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10 Business Studies > Entrepreneurship > Flashcards

Entrepreneurship Flashcards

1
Q

What are entrepreneurs?

A

Strong driving force in our economy, who provides products and services, as well as creating employment

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2
Q

How are people forced into entrepreneurship?

A

Unemployment or other circumstances

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3
Q

Why do entrepreneurs need strong managerial skills?

A

Success of running their own business

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4
Q

What is good leadership?

A

Being able to work with and motivate teams to achieve their goals - invaluable asset

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5
Q

What do entrepreneurs see?

A

Potential success of possible ideas

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6
Q

Where does a large amount of entrepreneurship take place?

A

Informal trade - illegal

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7
Q

What is an intrapreneur?

A

Similar characteristics to an entrepreneur- innovation, persistence, goal driven

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8
Q

What is the difference between an entrepreneur and an intrapreneur?

A

Do not want to start own business and risk losing capital and assets

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9
Q

What do intrapreneurs prefer?

A

To work for a company and have a secure salary

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10
Q

What will a good manager recognise and reward?

A

An employee that is an immense asset

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11
Q

Name the entrepreneurial qualities

A
  1. Passionate visionaries
    2 Creative Thinkers
  2. Risk Takers
  3. Good leaders
  4. Independent Spirits
  5. Perseverance and Commitment
  6. Opportunist
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12
Q

What are passionate visionaries?

A

Believed they could do something that no one else has thought of or succeeded

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13
Q

What are creative thinkers?

A

Challenged the conventional way - innovating different aspects of traditional business

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14
Q

What are risk takers?

A

Positive attitude they took a chance at devoting their time, money, other resources - believe will work

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15
Q

What are good leaders?

A

Persuade others to buy into their dreams and help them realise it

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16
Q

What are independent spirits?

A

Like tk be in control and internally motivated

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17
Q

What is perseverance and commitment?

A

Work hard until they change part of the world

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18
Q

What are opportunists?

A

Happened to be in the right place at the right time - saw opening and took it

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19
Q

Who are the entrepreneurs?

A

Individuals with necessary knowledge and expertise to run a business successfully

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20
Q

POLC

A

Planning, organising, leading and control

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21
Q

Why is it important for entrepreneurs to recognise their shortcomings?

A

Hire others to fulfil those roles

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22
Q

Name the different types of entrepreneurs

A
  1. Social entrepreneur
  2. Technopreneur
  3. Ecopreneur
  4. Tenderpreneur
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23
Q

What is a social entrepreneur?

A

Want to solve social issues with products and services. Making a world a better placeb

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24
Q

What will social entrepreneurs start?

A

Non-profit company

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25
Q

What are technopreneurs?

A

Start with basic idea fro problem identified. Come up with nee ideas to be different or unique using technology

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26
Q

What are ecopreneur?

A

Driven to save the environment. Making profit important. Practices do not harm environment.

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27
Q

What is a tenderpreneur?

A

Obtain tenders from the government or from private business - provide specific services

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28
Q

What are entrepreneurial business?

A

Constantly innovating, taking risk and adapting their environmentz

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29
Q

What must entrepreneurial business constantly ensure?

A

They are on track with the business and goals

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30
Q

What is environmental scanning?

A

In touch with the world around them - remain successful players in specific industries

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31
Q

Name the benefits of environmental scanning

A
  1. Identifies threats - imminent
  2. Possible opportunities and gaps in market
  3. Finger on pulse of competitors
  4. Entrepreneurs create short term and long term strategies- protect business
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32
Q

Why is environmental scanning a 360° process?

A

Internal and external aspects - two types

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33
Q

Name the two types of environmental scanning

A
  1. Before stating business
  2. Continuous
34
Q

What is useful to look at in environmental scanning before starting a business?

A
  1. Viability of product/service
  2. Strength of competitors
  3. Size of potential market - absorb a new player
  4. Stability of resources: suppliers, financiers, staff, premises, fellow investors
35
Q

What is continuous environmental scanning?

A

Ongoing basis through analysing each environments - tools

36
Q

Tools for micro

A

SWOT, value chain analysis

37
Q

Tool for market

A

SWOT, Porters

38
Q

Tool for macro

A

SWOT, PESTLE

39
Q

Why should planning take place?

A

Opportunity, has an idea and wants to build on it

40
Q

Why must one think during planning?

