Revision Flashcards
(29 cards)
Define enterprise
Is an entrepreneurial venture that bring together economic resources to achieve a desirer objective.
Define entrepreneurship
Is the process of identifying a business opportunity, taking risk to start and run a business.
Distinguish between enterprise, entrepreneurship and entrepreneur
Enterprise is the entrepreneurial venture or company while an entrepreneur is the person whereas entrepreneurship is the process when the entrepreneurs establishes an enterprise.
Define social entrepreneurship
It focuses on maximizing the gain of society as whole and not so much on profit. Focus on looking for solution to social problem.
Define cultural entrepreneurship
Cultural entrepreneurship is when we use our culture to sell product and service. Focus on change the behavior of people in society
Define Economic entrepreneurship
Is when an entrepreneur starts an enterprise starts an enterprise with the aim of making profit.
List and explain the benefits of being an entrepreneur
->FLEXIBILITY
They only work when it suits them
->SELF-EMPLOYED
You creat jobs for yourself
->SOCIAL RECOGNITION
Became popular and well-known in
a society
->FINANCIAL INDEPENDENCE
The entrepreneur depend on
their own income/ They come up
with their own income
->INCREASED INCOME
The entrepreneur generates
his or her own income/ as
the business profit increase
Income will also increase.
->INDEPENDENCE
->IMPROVED STANDARD OF LIVING
Their way of living will be better as
They have income to satisfy their
Needs/ earning extra income
Enables extra income enables the
Entrepreneur to afford luxury
Properties.List and explain the challenges of being an entrepreneur
NO SAFETY NET
-there is always a risk of failure/ risk of losing investment of business fails.
UNCERTAIN IN INCOME
-there is no fixed income/income depend on the demand for product or services
EXPERIENCE ALOT OF STRESS
-experience pressure from friends because of financial and lifestyle change/pressure from customers and entrepreneur has alot of work
CUSTOMERS MAY NOT LIKE YOUR PRODUCT/ SERVICOR CANNOT ALLOW THE PRODUCT
-the product is not attracting or the product or service are very expensive
LONG HOURS OF THE WEEK
-can put a strain on family
LACK OF FUND/CAPITAL
-there is not enough money to staff the business or it’s not easy to get a loan.
COMPETITION WITH OTHER BUSINESS
- there are alot of businesses selling the same product.
List and explain the characteristics of an entrepreneur
INFORMATION SEEKING
Looking for information on products and service that are available as well as the needs and wants of the market ( customers)
PERSISTENCE
Trying many times until you succeed
COMMITMENT
Is preparedness to put time, energy and hard work into the idea and business.
PERSEVERANCE
not giving up easily even after failing
INITIATIVE
Taking a lead in doing things
CREATIVE/ORIGINALITY
Have original or new ideas/always think out of the box.
INNOVATIVENESS
Continuously looking for improvement and new solution to problems
INDEPENDENCE
Ability to make decisions on your own
PROBLEM SOLVING SKILLS
Ability to identify and tackle challenges
Explain the following responsibility in the community
- Social responsibilities
- Environmentally sustainable
- Job creation
- Combatting of unethical behaviours.
- Social responsibilities
- Creating job opportunities for local people in order to uplift
- Uplifting the wellbeing of the community through offering scholarship, training programmes, sponsorships etc.
- Provision of essential services and product that meet the needs of the community. - Environmentally sustainable
- Creating awareness within the community in order to reduce pollution
- Recycling waste materials by turning them into useful products.
- Protecting the environment by using limited resources wisely. - Job creation
- Provide employment to the people in the community.
- buying or using products made by other local businesses. - Combatting of unethical behaviours
- An entrepreneur must be honest with the business public.
- They must establish a good working relationship with suppliers and employees.
- They must meet government obligation e.g paying tax, registration
- They should not mistreat their employees and customers
What is life ethics
Life ethics refers to the principle and values that help us to decide what is right or wrong when involved in life matters
What is business ethics
A consideration of morals, principles and value in the course doing business.
