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1.5.1 Role of an entrepreneur - Coggle Diagram
1.5.1 Role of an entrepreneur
Entrepreneur
a person who earns and runs their own business and takes risks in hope of making a profit
Intrapreneurship
people who bring innovation to existing businesses rather than to business start-ups. they can improve products, processes or productivity
creating a setting up a business
identify a gap in the market through market research
write a business plan
think about the marketing mix
Running and developing a business
keep up to date with law, firm's sales, marketing techniques etc
continuous market research
set aims and objectives to grow and monitor the firms performance
Increase productivity
take risks and find effective ways to accomplish tasks = is a skilled problem solver that can take on important tasks within a company
understands trends
they see where the company needs to go before anyone else, meeting them before their competitors do = are the most important asset a company has
bring innovation
new products, ways of doing things - brings competitive advantage
employ staff to help firm come up with new ideas
intrapreneurs see to provide solutions to unique market driven problems
overcoming barriers
lack of money - how to finance their firm
lack of confidence/fear of failure
lack of expertise/training - entrepreneur may need to learn more about how to run a business
culture to support careers in entrepreneurship
gap between male and female entrepreneurship
adapting risks and uncertainty
risk - the firm can figure out the probability of an event likely to occur
uncertainty - the firm knows an even can occur, but it is not sure when
caused by unexpected, often external factors outside of the entrepreneur's control even though they are sometimes predictable
how to adapt
good knowledge of the market: industry, customers, competitors
good understanding of the current economy
adapting and implementing change quickly
being flexible
financial control
contingency planning: having a plan ready in case of a crisis or unwanted event
calculated risks