A

Strategise for short term and long term

41
Q

Name the three planning tools

A
  1. Smarter goals
  2. Business plan
  3. Action plan
42
Q

Specific

A

Hols must be definable

43
Q

Measurability

A

Ability to quantify the goal

44
Q

Achievable

A

Ability of that business to reach the goal

45
Q

Realistic

A

The bigger picture.

46
Q

Time related

A

Specify when ur needs to be reached - considered succefyl

47
Q

Ethical

A

Ethics and morals

48
Q

Recordable

A

Needs to be recorded. Commitment and accountability- bold statement in writing

49
Q

Swot analysis

A

identify strengths, weakness, opportunities and threats

50
Q

Where is swot included?

A

Business plan

51
Q

What is a business plan?

A

Put every aspect of business
Financial budgeting to marketing strategy

52
Q

What is an action plan?

A

Implement and get the project done

53
Q

What does an action plan specify?

A

Individual tasks, when they have to be done, who is taking responsibility

54
Q

When does resourcing take place?

A

After environmental scanning and planning - successful

55
Q

What is it important to do in resourcing?

A

Mobilise all the resources

56
Q

What does resourcing include?

A
  1. Fellow investors (size/ownership)
  2. Raw materials, stock (trading)
  3. Capital items - machinery, equipment
  4. Finances - loans, financial institutions
  5. Staff - Employ key staff / double up
57
Q

When does preparation take place?

A

Not only initials days, also ongoing and sustainable trading

58
Q

When is the hive of activity?

A

The final days/weeks before opening
Depend on size of business

59
Q

What details must be taken care of?

A

Premises, marketing, ordering of stock, raw materials, administrative issues

60
Q

What never stops in an entrepreneurial business?

A

The momentum

61
Q

What must constantly happen to keep it from going out?

A

Innovation and Actuon

62
Q

What happens during action?

A

New ideas, new markets, new processes, nee products help business grow

63
Q

What happens during evaluation?

A

Evaluate and get feedback

64
Q

What is it important to take a business plan from?

A

Planning stage to action stage

65
Q

Define business plan

A

Tools with multiple uses and indispensable to the successful entrepreneur

66
Q

Name the value of the business plan

A
  1. Different types and sizes of business - require different types business plans
  2. Allows you to market your ideas - creative and add own distinctive touches
  3. Intrapreneurship and refocus is required. Flexible document - adapt to the growth and development
67
Q

What are timelines?

A

Simplest tools to use - utilise one variable by arranging past + expected future events (chronological order)

68
Q

What does timelines make easier?

A

Visual picture of what is happening - simplifies the planning process

69
Q

What is a Gantt Chart?

A

Sophisted form of timeline - introduce other variables

70
Q

What does other variables?

A

Responsibilities members, sub sections of the project

71
Q

When is Gantt chart used?

A

Project management - drawn by hand / internet site

72
Q

Advantages of a Gantt Chart

A
  1. Includes information on timeline (chronological order)
  2. Estimate time needed - each
  3. See which activities run simultaneously
  4. Inter-relatedness or tasks
  5. Colour-coding and key - more information
  6. Adjustments made - see effects on other tasks
  7. Show responsibilities each member
73
Q

How to construct Gantt Chart?

A
  1. Graph paper/blocks
  2. Mark time on horizontal axis (allow increments)
  3. Vertical axis - tasks and columns - person responsible
  4. Fill bars - expected time
  5. Link dependent tasks
74
Q

When is it easy to put the plan into action?

A

After constructing Gantt Chart

75
Q

Planning steps

A
  1. Set goals
  2. Gather information
  3. Analyse assumptions - planning based
  4. Choose plan of action
  5. Plan detail
  6. Action
  7. Review
76
Q

Why is it important to track progress on Gantt?

A

Problems at any stage

77
Q

How to redo Gantt Chant steps?

A
  1. Go and charge the template on wall with movable magnetic pieces
  2. On a computer and repainting it as changes are made
78
Q

What is the word on structure?

A

3×2 which breaks down the elements of work I need to be done on a specific project – resource allocation in casting can be done for each specific element

79
Q

What is the advantage breakdown structure?

A

Dividing into a hierarchical structure

80
Q

What can work breakdown structure be used on?

A

Simple project board to break up tasks into single in

81
Q

What is the between a Gantt chart and a work breakdown structure?

A

Go onto chart is more concerned about the time allocation and sequential scheduling of work – to meet a deadline. Work breakdown structure isolate various elements in order to assign roles and wake up budgets and resource allocation.
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10 Business Studies (13 decks)

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