1.5 Flashcards
what is a business?
any organisation that makes goods or provides services
what is an entrepreneur?
an individual who takes a risk to create or start a new business or project
what is an enterprise?
the skills needed to make a new idea work
what skills might be included in enterprise?
-risk taking
-showing initiative and make things happen
-undertaking new ventures
what are roles of an entrepreneur?
-creating and setting up a business
-generating business ideas
-spotting opportunities
-carry out research
-running expanding businesses
-intrapreneurship
generating business ideas:
-heart of successful entrepreneurship is spotting a good idea
-usually based on good understanding of consumer tastes and/ or their needs
what are the main sources for ideas?
-brainstorming
-thinking ahead
-observation
-personal ideas or experience
spotting an opportunity:
-innovation
what does innovation mean?
a new idea and bringing it to the market
how do you spot new opportunities?
-changes in society
-changes in the housing market
-changes in the economy
-carrying out small budget research
most entrepreneurs carry out small budget research before carrying out ideas
what is included in small budget research?
-check competitors prices within local area
-spend a day at a competitors
-produce a market map
-geographic mapping
what is geographic mapping?
plotting on a map the locations of all existing businesses in your market
-shows where competitors are
what is needed to run a business successfully?
-ability to obtain and listen to objective measures of its performance
-an obsessive eye for detail
-able to keep track and step back from day to day skills and think strategically
-need to love what you’re doing and love making customers happy
what 3 factors are needed to help a business expand successfully?
-establishing that extra demand exits
-ensuring the finance is in place
-ensuring the people are in place
what is an intrapreneur?
-an inteapreneur has the personal characteristics of an entrepreneur, but works with a large organisation
what are some barriers to entrepreneurship?
-lack of personal finance
-public sectors/employees don’t trust entrepreneurs
-gender (genetics, women are nurturers and men are risk takers)
-banks not willing to lend
what is the role of an entrepreneur?
-generate idea
-create and set up
-organising resources
-leadership
-running the buisness
-expanding the business
-innovate
what are characteristics?
-personality traits
-distinguishing feature or quality
what are the characteristics a successful entrepreneur will need?
-understanding of the market
-creativity
-determination
-passion
-resilience
-ability to cope with risk
what are skills?
the ability, coming from one’s knowledge, practice, aptitude etc, to do something well
what skills will a successful entrepreneur need?
-financial skills
-persuasive abilities
-problem solving skills
-networking skills
what are motives?
the reason for doing something
what are the financial motives for being an entrepreneur?
-profit maximisation
-profit satisficing (to satisfice means to find the ideal blend between different pressures)