In this lecture notes you will find in depth notes for the topic "Role of an entrepreneur" Theme 1 of Edexcel A level business which is called marketing and people.The textbook "Edexcel AS/A level BUSINESS, 5th edition, Pearson" is referenced in these lecture notes. They are really well written a...
LESSON 18
.Role of an entrepreneur
.Creating and setting up a business
An entrepreneur is a person who sets up and runs a business and takes risks in the hope of
a profit or reward.
Entrepreneurs⇒are innovators because they try to make money out of a
business idea
⇒are responsible for organising other factors of production
⇒have to make all the key decisions
⇒are risk takers
.Running and expanding/developing a business
Running a business requires owners to undertake a range of other tasks that are crucial to
the success of the business:
- Financial management
- Administration
- Marketing
- Purchasing
- Managing people (spending time on recruitment, selection and training. Need to
develop skills in managing people and motivating staff)
- Production (need to monitor product quality and consistency, consider health and
safety issues)
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