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Theme 1 > 1.5 Entrepreneurs and Leaders > Flashcards

1.5 Entrepreneurs and Leaders Flashcards

1
Q

Product Satisficing

A

Making a satisfactory product

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2
Q

Opportunity Costs

A

Cost of missing out on an opportunity

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3
Q

Trade-off

A

Accepting less of one to achieve more of another

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4
Q

Overtrading

A

Business expands at a rate that cannot be financially sustainable

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5
Q

Entrepreneur

A

Individual who sets up and runs a new business and takes on the risk associated with it

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6
Q

Intrapreneur

A

Employee who finds and develops inititatives with financial benefit for the business

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7
Q

LTD

A

Private limited company

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8
Q

Private limited company

A

Shareholders are all internal to the buisness

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9
Q

Private Limited Company Liability

A

Limited Liability

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10
Q

Limited Liability

A

Individuals not held responisible for companies debts

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11
Q

PLC

A

Public limited company

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12
Q

Public Limited Company

A

Sell sahres to public on stock exchange

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13
Q

Public Limited Company Liability

A

Limited liability

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14
Q

Sole Trader

A

Owned, financed, and controlled by one but can employ more

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15
Q

Sole Trader Liability

A

Unlimited Liability

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16
Q

Unlimited Liability

A

Debts paid personally

17
Q

Partnership

A

Two people operate for common goal of making profit

18
Q

Partnership Liability

A

Unlimited Liabiliyu

19
Q

Online Business

A

Use the internet to trade

20
Q

Social Enterprise

A

Social/ environmental goals - rely on donations + volunteers

21
Q

Lifestyle Business

A

Business allows owner to live a particular lifestyle e.g. B&B or PT

22
Q

Franchise

A

Franchisor sells idea to franchisee to use and franchisee gives back a % on sales

23
Q

Franchisor

A

Owns the company

24
Q

Franchisee

A

Runs an outlet of the company

Theme 1 (5 decks)

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