Theme 1 - 5.1 and 1 - 5.2 Role of an entrepreneuaur and Entrepreneurial motives and characteristics Flashcards
1
Q
What is an entrepreneur ?
A
Business person that starts a business and takes on financial risk in hope of making a profit.
2
Q
What is innovation ?
A
innovation is putting a new idea or approach into action.
3
Q
What are the reasons that people set up a business ?
A
Financial incentives:
- profit maximising
- profit satisficing (when a business makes just enough money to survive in order to allow them to achieve another objective - examples are charities and social enterprises).
Non-financial incentives:
- ethical stance
- more independence
- social entrepreneurship
- home working
4
Q
What is an Intrapreneur ?
A
A person within a business that thinks like an entrepreneur.
5
Q
Whats a social enterprise ?
A
When a businesses trades for environmental and social reasons.
6
Q
A
