7.4d Political and Legal: Enterprise Flashcards
1
Q
Entrepreneur definition
A
A person who takes the risk in starting a new business
2
Q
Enterprise definition
A
The skills and abilities to take risks and create profits
3
Q
Rewards for enterprise
A
- Profits
- Capital gains
- Self-esteem
4
Q
Why is enterprise important to the UK economy?
A
- Job creation
- Stimulates investment and innovation
- Businesses pay taxes and encourage competition
5
Q
Strategies for supporting enterprise by the Government:
A
- Borrow money at low interest rates
- Encourage private investment through tax incentives for investors in small businesses
- Employment Allowance means small businesses have their National Insurance contributions bill reduced by £2,000
- Great business website to advise people on setting up and running a business
- Backing initiatives to encourage young entrepreneurs e.g. the Tenner Challenge
