Define the term 'entrepreneur'.

Mark scheme

Marking points from the official mark scheme (Feb/Mar 2018). The mark or mark type is shown in brackets.

1. [2] An entrepreneur is someone who sets up a new business, is a risk taker, supplies (own) capital, and organises factors of production.
2. [3] Risk taker - able to take a calculated risk to invest in a business venture by seeing potential and evaluating chances of success.
3. [3] Prioritisation / goal setting – able to decide between urgent and important matters and make the best use of limited resources to guarantee success.
4. [3] Planning - able to put together a thoughtful, realistic business plan taking account of the business' strengths and weakness and considering contingencies.
5. [3] Multi-skilled – able to undertake many roles and tasks to get the business idea up and running.
6. [3] Leadership - the ability to motivate those involved in the start up business.
7. [3] Resilient / Passionate / Visionary / Energetic / Self-motivated / Driven / Self-starter / Multitasker / Focused / Flexibility / Positivity / Confidence / Creativity / Initiative / Low fear of failure / Hard worker / Innovative.