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A-Level Business > 1.4 - Entrepreneurs and Leaders > Flashcards

1.4 - Entrepreneurs and Leaders Flashcards

Theme 1 - Marketing and People

1
Q

Define an entrepreneur

A

is a person who is wiling to take a risk in setting up and growing their own business

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2
Q

Skills and characteristics of entrepreneurs

A
  • innovate and invent
  • take risk
  • organise
  • make decisions
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3
Q

Reasons why an entrepreneur may decide to set up their own business

A
  • business experience: some start a new business using the experience of their current job
  • lifestyle choice: some decide that they would like to be their own boss and work on their own terms
  • personal experience: may be based on a hobby or interest
  • spotting a gap: seeing an opportunity and realising that they could fulfil this need
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4
Q

List 4 functions of an entrepreneur

A
  • Financial management: raising capital, managing costs, profitability and cash flow
  • Administration: insurance, tax, legal set up and business records
  • Managing people: recruitment, training, motivation and leading people
  • Marketing: research, promotion and branding
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5
Q

Define intrapreneurship

A

refers to employees within a business who have the freedom and opportunity to develop their own ideas and use their creativity to innovate

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6
Q

Ways entrepreneurs can deal with risk and uncertainty

A
  • carrying out detailed research
  • producing detailed plans
  • analysing external influences
  • creating contingency plans
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7
Q

List the barriers of success a person may face when setting up a business

A
  • lack of finance
  • lack of entrepreneurial skills
  • lack of ideas
  • competition from larger, established businesses
  • legal barriers
  • not willing to take a risk
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8
Q

List 4 characteristics an entrepreneur may have

A
  • self confidence
  • self determination
  • initiative
  • commitment
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9
Q

List 4 skills an entrepreneur may have

A
  • organisation
  • financial management
  • managing and communicating with people
  • negotiating
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10
Q

Name 2 financial motives for setting up your own business

A
  1. Profit maximisation - to generate as much wealth as possible
  2. Profit satisfying - to generate enough income to live a comfortable lifestyle
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11
Q

Name 3 non-financial motives for setting up your own business

A
  1. ethical stance - running a business to support their ethical principles
  2. social enterprise - running a business for a social or environmental cause
  3. independence and home working - the control and flexibility of running their own business
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12
Q

Purpose of business objectives

A
  • provide steps to achieve aims
  • clarify the direction of the business
  • measure success against targets
  • motivate employees to achieve
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13
Q

List 4 financial objectives of a business

A
  1. survival
  2. profitability
  3. sales maximisation
  4. cost efficiency
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14
Q

List 4 non-financial objectives of a business

A
  1. customer satisfaction
  2. brand recognition
  3. employee welfare
  4. social objectives
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15
Q

Name the influences on business objectives

A
  1. size
  2. sector
  3. market
  4. ownership
  5. owner
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16
Q

role of an entrepreneur

A
  • creating and setting up a business
  • running and expanding the business
  • innovating within the business
  • anticipating risk and uncertainty
17
Q

Limited liability

A

personal assets are protected

18
Q

unlimited liability

A

personal assets are vulnerable

19
Q

Forms of businesses that have unlimited liability

A
  • sole trader
  • partnerships
20
Q

sole trader

A

one person on their own running their business that has no separate legal identity

21
Q

partnerships

A

more than one person running the business and sharing the work and risk

22
Q

forms of businesses that have limited liability

A
  • private limited company
  • public limited company
23
Q

private limited company

A

a registered company under private ownership

24
Q

public limited company

A

a registered company that has been floated on the stock market

25
Q

franchises

A

where a franchisor allows a franchise to run an outlet or outlet of their business

26
Q

social enterprise

A

a business that exists for a social or ethical purpose

27
Q

opportunity cost

A

what is sacrificed when a decision is a made

28
Q

trade off

A

where the more you have of one thing, the less you can have for the other thing

29
Q

reasons why an entrepreneur would move to a leader due to sales and growth

A
  • may need help
  • may need new skills
  • may have to give up some control

A-Level Business (4 decks)

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