Entrepreneurial Characteristics & Skills
What is an entrepreneur?
A person who starts and runs their own business, taking financial risks in hopes of profit
What is an intrapreneur?
An employee who innovates within a company, acting like an entrepreneur but without financial risk
Define creativity.
The ability to generate new and original ideas.
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, Threats
What does USP stand for?
Unique Selling Proposition
What is a focus group?
This market research method involves bringing together a small group of people to discuss their opinions about a product or idea.
Name two personal characteristics that successful entrepreneurs have.
Determination, resilience, creativity, risk-taking, confidence, adaptability, etc
What is the main difference between an entrepreneur and an intrapreneur?
Entrepreneurs start their own businesses, while intrapreneurs innovate within existing companies.
Define innovation.
The process of improving or creating products, services, or processes that add value
What is the purpose of a SWOT analysis?
To assess a business’s internal strengths and weaknesses, and external opportunities and threats.
What is a USP?
A factor that makes a business’s product/service stand out from competitors
What are closed-ended questions?
These survey questions provide respondents with a fixed set of answers to choose from.
What is the difference between hard skills and soft skills?
Hard skills are technical abilities (e.g., coding, financial management), while soft skills relate to personal attributes (e.g., leadership, communication).)
True or False: Both entrepreneurs and intrapreneurs need creativity and leadership skills.
True
True or False: All creative ideas are innovative.
False. Creativity is about ideas, but innovation requires implementation.
Give an example of a threat a business might face.
Teacher discretion
Give an example of a business with a strong USP.
Teacher discretion
List two advantages of using open-ended questions in a survey.
Detailed responses and deeper insights into consumer opinions
Why is risk-taking an important characteristic of entrepreneurs?
Entrepreneurs must take calculated risks to innovate, grow their business, and gain competitive advantage
Why might a company encourage intrapreneurship?
It fosters innovation, improves products, and helps businesses stay competitive
Give an example of a company that used innovation to gain a competitive advantage.
Apple with the iPhone, Tesla with electric cars, etc.
Why is it important for entrepreneurs to recognise their weaknesses?
It helps them improve, avoid risks, and seek external help when needed.
How can a business create a strong USP?
Identify customer needs, differentiate from competitors, and communicate the value clearly.
Name Three different types of questions you could include when designing a market research survey.
Open-ended questions
Closed-ended questions (yes/no)
Multiple-choice questions
Checkbox questions (multiple answers)
Demographic questions
Scaling or rating questions
What role does emotional intelligence play in entrepreneurship?
It helps entrepreneurs manage stress, communicate effectively, and build strong relationships with employees and customers
How can an intrapreneur impact a company’s success?
They bring new ideas, improve efficiency, enhance products/services, and help companies adapt to market changes.
What is ‘disruptive innovation’?
A new idea or product that significantly changes an industry, e.g., Netflix disrupting the video rental market
How can a business turn a threat into an opportunity?
By adapting to market trends, improving strategies, or innovating new solutions
How can a business test whether its USP is effective?
Through customer feedback, sales performance, and market research
Give three characteristics of a well-designed survey.
Clear purpose, simple language, unbiased questions, short to the point, easy to analyse, consistent format, include 1-2 open-ended questions, balanced choices.