Its about risk taking, innovation, facing new challenges and generally being part of a growing enterprise culture that involves any business activity undertaken with the aim of making a profit.
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What are entrepreneurs?
They're the driving force behind the economy as they stimulate economic activity. They take risks in starting their own business through spotting gaps in markets.
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What type of people are entrepreneurs?
Optimists, they see their glass as 'half full' rather than 'half empty' as they believe in themselves and their service.
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What is intrapreneurship?
This is when employees have the opportunity to be innovative, creative and leadership. This is when staff act like entrepreneurs but within a business so there is more safety and support.
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What are the advantages of this?
It helps employees develop into motivated, proactive individuals that become more valuable as a result. Staff have the ability to take risks but still know their decisions are safe and will not affect them. Can be a good way to reward staff.
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What are the disadvantages of intrapreneurship?
Can be high costs, Can be time consuming, If it fails then the business will be held responsible, Staff may not treat it with as much caution as they're not on the line.
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What are the advantages to being an entrepreneur?
Entrepreneur can be their own boss, Freedom of what they want to do and how to run things, Earn as much/little as you want, Flexibility
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What are the disadvantages to being an entrepreneur?
Requires dedication of large amounts of time and money, Difficult to compete with others, Not 100% guaranteed success, Unpredictable working hours, Lack of training,
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How does the government help entrepreneurs?
Promoting the work of regional development agencies, Promoting+funding the DTI's Small business service, Encourages growth, Encourages the education in schools on this, Encourages a more risk taking society.
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What are risks within businesses and entrepreneurs?
When you don’t know what the outcome is, but you have the ability to calculate them.
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What may be some risks to entrepreneurs?
Failing to make a brand, Don't make a good enough profit, Product isn't good enough/popular, Competition may be too great.
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What is uncertainty and name some examples of uncertainty within businesses and entrepreneurs.
Uncertainty involves the elements that cannot be planned for, such as environmental and economic changes, health scares, new competition, legislation/political factors, war.
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What are the characteristics required for an entrepreneur?
Creative-able to look to the future, Hardworking-putting in hard efforts, Resilient-emotionally stable and not give up, Self-confident-have confidence in their own ability, Risk-taking-take chances, Initiative-act on thoughts without help.
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What are the skills required for an entrepreneur?
Problem solving- Have analytical skills, Teamwork-able to work in a team, Communication-able to explain things clearly and efficiently, Organisation- juggle many tasks at once and remain on top of things, Numeracy- skills for accounts etc, IT.
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Why do people become entrepreneurs?
Enjoy a challenge, They're creative, Want to be their own boss, See potential for profit, Do things differently, Been inspired, May have ethical or moral stance.
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Other cards in this set
Card 2
Front
What are entrepreneurs?
Back
They're the driving force behind the economy as they stimulate economic activity. They take risks in starting their own business through spotting gaps in markets.
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