Flashcards in 1.1 Enterprise Deck (15)
Give the definition of an entrepreneur
Someone who is willing to take risks to start a business
Why do people start their own business?
To bring in new ideas
Get to keep all of the profit made
Don't want to be told what to do by boss
To persue your own dream/idea
What qualities are required to be an Entrepreneur?
What is the Primary Sector?
Business that extracts from nature and supply raw materials
Give an example of a Primary Sector
What is the Secondary Sector?
Businesses that are manufacturers
Give an example of the Secondary Sector
What is the Tertiary Sector?
Businesses that provide Services
Give an example of a tertiary sector
What is a Social Enterprise?
An organisation that isn't motivated by money only but also wants to provide a service to benefit the community
How are products distributed?
Goods or Services
What is a Franchise?
The right given by one business to another to sell goods or services using its name
Give the definition of a Franchisor
Someone who sells a business to a Franchisee
Give the definition of a Franchisee
Someone who buys a business using its name as well as selling goods