1.1 Enterprise and entrepreneurship Flashcards
Dynamic nature of business Risk and reward Role of Business Enterprise
1
Q
Defintion of Business
A
An organisation set up to meet customer demand and to make a profit for its owners
2
Q
Defintion of Entrepreneur
A
An individual who takes a calculated risk in starting or running a business in return for making a profit
3
Q
Definiton of Enterprise
A
A business that has the objective of making a profit
4
Q
Defintion of Reward
A
What an entrepreneur receives, financial or non-financial, as the return for the risks that are taken
5
Q
Definition of Risk
A
The possibility that a business may not be successful
