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Assess whether this is the most important role of an entrepreneur, such as Lord Somerleyton. - Edexcel - A-Level Business - Question 1 - 2018 - Paper 1
Question 1
Assess whether this is the most important role of an entrepreneur, such as Lord Somerleyton.
Worked Solution & Example Answer:Assess whether this is the most important role of an entrepreneur, such as Lord Somerleyton. - Edexcel - A-Level Business - Question 1 - 2018 - Paper 1
Step 1
Creating and setting up a business is one role of an entrepreneur.
Answer
Creating and setting up a business is fundamentally about identifying a viable idea and taking the calculated risks involved in launching it. For Lord Somerleyton, this entailed recognizing the demand for high-quality fish and chips and capitalizing on that market opportunity through his establishment of 'Hot Chip'. It includes understanding consumer preferences and the importance of raising finance to ensure the business can handle initial costs.
Step 2
Expanding the business is another crucial role.
Answer
As the business begins to stabilize, expansion becomes vital to sustaining growth. Lord Somerleyton's plans to introduce a 'Hot Chip Saloon' suggest that he sees the potential for further diversification and profit in the fast food market. This involves not just running the existing business, but also exploring new locations and product offerings based on consumer insights.
Step 3
The importance of adaptability.
Answer
An entrepreneur must be adaptable to changing market conditions. For example, Lord Somerleyton's strategy of diversifying toppings demonstrates his understanding of consumer tastes and market trends. This adaptability is essential in maintaining a competitive edge and in attracting new customers, highlighting that expansion and innovation are just as important as the initial setup.
Step 4
Role comparison.
Answer
While creating and establishing the business lays the groundwork, the evolving role of an entrepreneur often emphasizes expansion and adaptation. If Lord Somerleyton is to see continued success, the balance between setting up new avenues and managing existing operations becomes crucial. It could be argued that both roles are interconnected, but without effective management and expansion strategies, the initial setup might not sustain long-term growth.