1.5.1 Role of an entrepreneur

• Entrepreneur

  An entrepreneur is a person who is willing and able to create a new business idea or invention and takes risks in pursuing success.
• Successful entrepreneurs can identify and pursue opportunities, create value for customers and build thriving businesses.
• What do entrepreneurs do ?

  • Be able to gather and coordinate resources necessary to start and operate a business.
  • Be able to make decisions that will determine success or failure of business.
  • where to locate, what prices to charge. Decisions require a combination of market research, creativity, and business skill.
  • wrong decisions can lead to wasted resources, lost opportunities, and ultimately business failure.
  • take risks by introducing new products or entering new markets.
• Intrapreneurship refers to the practice of promoting entrepreneurial thinking and behaviour within an existing business.
• To promote intrapreneurship, businesses may provide resources to employees or offer incentives/rewards for successful projects.
• What does intrapreneurship involve?

  • Involves empowering employees to think & act like entrepreneurs.
  • The business encourages them to take risks, innovate, and develop new ideas and projects that may benefit the business.
• Intrapreneurship allows businesses to tap into the creative potential of their employees and generate new products, services or processes that can drive growth and competitive advantage.
• Intrapreneurship helps to create a culture that generates a sense of ownership and engagement among employees, which increases motivation and helps to retain top talent
• Entrepreneurship can be a challenging journey and many barriers can prevent individuals from starting or growing a successful business.
• Entrepreneurial capacity

  • an individual's ability to think creatively, take risks, and identify and seize business opportunities.
• Access to finance

  • Many aspiring entrepreneurs struggle to secure the funding necessary to start or grow their businesses
  • Lack of access to finance is a major barrier to entrepreneurship, especially for those from disadvantaged backgrounds
• Lack of training

  • Starting and growing a successful business requires a range of skills, including marketing, finance, management, and leadership.
  • Aspiring entrepreneurs may struggle to develop a viable business plan, attract customers, or manage their finances effectively.
• Fear of failure

  • Entrepreneurship is inherently risky.
  • Entrepreneurs may hold back for fear of failure or a lack of confidence.
  • They may worry about the financial risks involved in starting a business or fear the stigma of failure.
• Risk

  • Risk is something an entrepreneur can plan for.
  • The probabilities of outcomes are known or at least understood and considered.
  • Risk taking is a conscious decision and often the greater the risk, the greater the reward in business.
• Uncertainity

  • Uncertainty is caused by factors outside of the entrepreneur’s control
• Factors that cause uncertainity

  • Environmental factors (Tsunami)
  • Economic changes (Covid lockdowns, Brexit )
  • The entry of new competitors
  • Changes in local and national legislation (laws)
  • Changes in the political party governing the country