Being a entrepreneur
1. What is the role of an entrepreneur in our economic system?
Someone had the original idea for this product and went on to start, operate and assume the
risk of a business venture that someone is an entrepreneur.
2. Identify the entrepreneurial characteristics that Yolanda Zorach and Bill Gates have in
common.
They organised their business, undertook the necessary arrangements for it to operate, and
were prepared to take a risk. The size of the profits may differ, but they possess identical
entrepreneurial qualities courage, motivation, determination and energy.
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.
So they can be their own boss and decide when things get done and when they rest, I will be
motivated to this desire because if you are successful you may have to still work hard but at
least you have money in your pocket.
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.
Be your own boss gives independence so that you don’t have to answer to anyone and you
won’t be able to lose your job if you show up late.
Possibility of making a profit for yourself instead of you having a salary or a wage you will be
to keep most of the profit for yourself.
Hard work and long hours other ‘bosses’ — customers, you won’t be able to spread out your work to
employees.
suppliers, financiers Income may fluctuate and be uncertain because you will have to check, double
check, and triple check to make sure that none of your suppliers are ripping you off or that you need a
better way of advertising your business whether it will be having signs or moving to a different suburb
that suits your business more.
5. Read the case study on Jesse Hancock and then answer the following questions.
(a) What entrepreneurial characteristics does Jesse Hancock possess?
Highly motivated and had a firm belief in his product, understood the risk, took the risk, found
the market which needed more companies in it.
(b) Identify the reasons for the success of NueVue Graphics.
The 3D hologram business didn’t have many companies in it so there wasn’t much
competition; NueVue Graphics had a diverse range of designs not available by other graphic
businesses.
(c) Are you surprised that an entrepreneur should take only moderate rather than high risks?
Why do you think this might be the case?
I think this may be the case because if you take a high risk there is a small chance it might
payoff but an even larger chance that it will fail. With a moderate risk you have a 60-40
chance that the business will work out.