1.5 - Role of an Entrepreneur

Question 1

What is a Business?

Answer 1

A business provides goods and services to customers on a commercial basis.

Types of Products: Goods or services.

Question 2

Benefits of Business to Society

Answer 2

Businesses create jobs, drive innovation, pay taxes, and generate wealth.

Businesses and society depend on each other for legal frameworks and infrastructure.

Question 3

Entrepreneurs and Start-ups

Answer 3

Start-up: A new business formed by entrepreneurs.

Entrepreneurs spot opportunities, take risks, and drive business growth.

Challenges include lack of finance, viable ideas, and gender gaps.

Question 4

Business Ideas

Answer 4

A good idea solves problems, improves alternatives, and can be profitable.

Sources of ideas: personal experience, business experience, and research/observation.

Question 5

Intrapreneurship

Answer 5

Employees act like entrepreneurs within established businesses, creating new opportunities.

Examples: Gmail (Google), PlayStation (Sony).

Encourage intrapreneurship by promoting ownership, risk-taking, and innovation.

Question 6

How Entrepreneurs Handle Risk

Answer 6

Risks include failure, financial loss, and personal liability.

Entrepreneurs manage risk by calculating risks, diversifying, and persisting.

Question 7

Rewards for Enterprise

Answer 7

Rewards for entrepreneurs include profits, capital gains, self-esteem, and personal growth.

Question 8

Entrepreneur

Answer 8

Entrepreneur: Person who organizes and takes risks for a business.

Question 9

Intrapreneurship

Answer 9

Intrapreneurship: Entrepreneurial activity within an existing business.