Entrepreneurship and Business Development

The Role of an Entrepreneur

• Creating a business involves understanding consumer tastes and potentially raising finance
• Lord Somerleyton identified a desire for high-quality chip-only fast food, using research on Great Yarmouth fish and chip shops as a basis
• He identified an opportunity for a mobile fast food facility targeting a different market (e.g., late-night party-goers), avoiding fixed outlet customers
• Risk-taking is inherent in starting a business, avoiding risk is not possible, but thorough market research can help
• Finding a sustainable gap in the market, such as the mobile hot chip business model, is crucial for a new venture. Hot Chip identified this opportunity.
• Establishing a business is only the initial stage; roles such as team building, recruitment, staff management, and expansion become equally important as the business grows
• Lord Somerleyton's plans include local and national expansion, which increases the importance of running and expanding the business
• Other entrepreneur roles include innovation, differentiation of products (to gain a competitive advantage), and risk anticipation in the business environment.

Business Success Factors

• Understanding consumer tastes and economic trends are essential for success (e.g. slow economic growth can impact disposable income)
• Early business stages depend on creating and setting up the business, while other roles (like innovation and risk management) become important as the business grows.

This quiz explores the critical role of an entrepreneur in creating and managing a business. It examines the importance of market research, risk-taking, and identifying opportunities to fill gaps in the market, as illustrated by Lord Somerleyton's case. Additionally, it discusses the necessary roles and strategies involved in team management and business expansion.