What is meant by an entrepreneur?
An individual who takes risks to start and run a business.
What role does an entrepreneur play in creating a business?
Identifying opportunities and bringing ideas to market.
What activities are involved in setting up a business?
Generating ideas
What is meant by running a business as an entrepreneur?
Managing operations
What is meant by expanding a business?
Increasing size
What is meant by developing a business?
Improving products
Why is growth often a key objective for entrepreneurs?
To increase profits
What is meant by innovation within a business?
Introducing new ideas
What is intrapreneurship?
Innovation by employees within an existing firm.
How does intrapreneurship benefit an existing business?
Encourages growth
What is a barrier to entrepreneurship?
Factors that discourage or prevent business start-ups.
How can lack of finance act as a barrier to entrepreneurship?
Limits ability to invest and survive early stages.
How can lack of skills or experience act as a barrier?
Reduces ability to manage and grow effectively.
How can fear of failure act as a barrier?
Discourages individuals from taking risks.
How can regulation and legislation act as a barrier?
Increases costs
What is meant by risk in a business environment?
Situations where outcomes can be estimated.
What is meant by uncertainty in a business environment?
Situations where outcomes cannot be predicted.
Why must entrepreneurs anticipate risk?
To minimise losses and improve decision-making.
Why must entrepreneurs anticipate uncertainty?
To prepare for unexpected market changes.
How can entrepreneurs manage risk?
Research
What is meant by entrepreneurial characteristics?
Personal traits linked to entrepreneurial success.
What skills are commonly associated with successful entrepreneurs?
Risk-taking
Why is risk-taking an important entrepreneurial characteristic?
Opportunities often involve uncertain outcomes.
Why is resilience important for entrepreneurs?
Businesses face setbacks and failure risks.
