1.5 Entrepreneurs and Leaders

Question 1

What is an entrepreneurs?

Answer 1

An entrepreneur sees an opportunity which others do not
fully recognise, tries to meet an unsatisfied demand.

Question 2

What does entrepreneurship involve?

Answer 2

-Creating and setting up a business
-Run and expanding/developing a business
-Innovation within a business (intrapreneurship)
-Anticipating risk and uncertainty in the business environment

Question 3

What are the issues when expanding?

Answer 3

-Raise necessary finance
-Introduce new products and services
-Take on more skilled staff
-Changing the organisation of the business

Question 4

What is an intrapreneur?

Answer 4

An employee within a larger
business who thinks like an
entrepreneur.

Question 5

What is uncertainty?

Answer 5

Uncertainty in business is a situation in which there is degree of risk, and the consequences are not known or are unclear.

Question 6

What are motives for someone starting there own business?

Answer 6

-Want to be their own boss
-Want to earn their own money / profit
-Want to start a business for a social reason
-Want to start a business to have something to
hand over to their children
-Wanting to work in a more ethical way
-Wanting flexibility in hours or location

Question 7

What are the barriers to entrepreneurship?

Answer 7

-Personal
-Economic
-Financial
-Political