1.1.2 Risk and reward Flashcards
1
Q
What is business success ?
A
This may mean; awards, fame, survival, growth or making more money than they would working for someone else
2
Q
Definition: Business rewards
A
A business reward is a benefit that it brings to the owner e.g. better working conditions
3
Q
Lack of security
A
If an entrepreneur has a regular job, and they decide to leave that job to open their own business this is a huge risk
They may have a mortgage, a car and other bills to pay
4
Q
risk
A
business failure, financial loss, lack of security
5
Q
Reward
A
business success, profit, independence
6
Q
Financial risks
A
The owner may put their own cash and other assets (e.g. a van) into a business
