1.5.1 Role of entrepreneur

• An entrepreneur is a person who sets up a business and takes on the risk in hope of a reward, eg. profit.
• Entrepreneurs are important because they produce products and services which meet consumer needs and wants, create jobs, pay and collect taxes for government and encourage innovation and development of new products.
• Creating and setting up a business requires the entrepreneur to identify a gap in the market, do market research, decide on a business plan, write a business plan and raise the funds to get started.
• Running and developing a business requires setting aims, devising strategies, abiding by the law, monitor sales and performance, marketing and recruitment of new employees.
• Innovation is the creation, development and implementation of a new product, process or service.
• Intrapreneurship encourages employees to be innovative by allowing them to take risks and experiment with ideas.
• Overcoming barriers to entrepreneurship means they've got to think about whether they lack money, lack confidence, or lack knowledge.
• Anticipating risks and uncertainty means they need to consider the things that could go wrong, and how to put plans in place to minimise them from happening.