1.2.1-Role of an entrepreneur in the economy

avatar
Created by
Kalum

Cards (7)

  • A entrepreneur is a person who spots a opportunity and shows initiative and willingness to take risks in order to benefit.
  • 4 Factors of Production-
    Land
    Labour
    Capital
    Enterprise
  • Steps to creating a business-
    Generating a idea
    Asking if the idea can add value
    Conduct market research
    Drawing up a business
    Deciding on a legal structure
    Raising finance
  • Business Plan:
    Executive summary
    Business and product or service
    The market
    The market strategy
    Skills of a entrepreneur
    Operations
    Financial forecasts
  • Expanding a business-
    Managing resources including stock
    Dealing with customers
    Maintaining financial records
    Employ staff
    Use of service of experts
    Delegate responsibility to others
  • Added value- Ability to ensure that value of the output is higher than the sum of the value
  • Added value can be achieved by:
    Manufacturing process to combine outputs
    Marketing to increase actual or provided value
    Unique selling point of product differentiation