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Business > 1.5 Entrepreneur > Flashcards

1.5 Entrepreneur Flashcards

1
Q

What are 4 roles of an Entrepreneur?

A

Leadership
Creating jobs
Reducing risks
Creating opportuties

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2
Q

What is a risk of an entrepreneur?

A

Going bankrupt and losing personal belongings, and giving up secured source of finance.

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3
Q

What are the rewards of an entrepreneur?

A

Keeping profit to themselves, Being their own boss, Better time managment.

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4
Q

What are the stages of starting a business?

A
  1. Getting an idea
  2. Getting a plan
  3. Getting finance
  4. Marketing
  5. Getting employees
  6. Getting stock
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5
Q

What is an intrapreneur?

A

An employee inside a business that creates new ideas.

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6
Q

What is an advantage of having intrapreneurs?

A

There are more creative ideas that can make it easier to expand and you may not need as many employees.

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7
Q

What are barriers to entrepreneurs?

A

Managing finance
Lack of capacity
Political policys
Human resource problems

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8
Q

What is the different with anticipation risk and uncertainty?

A

With risk you can see the outcome however uncertainty you cannot.

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9
Q

What are 4 key characteristics of an entrepreneur?

A

Leadership
Passion
Powerful
Confident

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10
Q

What are 4 key skills of an entrepreneur?

A

Stubborn
Confident
Good communication
Ressiliance

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11
Q

what is Profit maximisation?

A

When people unethically charge a really high price to make the most profit.

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12
Q

What is Profit satisficing?

A

Making as much profit you can but ethically.

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13
Q

What are non financial motives?

A

When people start a business in order to be their own boss or in order to help society.

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14
Q

What are some business objectives?

A

Survival
Profit maximisation
Sales maximisation
Market share
Cost efficiency
Employee welfare
Customer satisfaction
Social objectives

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15
Q

What is a sole trader and its advantages or disadvantages?

A

An individual that runs their own business.
Advantages are: Easy to set up, Keep all profit
Disadvantages are: Cant raise finance, less security, Heavy workload.

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16
Q

What is a partnership and its advantages and disadvantages?

A

Where 2 or more people share a business.
Advantages are: Lower costs, More capital, Can borrow more.
Disadvantages are: Lack of stability, Less power, Selling complications.

17
Q

What is a private limited company and its advantages and disadvantages?

A

A business that has only one owner and isn’t on the stock market.
Advantages are: can keep all the profit to yourself.
Disadvantages are: Less sources of finance.

18
Q

What is a public limited company and its advantages and disadvantages?

A

A public limited company is one that can sell shares to the public.
Advantages are: External source of finance such as shares.
Disadvantages are: Don’t keep all the profits to yourself.

19
Q

What is stock market floatation?

A

When a business first puts their business on the stock market.

20
Q

What does franchises mean?

A

When a company allows people to buy a shop and use their brand to sell their goods.

21
Q

What is a franchisor with its advantages and disadvantages?

A

A company that sells it shops to people to run.
Advantages are: Get to gain some of the profit, No cost for the company itself.
Disadvantages are: Don’t get all the money.

22
Q

What is a franchisee with its advantages and disadvantages?

A

A franchisee is someone who buys a shop of a company to run.
Advantages are: Lower risk, Already has customers, Brand recognition, No advertisement.
Disadvantages are: High start up costs, less creativity, don’t keep profits.

23
Q

What is a co-operative?

A

A business that is ran by a group of members.

24
Q

What is a mutual organisation?

A

This is a firm that is owned by the customers themselves.

25
Q

What is a charity?

A

A business that don’t want to make profit but to improve society.

26
Q

What is meant by opportunity cost?

A

The loss of something when you choose another such as if you spend a pound on crisps it means you cant spend a pound on a sandwich.

27
Q

What is meant by business choices?

A

Any official choice made by a business.

28
Q

What is meant by trade offs?

A

A balance between two choices meaning there is no opportunity cost.

29
Q

How do entreprenuers adapt to become a leader?

A

They become more independent with more responsibility, develop more skills and don’t stop with any fall backs.

Business (11 decks)

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