Role of an entrepreneur

Overview

Creating, running and expanding a business, intrapreneurship, the financial, personal and market barriers to entrepreneurship, and how an entrepreneur anticipates and manages risk and uncertainty.

What you need to know

Answer each one before you reveal it.

Questions from this subtopic

Each one with the model answer underneath.

1. 1

   What is the first step an entrepreneur takes when creating a business?

   Model answer

   Identifying a business opportunity — recognising a gap in the market or an unmet customer need.

2. 2

   After spotting an opportunity, what must an entrepreneur do before they can begin trading?

   Model answer

   Develop a business idea — refining the concept into a viable product or service proposition.

3. 3

   What does organising resources to start trading involve for an entrepreneur?

   Model answer

   Bringing together the necessary factors of production (land, labour, capital, enterprise) and arranging finance, premises, suppliers, and staff so the business can begin operating.

4. 4

   Give an example of a day-to-day decision an entrepreneur might make when running a business.

   Model answer

   Decisions such as setting prices, ordering stock, allocating staff shifts, or responding to customer complaints.

5. 5

   What does managing operations mean for an entrepreneur running a business?

   Model answer

   Overseeing the ongoing activities of the business — coordinating production, monitoring quality, and ensuring processes run efficiently.

6. 6

   Why must an entrepreneur continually check that the business meets its objectives?

   Model answer

   To ensure the business stays on track towards its goals (e.g. profit targets, growth, customer satisfaction) and to take corrective action if performance falls short.

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