List and explain the desirable business ethics
- Honesty
- The ability to tell the truth and not cheat all the time - Loyalty
- To be faithful to your customers, employees, suppliers and all other shareholders. - Punctuality
- The ability to be on time all the time - Fairness
- To treat all people equally and in the same way. - Non-sexual environment
- Not to involve in sexually related activities at a work environment
E.g kissing and hugging - Harassment free environment
- Not bothering and annoying people at workplace
Distinguish between negative and positive
Positive beliefs are beliefs that encourage and motivate people to do their best
WHILE
while negative beliefs are beliefs that discourage people not to perform well
Name five negative And positive beliefs
________________________________________
NEGATIVE |POSITIVE
—————————|———————–
1. Only educated | Every person
With degrees | can start a
And skills can | business
Start an | regardless of
Enterprise | their level of
| Education, if
| Well motivated .
_____________________|__________________
2. Starting an | A person should
Enterprise is too | be a risk-taker
Risky than | in order to
Working for | become a
Someone | successful
| Entrepreneur
_____________________|__________________
3. It is best to | people from
Employ like | different culture
Minded people | and background
In an enterprise | bring new ideas
E.g. from same | that will add
Region | value to the
| Business
______________________|_________________
4. It is bad luck to | People may
Open your | choose to work
Business on | overtime if the
Sunday or a | reward is good
Public holiday | enough
______________________|_________________
5. Women should | women can
Limit themselves | come into any
To business such | business of
As dressmaking | their choice
And poultry | regardless of
| Their sex
______________________|_________________
What is a belief
Belief is an opinion or idea that people think is true even if they cannot prove it.
What are values
Values are our ideas of what we believe are right or wrong
E.g integrity, honesty and loyalty
Describe how enterprise depend on the natural environment
Land:
Agriculture enterprise depend on healthy land to grow their crops and livestock
Water:
Enterprise depend on water for producing products/services
Flora:
Enterprise depend on plants to manufacture products e.g furniture
Fauna:
Enterprise depend on animal products such as skin to make learner products
Describe the components of the natural environment
Land: Different types of soil,sand,rocks, mountains and minerals Air: Mixture of gases surrounding the earth, breathed in by all animals and plants Water: Surface water and underground water Flora: All plants of particular area Fauna: All animals of particular area
Identify and explain the components of the business enterprises environment
Consumers:
Are the people who pay to consume the goods and services that enterprises provide
Suppliers:
Are enterprises that provide goods or raw materials to an enterprise
Public sector:
Is the part of economy that’s controlled by the state
Competitors:
Is any enterprise that sells a similar product or service
Service providers:
Is an enterprise or person that provides a service to customers or another enterprise/service provides usually don’t sell products
Natural environment:
Is anything from nature that we use such as wood,land,and water
Name the Advantages of being in a partnership
More capital:-
More money Available to start the enterprises as all partners contribute
Partners share more ideas:-
More ideas are shared during decision making
Partners share duties and responsibilities:-
Each partner do what he or she knows best/work is shared Amon the partners
Name the disadvantages of sole trader
Lack of fund/capital=
The owner alone has to find money to start his business.
Desicion making=
No one on to discuss business matters with/not make decisions all the time
Unlimited liablilities=
The owner may lose personal belongings should be business fails to pay business debts
There is no Contiuity=
Business come to an id the owner dies
Disadvantages of a partnership
Payment of partners-
The profit is shared among all partners
Sharing of responsibilities-
Some partners may work less hard that the others
Continuity -
If one partner die or retire the business will have to close down until a new agreement is drawn up
Conflict-
Partners might disagree bwhen making decisions, the decisions making takekbegr
Characteristics of a sole trader
- it is only owned by one person
- the owner is liable for all the losses of the business
- the owner is responsible for all the activities in the business
- start up capital is hard to get
