The Entrepreneur

Question 1

What does enterprise mean?

Answer 1

Any attempt to start something new

Question 2

What does enterprise mean?

Answer 2

Any attempt to start or do something new

Question 3

What is an entrepreneur?

Answer 3

Anyone who takes the initiative as well as the personal and financial risk involved in setting up an organisation eg. Mary Ann O’Brian set up Lily O’Brians, the chocolate brand

Question 4

What are the characteristics of an entrepreneur?

Answer 4

Realistic risk takers, innovative, proactive, flexible, confident, decisive and determined

Question 5

What are the skills of entrepreneurs?

Answer 5

Human relations skills, time management, planning and goal setting, communication skills, opportunity spotting, risk management, problem solving skills and money management skills

Question 6

What are the main sources of ideas for businesses?

Answer 6

Internal sources (getting ideas from strengths and weaknesses) and external sources (getting ideas from competitors)

Question 7

What are the internal sources of business ideas?

Answer 7

Skills and hobbies, experiences, research and development, employee suggestions, brainstorming and sales personnel

Question 8

What are external sources of business ideas?

Answer 8

Family and friends, media, import substitution, state agencies, competitors and customer complaints/feeback

Question 9

What are the development processes of new products/services?

Answer 9

Idea generation, screening, concept development, feasibility study, prototype development, test marketing and product launch