Entrepeneurs

Question 1

Definition of an entrepreneur

Answer 1

Someone who comes up with business ideas that are unique, they are prepared to take risks. They organise the factors of production in a business

Question 2

What are some of the risks entrepreneurs take? (4)

Answer 2

• wasting their time
• relationships with friends/family
• money (investments from friends/family, personal possessions, ect.)
• reputation

Question 3

What are some reasons that an entrepreneur would want to set up their own business? (5)

Answer 3

• they can make a lot of money from it
• they have a unique idea that has not been done before
• they enjoy running their own business
• they can be their own boss and work when they want
• they want to help others with a new product/service

Question 4

What are the qualities an entrepreneur needs?(6)

Answer 4

• motivation (to want success)
• determination (to succeed)
• confidence (in your business/product)
• communication (to present/sell your product)
• analitical ability (to know how successful your business is)
• results focused (focus on the end goal)