Role and Qualities of Entrepreneurs

Question 1

Role

Answer 1

Role = creating and setting up business, running and growing, innovation/risk taking, organisation of resources

Question 2

Motives + reasons for setup

Answer 2

Motives = profit (maximisation/satisficing), flexibility/control/independence, social objectives (give back)

Question 3

Skills

Answer 3

Communication
Team working
Problem solving
Organisation
Numeracy
Information technology

Question 4

Characteristics

Answer 4

Creativity
Hard working
Resilience
Initiative
Self confidence
Risk taker

Question 5

Barriers to entrepreneurship

Answer 5

Entrepreneurial capacity = ability to think creatively

Access to finance = struggle for funding

Lack of training = struggle to develop viable business plan, attract customers, or manage their finances effectively

Fear of failure/lack of confidence

Question 6

Anticipation of risk vs uncertainty

Answer 6

Risk = can be planed for

Uncertainty = outside entrepreneurs control

Question 7

Intrapreneurship

Answer 7

Intrapreneurship refers to the practice of promoting entrepreneurial thinking and behaviour within an existing business = allows businesses to tap into the creative potential of their employees (competitive advantage)

Employees need to:
- think like entrepreneurs
- take risks
- innovate
- develop new ideas

Question 8

Role of the promoter

Answer 8

• Takes the risk
• Performer gets fixed fee
• Ticketing agency takes cut from ticket prices
• Independent promoters book their chosen artists and hope they can sell enough tickets to break even - most are then on by big companies as not many independent have the upfront capital to hire venues and book artists