Entrepreneur's Flashcards
(7 cards)
What do they do?
Organise resources
Make business decisions
Take risks
Examples of intrapreneurship?
Google - Gmail
Sony - Playstation
3M - Post-It notes
Barriers to entrepreneurship
Access to finance
Entrepreneurial capacity
Fear of failure/lack of confidence
Lack of training/know how
Risk vs Uncertainty
Risks can be calculated and prepared for, uncertainties cannot as they are unexpected events
Uncertainty is caused by factors outside of the entrepreneur’s control
Entrepreneurial skills and characteristics
Skills:
Communication
Team working
Problem solving
Organisation
Numeracy
Information technology
Characteristics:
Creativity
Hard working
Resilience
Initiative
Self confidence
Risk taker
Reasons why people set up businesses
Financial
Profit maximisation
Profit satisficing
Non-financial
Ethical stance
social entrepreneurship
Independence
Home working
Difficulties when transitioning from an entrepreneur to leader
The need to delegate
Trust and verify
Learning to listen
Having an open mind
Being less reactive
Developing emotional intelligence
