Entrepreneurship & intrapreneurship

Flashcards about the role of an entrepreneur.

Entrepreneur

A person who organizes, operates, and assumes the risk for a business venture.

Micro Business

Businesses with 1-9 employees, making up 95.5% of all businesses.

Small Business

Businesses with 10-49 employees, making up 3.9% of all businesses.

Medium Business

Businesses with 50-249 employees, making up 0.6% of all businesses.

Large Business

Businesses with 250+ employees, making up 0.1% of all businesses.

Role of the Entrepreneur

Spots business opportunities, innovates, organizes factors of production, makes important decisions, and takes calculated risks.

Risks for Entrepreneurs

Business failure and losing personal wealth.

Rewards for Entrepreneurs

Increasing personal wealth, chance to do something different, and working for yourself.

Finding a Business Opportunity

Using experience built up working in a company, personal experience, observations, franchise opportunity, spotting a gap in the market, personal skills, and lifestyle choices.

Setting up a Business: The Process

Research & Planning, Financing, Location, Resources, Launch, and Ongoing Management.

Entrepreneur's Involvement in Running a Business

Managing finance, administration, marketing, purchasing, managing people, and production.

Intrapreneurship

Involves employees within a business creating new business opportunities.

Barriers to Entrepreneurship

Lack of finance, lack of entrepreneurial capacity, becoming an employer, legal barriers, lack of ideas, fear of failure, and aversion to risk.

Anticipating Risk

Entrepreneurs need to know what the risks are and minimise them.

Anticipating Uncertainty

There will always be uncertainty, but anticipating what might happen is helpful.

Research & Planning

Detailed planning and investigation to understand the feasibility and potential success of a business venture.

Financing

Securing funds from various sources to start and operate a business.

Selecting an appropriate site for business operations, considering factors like accessibility and market proximity

Entrepreneur

A person who organizes, operates, and assumes the risk for a business venture.

Micro Business

Businesses with 1-9 employees, making up 95.5% of all businesses.

Small Business

Businesses with 10-49 employees, making up 3.9% of all businesses.

Medium Business

Businesses with 50-249 employees, making up 0.6% of all businesses.

Large Business

Businesses with 250+ employees, making up 0.1% of all businesses.

Role of the Entrepreneur

Spots business opportunities, innovates, organizes factors of production, makes important decisions, and takes calculated risks.

Risks for Entrepreneurs

Business failure and losing personal wealth.

Rewards for Entrepreneurs

Increasing personal wealth, chance to do something different, and working for yourself.

Finding a Business Opportunity

Using experience built up working in a company, personal experience, observations, franchise opportunity, spotting a gap in the market, personal skills, and lifestyle choices.

Setting up a Business: The Process

Research & Planning, Financing, Location, Resources, Launch, and Ongoing Management.

Entrepreneur's Involvement in Running a Business

Managing finance, administration, marketing, purchasing, managing people, and production.

Intrapreneurship

Involves employees within a business creating new business opportunities.

Barriers to Entrepreneurship

Lack of finance, lack of entrepreneurial capacity, becoming an employer, legal barriers, lack of ideas, fear of failure, and aversion to risk.

Anticipating Risk

Entrepreneurs need to know what the risks are and minimise them.

Anticipating Uncertainty

There will always be uncertainty, but anticipating what might happen is helpful.

Research & Planning

Detailed planning and investigation to understand the feasibility and potential success of a business venture.

Financing

Securing funds from various sources to start and operate a business.

Selecting an appropriate site for business