S5 entrepreneurs and leaders

Question 1

What is an entrepreneur?

Answer 1

An individual who takes a risk to start and run a business, often using innovation to create or exploit new market opportunities.

Question 2

List 3 characteristics of successful entrepreneurs.

Answer 2

Risk taking, resilience and creativity.

Question 3

What’s the difference between a leader and a manager?

Answer 3

Leaders inspire and guide others towards a vision, while managers focus on planning, organising, and controlling tasks to achieve goals.

Question 4

Define intrapreneur.

Answer 4

An employee within a business who takes on entrepreneurial roles- innovating and driving change without owning the business.

Question 5

What are financial motives for starting a business?

Answer 5

Profit maximisation, income generation, and financial independence.

Question 6

What are non-financial motives for starting a business?

Answer 6

Personal satisfaction, social purpose, independence, and following a passion.

Question 7

What is meant by ‘opportunity cost’?

Answer 7

The value of the next best alternative that is foregone when a decision is made.

Question 8

Define ‘calculated risk’.

Answer 8

A risk that has been assessed and is taken with an understanding of potential outcomes and rewards.

Question 9

What are the key roles of an entrepreneur in business?

Answer 9

Generating ideas, taking risks, making decisions, and organising resources.

Question 10

What is meant by business objectives?

Answer 10

Specific, measurable goals that a business aims to achieve, such as growth, survival, or profit.