Entrepreneurs Flashcards
(10 cards)
1
Q
ENTERPRISE
A
someone who shows some initiative by taking
a risk by setting up, investing in and running a business
2
Q
ENTREPRENEURSHIP
A
The person who sets up the business
3
Q
RISK
A
is the possibility a company will have lower than
anticipated profits or experience a loss rather than taking a profit
4
Q
REWARD
A
Scheme to support and reinforce desirable
behaviour, such as wage rate that increases with the productivity
of the worker.
5
Q
Business Plan
A
is a report by a new or existing business that
contains all of its research findings and explains why the firm
hopes to succeed.
6
Q
Interpret
A
translate information into recognisable form
7
Q
Characteristics of an entrepreneur:
A
- Risk-taking: starting a business might not work meaning
loss of time and money - Creative: An entrepreneur is someone who has a good
idea, seeing how a customer need can be met - Determination: Being prepared to keep going when there
are obstacles to getting the idea off the ground - Confidence: An entrepreneur has to have self-belief that
they can run a business, employ people, sell their idea,
get finance etc
8
Q
The purpose of business activity & Enterprise:
A
- Spotting a business opportunity
- Developing an Idea
- Responding to customer wants and needs
- Making Money
9
Q
Risk
A
- Loss of initial sum invested
- Loss of reputation
- Family security
- Time and energy
10
Q
Rewards
A
Financial • Keeping all profits • Growing the business Non-Financial Rewards • A sense of satisfaction • Building something • Being in control • Making that first sale
