ENT: 4-3 Roles, Tasks and Responsibilities of Entrepreneurs

What are the tasks and responsibilities of entrepreneurs and small business owners?

• Strategy and Planning

• Managing day-to-day Operations

• Finance and Accounting

• All of the above

What is delegation?

• Assigning tasks to employees

• Taking out the trash

• Managing day-to-day operations

• Complying with regulations

What are the benefits of proper delegation?

• Saving time and money

• Empowering and motivating people

• Building skills

• All of the above

What is micromanagement?

• Assigning tasks to employees

• Over-managing and providing too much direction

• Taking out the trash

• Complying with regulations

What are the primary differences between small business owners and entrepreneurship?

• Innovation, risk, growth, and vision

• Strategy, finance, marketing, and human resources

• Delegation, compliance, sales, and customer service

• Operations, accounting, regulations, and human resources

What is the role of innovation in entrepreneurship?

• Creating solutions to problems or gaps in the marketplace

• Managing day-to-day operations

• Complying with regulations

• Providing customer service

How do small businesses and entrepreneurs differ in terms of risk?

• Small businesses take more risk

• Entrepreneurs take less risk

• Both take equal amounts of risk

• Small businesses take less risk, while entrepreneurs take more risk

What is the difference in pursuit of growth between small businesses and entrepreneurs?

• Small businesses seek rapid growth, while entrepreneurs seek slow growth

• Small businesses seek no growth, while entrepreneurs seek rapid growth

• Both seek rapid growth

• Both seek no growth

How do entrepreneurs raise investment capital?

• By self-funding their businesses

• By seeking outside investment from angel investors and venture capitalists

• By relying on sales and revenue

• By taking out loans from banks

What motivates entrepreneurs and inspires their teammates and customers?

• Serving the local community

• Building a reputation as good business proprietors

• Serving goods and services to repeat, loyal customers

• Having a vision for what their company can become and the impact it can have on society and the world