Entrepreneur Flashcards
Functions, Decision making, Economic development, starting a business & Feasibility study (30 cards)
What is an entrepreneur?
A person who undertakes the risks involved in establishing and running a business in the hope of making a profit.
What is entrepreneurship?
the act or process of managing a business enterprise.
What is a Creativity?
The vision and imagination is used vividly.
What are the the characteristics of a good entrepreneur?
Creativity, innovativity, flexiblity, goal oriented, persistency, perseverancy, risk takers.
What is Innovativity?
Own ideas.
What is Flexibility?
Adapts quickly to new and challenging situations.
What is Goal-Oriented?
Working hard towards goals/clear, realistic and measurable targets.
What is persistency?
Not giving up/working hard through setbacks.
What is a risk taker?
Their money or others are risked to create a business.
What is Perseverancy?
Working for long hours to achieve success.
What are functions of the entrepreneur?
Conceptualization, planning, accessing funds, organising, operating the business, evaluating the performance, bearing risks and making profit or loss.
What is Conceptualization?
The entrepreneur has to decide the idea of what good or service will be offered for sale.
What is planning?
A business plan should b prepared, decisions should be made on location of business, design of the product, decide on the equipment etc.
What is accessing funds?
How much capital is needed and where it will be obtained.
What is organizing the business/factors of production?
Location & premises, should be organized, employment of staff, find raw materials.
What is operating the busines?
Supervise the operations, make necessary changes in order to improve the product/service.
What is evaluating the businesses performance?
Learn and understand the out come of the business as well as the factors that influence the outcome.
How does the entrepreneur contribute to economic development?
Investing in a new product and services to satisfy needs, increasing market competition (lowered prices), providing employment, greater amount of income tax, contributing to nation building and improve community.
What is Economic Development?
The process by which the economic well being and quality of life of a community are improved.
What are the reasons for establishing your own business?
It leads to financial independence, increased income,, increased control of working environment, self-fulfillment and self-actualisation.
What are the six steps in setting up a business?
Conceptualisation, carry out research, identify the resource required, create a business plan, acquisition of funds and operation of business.
What is a feasibility study?
Is a research that provides information that helps the entrepreneur determine whether his idea will be successful.
What does the feasibility provide?
Whether people will buy the product/service, who will be the customers, where are the customers located, what competition exists and how many money is needed.
When should a feasibility study be carried out?
Before starting a business, before introducing a new product/services and before making improvements/changes to a product/service.
