Theme 1.5.1 - Role of an Entrepreneur

Question 1

What is the definition of an entrepreneur?

Answer 1

An entrepreneur is a person who is willing and able to create a new business idea or invention and takes risks in pursuing success

Question 2

What do entrepreneurs do?

Answer 2

• Organise resources
• Make business decisions
• Take risks

Question 3

What is intrapreneurship?

Answer 3

Intrapreneurship refers to the practice promoting entrepreneurial thinking and behaviour within an existing business - it involves getting employees to think and act like entrepreneurs

Question 4

How have many businesses expanded/developed their company?

Answer 4

On many occasions, existing businesses have brought in successful entrepreneurs to run or expand them

Question 5

What are the barriers to entrepreneurship?

Answer 5

• Entrepreneurial capacity
• Access to finance
• Lack of training
• Fear of failure/lack of confidence

Question 6

What does the term ‘entrepreneurial capacity’ mean?

Answer 6

Entrepreneurial capacity refers to an individuals ability to think creatively, take risks, and identify and seize business opportunities

Question 7

How can ‘access to finance’ be a barrier to entrepreneurship?

Answer 7

• Many aspiring entrepreneurs struggle to secure the funding necessary to start or grow their businesses
• Lack of access to finance is a major barrier to entrepreneurship, especially for those from disadvantaged backgrounds