1.2b Reward Flashcards
What are the Financial rewards for setting up your own business?
Profits
Dividends
Capital Growth
What is intuition?
Knowing something instinctively or understanding something easily without conscious thought
What is meant by ‘The excitement / Satisfaction’?
Many entrepreneurs are motivated by the satisfaction of building a business from nothing or of thinking up an idea that no one has ever thought of before
What is meant by ‘Becoming Wealthy’?
Getting lots of profit from your business
What is meant by ‘The Control’?
Many entrepreneurs are motivated by having the opportunity of working for themselves rather than working for someone else
Why is setting up a business good for people other than the entrepreneur?
Usually it means that there are more jobs available. It also good for customers as they get more of a variety of services.
What rewards do employees want?
A good salary (About 88%)
A flexible schedule (About 59%)
Telecommute/Work from home (About a third)
To make a difference in their jobs (About 49%)
Academic Reimbursement (18%)
To have their own offices (17%)
What are the Non-Financial rewards of starting a business?
The excitement / Satisfaction
The control
Becoming Famous
Receiving Awards
What is profit?
The amount of money earned by a business.
Profit = Amount of money earned - Amount of money spent
What is Capital Growth?
An increase in the value of the business
What re the start-up risks
Money problems
Investment
Reputation
Man hours
What is risk?
The possibly that an enterprise will have lower than anticipated profits.
What is financial reward?
The money that an entrepreneur or investor receives when a business succeeds
What is Market research?
The process of gathering information about the market and customer’s needs and wants in order to help inform business decision
What is revenue forecast?
A prediction of future revenue based on expected sales
