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Business > 1.5 Entrepreneurs > Flashcards

1.5 Entrepreneurs Flashcards

1
Q

Definition of Entrepreneur

A

A person who is willing and able to create a new business idea and take risks to pursue success

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2
Q

3 Things an Entrepreneur does

A

-They organise resources
-They make business decisions
-They take risks

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3
Q

Definition of Intrapreneurship

A

The practise of promoting entrepreneurial thinking and behaviour in a business

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4
Q

How does Intrapreneurship help a business

A

-Encourages risk taking and innovation
-Help gain a competitive advantage
-Aid growth
-Increase motivation

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5
Q

4 Barriers to Entrepreneurship

A

-Access to finance
-Lack of training or know-how
-Entrepreneurial capacity
-Fear of failure or lack of confidence

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6
Q

How does Risk affect Entrepreneurs

A

-Entrepreneurs need to manage risk and quickly respond to uncertainty

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7
Q

5 Skills an Entrepreneur needs

A

-Communication
-Problem solving
-Team working
-Organisation
-IT / Numeracy

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8
Q

5 Characteristics an Entrepreneur needs

A

-Creativity
-Hard working
-Initiative
-Risk Taker
-Self Confidence

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9
Q

What is Profit Maximisation for starting a business

A

An entrepreneur wants to create a business that generates a substantial revenue and profit

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10
Q

What is Profit Satisficing for starting a business

A

An entrepreneur wants to generate enough profit for the business to perhaps prioritise a work-life balance

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11
Q

What is an Ethical Stance for starting a business

A

Some entrepreneurs have an ethical stance they want to build a business around

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12
Q

What is a Social Entrepreneurship for starting a business

A

An aim to address a social or environmental problem

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13
Q

What is Independence for starting a business

A

Where an entrepreneur wants to have control over their work

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14
Q

What is Home Working for starting a business

A

Where an entrepreneur wants to mange a business from home to offer more flexibility and a better work/life balance

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15
Q

What is a Common Objective for a Start Up

A

Survival and generate enough cash flow

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16
Q

What is Sales Maximisation as an objective

A

-Focus is on generating the maximum revenue possible
-Business can raise its prices to achieve if inelastic or lower if elastic

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17
Q

What is Market Share as an objective

A

-Aim to increase market share by producing and selling better quality products than competitors

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18
Q

What is Cost Efficiency as an objective

A

-Focus on ability to produce and sell at the lowest possible cost
-Important for high competitive markets

19
Q

What is Employee Welfare as an objective

A

-Commitment to providing a healthy and safe working environment
-Can offer competitive wages, benefits and healthy work life balance

20
Q

What is Customer Satisfaction as an objective

A

-An aim to achieve customer satisfaction through high quality products, excellent customer service and attractive pricing

21
Q

What is a Social Objective

A

-Commitment to addressing social or environmental issues
-Help to build a positive reputation and operate sustainably

22
Q

What is a Sole Trader

A

A business that has a single owner

23
Q

4 Advantages of a Sole Trader

A

-Easy to set up
-Complete control
-All profits belong to owner
-Simple tax arrangements

24
Q

3 Disadvantages of a Sole Trader

A

-Unlimited Liability
-Limited access to finance
-Limited skill set

25
Q

What is a Partnership

A

Two or more people join together to form a business

26
Q

4 Advantages of a Partnership

A

-Easy to set up
-Shared responsibilities
-More skills and knowledge
-Increased access to finance

27
Q

4 Disadvantages of a Partnership

A

-Unlimited Liability
-Potential disputes
-Profits shared equally
-Difficult to transfer ownership

28
Q

What is a Private Limited Company LTD

A

The ownership of a business is broken into shares that can be sold to friends and families

29
Q

4 Advantages of a LTD

A

-Limited Liability
-Access to greater finance
-Easy to transfer ownership
-Has a professional image

30
Q

4 Disadvantages of a LTD

A

-More expensive, time consuming
-Annual finance and auditing required
-Shareholders have little control
-Complex legal requirements

31
Q

What is a Public Limited Company PLC

A

When a business floats stocks onto the market for anyone to buy

32
Q

4 Advantages of a PLC

A

-Access to capital
-Shared risk
-Increased liquidity
-Greater public profile

33
Q

4 Disadvantages of a PLC

A

-Loss of control
-Expectation of dividends
-Expensive
-Risk of hostile takeover

34
Q

What is a Franchise

A

Where an individual (Franchisee) buys rights to operate a business model, branding and support from a larger company (Franchisor) in exchange for initial set up and ongoing fees

35
Q

What is a Social Enterprise

A

A business that has a primary purpose to create a social or environmental impact. Profits are reinvested back into business

36
Q

What is a Lifestyle Business

A

Typically small, owner-operated businesses that prioritise specific lifestyle over profit and growth

37
Q

What is an Online Business

A

A business that sells good over the internet

38
Q

Definition of Opportunity Cost

A

The loss of the next best alternative when making a decision

39
Q

Definition of Trade Off

A

When two things cannot be fully achieved

40
Q

How does Delegation affect becoming a leader

A

There’s a need to give up control over some aspects of the business which an entrepreneur might not be used to

41
Q

How does Trust affect becoming a leader

A

A balance is needed between trusting the team and verifying their work

42
Q

How does Listening affect becoming a leader

A

Entrepreneurs need to listen to others ideas and perspectives

43
Q

How does Reaction affect becoming a leader

A

Entrepreneurs need to become more strategic and take a measured approach to decision making

44
Q

How does Emotional Intelligence affect becoming a leader

A

Entrepreneurs need to be able to understand and manage their emotions as well as team members

Business (42 decks)

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