Key Words Flashcards
(13 cards)
Entrepreneurs
Business owners who risk their own personal finances when developing a business idea
Intrapreneur
Employees, usually in large companies, who use their entrepreneurial skills to find and develop initiative that will have financial benefits for their companies.
profit maximisation
Where an entrepreneur wants to make as much profit as possible
profit satisficing
Where a business makes enough profit for the entrepreneur to be satisfied.
SMART objectives
Specific
Measurable
Achievable
Relevant
Time-based
Aims
The overall goal that the entrepreneur/ business wants to achieve.
Objectives
The small steps a business can take to achieve their aim
Sales maximisation
Where an entrepreneur wants to make as many sales as they possibly can.
Articles of Association
Legal procedure needed to form limited companies.
Certificate of Incorporation
Legal procedure/document allowing limited companies to trade.
Co-operative
A business owned and controlled by their members
Deed of Partnership
A document that states the rights of partners in a partnership in the event of a dispute.
Franchise
A type of business where the owner grants rights to another person/company to operate a business using their established brand, products and systems.
