1- Enterprise and Business functions Flashcards

1
Q

Define Enterprise

A
  1. A business

2. The actions of a risk taker who starts up their own business

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2
Q

Define Entrepreneur

A

A person who takes risks and sets up their own business

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3
Q

What are the characteristics of an entrepreneur?

A
  1. Persistence
  2. Ability to work with others and under pressure
  3. Creativity
  4. Ability to be comfortable with risk
  5. Leadership skills e.g. motivation and communication
  6. energy and enthusiasm
  7. self- belief and confidence
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4
Q

What are the factors of production?

A
  1. Land
  2. Labour
  3. Capital
  4. Enterprise
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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.

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6
Q

What is a constraint?

A

A restraining factor on a business; something that limits how a business operates

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7
Q

What are the functions of a business?

A
  1. Accounting and finance
  2. Operations management and production
  3. Marketing and support services
  4. Human resource management
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