Flashcards in The Entrepreneur Deck (17):
What is an entrepreneur?
The person who takes the initiative and risk to set up a business with the hope of making a profit. It is about turning an idea into action.
What is initiative?
Initiative is about making decisions and taking a chance to make the most of an opportunity.
Name the 6 skills of an entrepreneur?
Ability to identify opportunities
Ability to make decisions
Ability to set plans and goals
Ability to manage time
Ability to asses and manage risk
Human relations skills
Name 6 characteristics of a good entrepreneur?
Proactive (controlling a situation)
Name 4 risks of being an entrepreneur?
Lose all money invested if the business fails.
Work long working hours and difficult to get time off.
Income is not guaranteed.
You may not have all the necessary skills needed for the business.
Name 5 rewards of being an entrepreneur?
Be your own boss and make all decisions.
Keep all profits for themselves.
Sense of achievement for succeeding.
To create employment for themselves.
Turn a hobby/interest into a business e.g. sport & personal trainer.
What is enterprise?
Enterprise is the actions taken by someone who shows the initiative to take the risk of setting up and running a business.
What ability’s are enterprising?
Come up with new ideas.
Seize new opportunities for innovation.
Turn ideas into goals and actions.
What is Financial Enterprise?
Creating a business with the aim of making a profit.
What is Social Enterprise?
Creating a business with the aim of helping people in the community. Not focused on profit.
What is Cultural Enterprise?
Creating a business with the aim of providing a music, theatre, arts and festivals to people in the community.
What questions should entrepreneurs ask themselves? Name 5?
Am I determined to make the business a success?
Do I understand the challenges involved and the sacrifices I will have to make?
Am I prepared to work for long hours?
What are the financial risks involved if the business fails?
Is their a market for my product/service?
Who are my current competitors?
Is my product/price/service better than my competitors?
Do I have a realistic business plan?
Give examples of enterprise in the community?
Tidy towns committee (other charity work)
Give examples of enterprise in the public services?
Smoking Ban 2004
Give an example of enterprise when working as a employee?
Employees working as creative intrapreneurs in a business.
Give an example of enterprise at home?
Carboot sale, work from home.