Mr smith-entrepreneurs and leaders

Question 1

what is an entrepreneur

Answer 1

someone who sets up a business
take on risks of business activity with aim of getting reward

Question 2

creating and setting up a business

Answer 2

entrepreneur needs to find gap in market
may do this through market research
they will then write business plan
then would have to do research to check thinking about e.g marketing mix, location of the busienss
need to think about the form of legal ownership e.g for one person they normally do sole trader
also need to raise money and aquire all other resources to get business running

Question 3

business plan

Answer 3

plan that outlines the businesses objectives and aims and how they will be achieved

Question 4

running and developing a business

Answer 4

have to keep up to date with things e.g. the law
might continue to do marlet research to check things
will continue to set aims and objectives for business to grow

Question 5

bringing innovation to the business world

Answer 5

they need to think of new products or wats of doing things to prepare to take on risks of making these ideas reality
can then bring in employyes to help them think of more innotavie ideas

Question 6

overcoming barriers to entrepreneurs

Answer 6

lot os businesses struggle to start up business due to lack of costs
initial investent costs too high
e.g large machinery and technology
entrepreenur has to raide capital to overcome barrier
may do this by getting bank loan, bandk may reject if feel too risky
could also use other sources e.g peer-to-peer lending, crowd funding, business angels etc

Question 7

barriers of an entrepreneu

Answer 7

initial start up costs
lack in confidence -fear of failure, riskign ervtyhing, need to make sure they communicate their confidence enough that people will support the idea

training/knowing enugh about runnign a business
lack in buiness knlwedge
could get entreprenuship course or specific training

struggle to grow

Question 8

uncertainties

Answer 8

unpredictable and beyond the entrepreneurs control

Question 9

examples of uncertainties

Answer 9

changes in exchange rates-pound value falls
change in legislation-

Question 10

charctersrics of an entrepreneur

Answer 10

resilient-keep going and remain optimistic even when things aren’t going well
creative-needs to be able to think of new ideas before and during the running of the business
risk taker-need to be able to be willing to try new things that wont certinly be a postive outcome

Question 11

skills of an entrepreneur

Answer 11

good communication skills
good team working skills
solving problems
that arise in a business
good IT skills