Entrepreneur

Question 1

What are the characteristics and skills of entrepreneur

Answer 1

Characteristics:Self-confident,flexible,risk-taker

Skills:Goal-setting,human relations skills,communication skills

Question 2

What are the risks of starting your own business

Answer 2

1.You may lose the money you invented in the business it is fails.
2.You will need to work long hours to get the business up and running.
3.You may find it difficult to take time away from running the business.

Question 3

What is the role of the entrepreneur in an organisation

Answer 3

Generates ideas
Takes risks
Provides vision and motivation

Question 4

What is enterprise

Answer 4

Enterprise is any attempt to start or do something new

Question 5

What is an entrepreneur

Answer 5

An entrepreneur is a person who takes risks to set up a business or organisation

Question 6

Identify and explain internal sources of new product or service ideas

Answer 6

Internal
1.Brainstorming:This involves people coming together and thinking of new ideas.
2.Sales personnel:Feedback from salespeople who are in touch with customers is a virtual source of information.
3.Ideas from employees within the business:Employees may be encouraged to think of new ideas by rewarding good ideas with a bonus.

Question 7

Identify the and explain external sources of new product or service ideas

Answer 7

Competitors:A business sees what its competitors are doing and might use some of their ideas.
Import substitutions:Imports are goods and services brought into a company from overseas.
Customer complaints or feedback:This could lead to changing or developing existing products or services.