Enterprise Flashcards
What is an enterprise?
The formation of a new business or good or service to be introduced to a market.
What is a SME?
Small-medium sized enterprises are business that employ less than 250 people and a turnover of less than $50 million.
What are needs?
People have a limited number of needs that must be satisfied if they are to survive. These include water, shelter, food and clothing.
What are wants?
Wants are unlimited, people constantly aim for better quality of life. For example, better food, better housing, education, holidays.
What is an entrepreneur?
An entrepreneur is someone who starts and runs a business. They might make a product and sell that product or provide a service. They might employ people and try to make a profit.
Characteristics of an entrepreneur?
Risk taker
Hard working
Passionate/determined
Innovative
Effective organiser
Product knowledge
Importance of Entrepreneurs and SME’s to the primary, secondary and tertiary sectors of the UK economy.
Entrepreneurs help the economy by creating new jobs.
Government benefit from taxation that is generated from the revenues.
They provide new products to markets that help boost the economy.
Entrepreneurs are innovative meaning they provide better ways of doing things.
Stakeholders that are affected by a business
Managers
Employees
Customers
Suppliers
Investors
Government
