1.5 Entrepreneurs and Leaders

Question 1

role of entrepreneur

Answer 1

spot business ideas and exploit the opportunity
they must do:
-generating a business ideas
-thinking ahead (trends)
-personal or business experience
-innovation

Question 2

how an entrepreneur spots an opportunity

Answer 2

• changes in technology
  -change in society
• change in economy

Question 3

reasons why people set up a business

Answer 3

Profit maximising - seeking to get most profit in all businesses
Profit satisficing - long term success to build brand or a reputation
Independence - dont want to take orders
Home working - independently working at home
Ethical stance - start a business how they feel should be done
Social entrepreneurship - to have a positive outcome for community

Question 4

developing and expanding a business

Answer 4

• carry out marketing research to see if their is demand
• raise necessary finance
• introduce new products and services
• invest in new technology
• take on skilled staff

Question 5

intrapreneurship

Answer 5

an employee within a larger business who thinks like an entrepreneur
- takes risks
-solves problems
- drives innovation
- understand trends

Question 6

barriers to entrepreneurship

Answer 6

personal: self esteem , fear of failure
economic: taxation, market entry regulations
financial: lack of start up capital , labor , investments
political: unstable political landscape