1.5.5b : Role Of An Entrepreur

Question 1

What is a business ?

Answer 1

A business is an organisation that exists to provide goods and services on a commercial basis to customer

Question 2

What are the benefits of a business to society ?

Answer 2

Create employment & develop human capital
Drive innovation through R&D and new products
Pay taxes on profits earned
Relate wealth by providing returns on investment

Question 3

What is an enterprise ?

Answer 3

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

Question 4

What is an entrepreneur ?

Answer 4

A person who organises , operates , and assumes the risk for a business venture.

Question 5

What are the roles of an entrepreneur ?

Answer 5

• Spots business opportunities
• Takes (calculated) risks in order to gain possible future returns
• Acts a catalyst for the creation & growth of new business enterprises

Question 6

What is the importance of business ideas to entrepreneurship ?

Answer 6

• Solve a problem
• Offer a better, cheaper way
• Simple & practicable
• Can be delivered quickly
• Have a clear focus
• Anticipate trends & exploit growing markets

Question 7

What is intrapreneurship ?

Answer 7

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 8

What are some ways to encourage intrapreneurship in a business ?

Answer 8

• Look out for entrepreneurial activity
• Give employees ownership of projects
• Make risk-taking and failure acceptable
• Train employees in innovation
• Give employees time outside the confines of their job description
• Encourage networking & collaboration
• Reward entrepreneurial thinking and activity