1.5.1 Role of an Entrepreneur

• What is the primary objective of entrepreneurs?

  Generate profit
• Entrepreneurship is the process of identifying business opportunities, taking calculated risks, and organizing resources
• Elon Musk's SpaceX aims to revolutionize space travel with reusable rockets.
• What are some key characteristics of entrepreneurs?

  Ambition, creativity, resilience
• Risk-taking is a characteristic of entrepreneurs that involves willingness to take calculated risks
• Resilience is the ability of entrepreneurs to bounce back from failures.
• What is one primary function of entrepreneurs in the business environment?

  Risk-bearing
• Entrepreneurs introduce new products, services, and methods through innovation
• Jeff Bezos's founding of Amazon illustrates how entrepreneurs drive job creation and economic growth.
• What is one type of risk associated with entrepreneurship?

  Financial
• Operational risks in entrepreneurship include competition and logistical challenges
• Match the risk category with an example:

  Financial ↔️ Economic downturns

  Operational ↔️ Competition

  Strategic ↔️ Poor decision-making
• High potential profits are a financial reward of entrepreneurship.
• What is a personal reward of entrepreneurship?

  Flexibility
• Entrepreneurs drive economic growth, create jobs, foster innovation, and encourage competitive markets
• What are three examples of rewards for entrepreneurship?

  Financial, personal, societal
• Entrepreneurs drive economic growth and job creation.
• Economic growth is fueled by new ventures that increase GDP and productivity.
• Innovation improves product quality and efficiency.
• Chronological order of Elon Musk's ventures

  1️⃣ Tesla's electric cars drive innovation in the automotive industry

  2️⃣ SpaceX advances technology for space travel

  3️⃣ Both companies contribute to local economies
• Entrepreneurs assume the financial risks of starting a business.
• Entrepreneurs create new ventures that generate employment opportunities.
• Match the risk category with its example:

  Financial ↔️ Initial investment loss

  Operational ↔️ Logistical challenges

  Strategic ↔️ Incorrect business model
• Wealth creation is a financial reward of entrepreneurship.
• Job creation, economic contribution, and innovation are societal rewards of entrepreneurship.
• Entrepreneurs, managers, and leaders have overlapping traits and motivations.
• Match the role with its trait:

  Entrepreneur ↔️ Risk-taking

  Manager ↔️ Detail-oriented

  Leader ↔️ Persuasive