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Question 1

What is an Entrepreneur?

Answer 1

Entrepreneur – someone who perceives an opportunity and creates an organisation to pursue it

Question 2

What is the role of Entrepreneurship?

Answer 2

• Generation of Novelty• Development of novel products and services• Creation of Employment• Creation of New Industries• Challenging/displacing existing players - renewal• Satisfying un-met needs

Question 3

Draw the opportunity cycle of enterprise.

Question 4

Give examples of entrepreneurial opportunities.

Answer 4

• Changes in Demand
• Changes in Supply
• Matching Demand and Supply
• Changes in the Environment
  Innovation
• Products
• Processes
• Channels of Distribution
• Forms of Marketing
• Forms of Organisation

Question 5

What are the challenges of opportunity exploitation?

Answer 5

• Identifying and selecting a real opportunity Selecting and committing to a viable project
• Identifying resources
• Selecting a good sector
• Finding the right location
• Hitting the window of opportunity Minimising the risks of “lock-in”
• i.e. being constrained by choices you make about a particular technology, channel to market, etc

Question 6

Describe the challenges in resource mobilisation

Answer 6

Obtaining input resources 			
* Funding		
* Technology		
* People			
Setting up production 			
* Make or buy		
* Establishing routines and procedures			Overcoming the “liability of newness”			
* Sources of Resources		
* Customers

Question 7

What are the challenges of resource generation?

Answer 7

• Achieving steady resource generation
• Establishing a viable market position
• Finding customers and getting orders - and repeat orders
• Achieving revenue recovery
• Getting the right people in place
• Developing competence and capability
• Retaining or replacing key people
• Integrating new members into team
• Calling a halt to development work

Question 8

What are growth challenges?

Answer 8

Changing demands on management and staff Increased complexity, synchronisation needs, bottlenecks and backlogs

• “Penrose constraint” - limits on managers’ time and competence
• Accessing resources to sustain growth Maintaining competitiveness in evolving market
• Finding new customers, maintaining existing customers
• Generating new product stream
• New competitors; Saturation; Erosion of margins
• Growth may peter out and plateau, or reverse