entrepreneurs and leaders

• What is the role of an entrepreneur?

  To create and set up a business
• What defines an entrepreneur?

  A person who creates a new business idea
• What do successful entrepreneurs do?

  Identify opportunities and create value
• What are the main tasks of an entrepreneur?

  • Organise resources
  • Make business decisions
  • Take risks
• What resources must an entrepreneur organize to start a business?

  Space, tools, and employees
• Why must entrepreneurs make decisions?

  To determine business success or failure
• What can happen if an entrepreneur makes wrong decisions?

  Wasted resources and business failure
• What types of risks do entrepreneurs take?

  Financial, personal, or professional risks
• What do successful entrepreneurs do with existing businesses?

  Run and develop them
• How do entrepreneurial CEOs contribute to existing businesses?

  They bring a unique entrepreneurial spirit
• Who is Howard Schultz?

  Former CEO of Starbucks
• What did Marissa Mayer do at Yahoo!?

  Implemented initiatives to revitalize the company
• What is intrapreneurship?

  Promoting entrepreneurial behavior within a business
• What does intrapreneurship empower employees to do?

  Think and act like entrepreneurs
• How does intrapreneurship benefit a business?

  Generates new products and drives growth
• What is Google's "20% time" policy?

  Employees spend 20% of time on personal projects
• What was developed under Google's "20% time" policy?

  Gmail, a popular email service
• What is 3M's "15% rule"?

  Employees can spend 15% of time on projects
• What product was developed by 3M employees?

  Post-It Notes
• What is a major barrier to entrepreneurship?

  Lack of access to finance

  
• What does entrepreneurial capacity refer to?

  Ability to think creatively and take risks
• What can fear of failure lead to in entrepreneurship?

  Lack of confidence and hesitation

  
• How do successful entrepreneurs manage risk?

  By planning for known probabilities
• What is the difference between risk and uncertainty?

  Risk is known; uncertainty is unknown
• What factors can cause uncertainty for entrepreneurs?

  Environmental and economic changes
• How did Brian Chesky respond to the COVID-19 pandemic?

  Pivoted Airbnb's strategy to online experiences
• What is a key skill required by entrepreneurs?

  Ability to communicate persuasively
• Why do people set up businesses?

  For financial and non-financial reasons
• What are the financial reasons for setting up a business?

  • Profit maximization
  • Profit satisficing
• What is profit maximization?

  Creating a profitable business for revenue
• Who is Amancio Ortega?

  Founder of Zara
• What is profit satisficing?

  Achieving a satisfactory level of profit
• Who is Anita Roddick?

  Founder of The Body Shop
• What is social entrepreneurship?

  Creating a business to address social issues
• What is a common objective for businesses?

  Survival and profit maximization
• What is the aim of most startup businesses?

  To survive initial market entry
• What is effective cash flow management important for?

  Survival rather than profit maximization
• What happens to business objectives over time?

  They may change as the business evolves
• What are common business objectives?

  • Sales maximization
  • Market share
  • Cost efficiency
  • Employee welfare
  • Customer satisfaction
  • Social objectives
• What does sales maximization focus on?

  Generating maximum revenue from sales