Role of an entrepreneur

Question 1

What are the roles of an entrepreneur?

Answer 1

a) Creating and setting up a business.

b) Developing the business.

c) Innovation within a business (intrapreneurship).

d) Barriers.

e) Anticipating risk and uncertainty.

Question 2

What is an intrapreneur?

Answer 2

An employee within a larger business who thinks like an entrepreneur.

Question 3

What are the barriers to entrepreneurs?

Answer 3

• Personal: lack of self-esteem.
• Financial: lack of start up capital.
• Economic: Market entry requirements.
• Political: Unstable political landscape

Question 4

What is uncertainty?

Answer 4

Uncertainty is when a business is unable to predict external shocks or future events

Question 5

What is a contingency plan?

Answer 5

A plan B.

Question 6

How can a business protect itself from uncertainty?

Answer 6

• Insurance.
• Fixed interest rates.
• Save rather than spend.
• Forward marketing allows businesses to buy and sell in the future as a set price to avoid fluctuating exchange rates.
• Plan for various situations.