The role of the entrepreneur in business and business start-up
A calculated risk-taker who sets up a business in return for financial gain. have an important role in all business activity, especially with assisting in the start-up of a business. Entrepreneurs must:
- Show initiative - entrepreneurs can show initiative through being proactive and planning ahead. Initiative can also be demonstrated by taking steps to start the business.
- Be innovative - entrepreneurs can show The act of creating new products or processes. by changing, adapting and developing their products and the way they do things in a business. Being innovative when starting up may mean adapting existing businesses ideas and products, eg a lightbulb being adapted to become an energy-efficient LED lightbulb.
- Identifying opportunities - entrepreneurs must be able to seek out an identify opportunities such as which new products to release and opportunities to expand into different markets. Opportunities when starting up relate to coming up with an initial business idea and spotting the opportunities to act on the idea.
- Organising resources – entrepreneurs must be good at organising resources, this means that they must be able to effectively manage employees, money, buildings, products and any other business resources. When starting up, it is important that an entrepreneur arranges each resource effectively.
