The Role of an Entrepreneur PDF

**The role of an entrepreneur** Creating and setting up a business is the initial idea and risk involved in beginning a business, which will involve understanding consumer tastes and may also involve raising finance. Lord Somerleyton has done this through spotting a desire for customers to be will...

**The role of an entrepreneur** Creating and setting up a business is the initial idea and risk involved in beginning a business, which will involve understanding consumer tastes and may also involve raising finance. Lord Somerleyton has done this through spotting a desire for customers to be willing to buy chip-only fast food, based on high quality potatoes. This is important because Lord Somerleyton has also conducted small sample research on fish and chip businesses in Great Yarmouth as part of his set-up process and he has spotted an opportunity for a mobile fast food facility that would target a different market (late night party-goers) to those that might visit fixed outlets (mass market customers) Creating and setting up the business is an important first step for an entrepreneur such as Lord Somerleyton, because without this initial risk-taking there would be no business to establish. It is impossible to eliminate risk from decisions but conducting thorough market research before setting up a business can help. Finding a gap in the market such as hot chips that is sustainable for a new business needs to be carefully researched and led by the entrepreneur. Hot Chip have identified the mobile fast food facility as an opportunity they can pursue However, creating and setting up a business is only important in the initial set-up period. Different roles such as working with his business partner Toby and recruiting and leading new staff as more branches are open will become more important -particularly if the plan to expand nationwide is followed. The importance of each role of the entrepreneur may depend on the plans for their business. Lord Somerleyton plans to expand locally and nationally with Hot Chip, so his role in running and expanding the business becomes more important. If he were to be happy with a small number of Hot Chip outlets, he may turn to looking at other business ideas, which would raise the importance of the creation and set-up role. Other roles of the entrepreneur will include innovating within a business, this means keeping ideas and approaches to how the business is run creative and different in comparison to their competitors. If Hot Chip can differentiate their product offerings it can give them a competitive advantage. Another role of an entrepreneur is anticipating risk and uncertainty in the business environment. This is difficult to do and requires and ability to judge what is happening in society or the economy as a whole, for example if there is slow economic growth it might give Hot Chip and indication about how much disposable income customers have. To Conclude, creating and setting up a business is essential for the early start up stages of any business, however other roles of an entrepreneur such as staying innovative and avoiding risk are equally important as the business grows over time