Role of Business Enterprise Flashcards
(12 cards)
what are the characteristics of an entrepreneur
creativity, confidence, risk-taking, determination
what is an entrepreneur
someone who takes the risk of starting and running a business
what is spotting an opportunity
spotting a gap in the market such as improving an existing product or producing a product more cheaply
what is developing an idea
designing the product or service
what is satisfying customer needs
producing the product or providing the service that customers want
what is a financial risk of entrepreneurship
you may lose savings and assets to pay off debts if the business doesn’t succeed
what is a financial reward of entrepreneurship
you can make lots of money
what are non-financial risks of entrepreneurship
suffering from strained relationships and stress-related health problems
what are non-finanical rewards of entrepreneurship
independence as you are in control of yourself, self-satisfaction if the business succeeds, and making a difference such as improving customer lives
why is independence a non-financial reward
you are in control of what you do and not being told what to do by others
why is self-satisfaction a non-financial reward
you feel good because the business is a success
why is making a difference a non-financial reward
you can improve the lives of customers and provide ethically responsible goods and services
