Establishing a Business

Front

What is an entrepreneur?

Back

An entrepreneur is someone who accepts the risks of the business and organizes the resources needed for the production of goods and services.

Front

What are the characteristics of an entrepreneur?

Back

Creativity, persistence, flexibility, and the ability to take calculated risks.

Front

What are the roles of an entrepreneur?

Back

The roles include Conceptualization, Planning, Accessing Funds, Organizing, Operating and Evaluating the Performance, Risk Bearing, and Job Creation.

Front

What is conceptualization in entrepreneurship?

Back

Conceptualization is where the entrepreneur comes up with original ideas for a service and goes into business to exploit that idea.

Front

What does organizing involve for an entrepreneur?

Back

Organizing involves bringing together people, materials, and equipment to complete tasks effectively.

Front

What are some reasons people want to start a business?

Back

i. To provide a service
ii. Financial independence
iii. To utilize skills and creativity
iv. Fear of unemployment

Front

What is entrepreneurship?

Back

Entrepreneurship is any attempt at a new business or new venture creation, such as self-employment, a new business organization, or the expansion of an existing business.

Front

What is the importance of planning for an entrepreneur?

Back

Planning involves drawing up a detailed program stating objectives and how to achieve them with available resources.

Front

What is a major challenge for entrepreneurs when starting a business?

Back

Getting funds to start the business at the right time is often the biggest problem.

Front

Why is evaluating performance important for a business?

Back

Evaluating performance helps the entrepreneur assess how the business is performing and whether it is achieving its objectives.