1- Enterprise and Business functions Flashcards
1
Q
Define Enterprise
A
- A business
2. The actions of a risk taker who starts up their own business
2
Q
Define Entrepreneur
A
A person who takes risks and sets up their own business
3
Q
What are the characteristics of an entrepreneur?
A
- Persistence
- Ability to work with others and under pressure
- Creativity
- Ability to be comfortable with risk
- Leadership skills e.g. motivation and communication
- energy and enthusiasm
- self- belief and confidence
4
Q
What are the factors of production?
A
- Land
- Labour
- Capital
- Enterprise
5
Q
What is meant by adding value?
A
A business can sell the product at a higher price than it cost to produce it.
6
Q
What is a constraint?
A
A restraining factor on a business; something that limits how a business operates
7
Q
What are the functions of a business?
A
- Accounting and finance
- Operations management and production
- Marketing and support services
- Human resource management