Being an Entrepreneur
1 What is the role of an entrepreneur in our economic system?
Entrepreneurs play the role of introducing individual products into the market which
many people may take an interest in.
2 Identify the entrepreneurial characteristics that Yolanda
Zurack and Bill Gates have in common.
Both of them managed to organise their business, undertook the necessary
arrangements for it to operate, and were prepared to take a risk.
3 What is the major reason for a person wanting to start up his
or her own business? Would you be motivated by this desire?
Give reasons for your answer.
A person may wish to experience the freedoms of being self employed and may
possess the required ambitions and qualities that will allow them to succeed in
running a business.
4 Examine the figure outlining the advantages and
disadvantages of being self-employed. Select two advantages
and two disadvantages and elaborate on each of them.
Being Your Own Boss- When you are self-employed you choose to work when you
want, and follow no strict routines. It is a very flexible advantage.
Develop your own creative ideas- As an entrepreneur you will have the ability to
introduce your own personal product to the market and it will allow you to build on
your ideas.
Income may fluctuate and uncertainty- When you are self employed there is no
guarantee you will find work and receive your income, this means you must be ready
to go without some money for a while until you find a job.
Stress and worry- Being your own boss and finding work and establishing prices can
be a real hassle. It could lead to stressing over finding more work or worrying about
not getting a job soon.
5 Read the case study on Jesse Hancock and then answer the
following questions.
(a) What entrepreneurial characteristics does Jesse Hancock
possess?
Jesse possesses a desire to succeed, is highly motivated and firmly believes in his
product. He takes only moderate risks and has a good understanding from Business
Studies courses.
(b) Identify the reasons for the success of NueVue Graphics.
The business offers a diverse range of designs not available from any other graphic
design business.
(c) Are you surprised that an entrepreneur should take only
moderate rather than high risks? Why do you think this might
be the case?
High risks lead to a very bad failure, whilst moderate risks, although they may fail,
will not severely harm your business, and will allow you to keep moving forward and
pick up again.