answer 15

intrapreneurship involves people within a business creating or discovering new business opportunities, which leads to the creation of new parts of the business or even new businesses

Question 16

ways to encourage intrapreneurship

Answer 16

• lookout for entrepreneurial activity
• encourage networking and collaboration
• give employees ownership of projects
• make risk-taking and failure acceptable

Question 17

barriers to entrepreneurship

Answer 17

• support and finance
• gender bias
• lack of viable business ideas

Question 18

what is the risk?

Answer 18

• the probability that things will not go as planned

Question 19

how do entrepreneurs deal with risk?

Answer 19

• take calculated risks
• spread risks by diversifying
• look for higher returns
• keep going

Question 20

what are the rewards for enterprise?

Answer 20

• profit
• capital gains
• self esteem
• personal development
• sense of conrol
• satisfaction