1.5 Entrepreneurs and Leaders Flashcards
1
Q
Entrepreneur
A
A person who takes the risk to set up and run their own business often in the hope of profit/reward
2
Q
Intrapreneur
A
Uses entrepreneurial skills but without taking the risk
3
Q
Business objective
A
A target/goal set by the business
4
Q
Sole trader / Proprietor
A
Business owned by one individual
5
Q
Partnership
A
Business owned by 2-20 individuals
6
Q
Private Limited Company
A
Business owned by shareholders, which has a separate legal identity to the owner
7
Q
Franchising
A
The franchiser allows the franchisee to trade under their name
8
Q
Public Limited Company
A
Business in which shares are floated on the stock market and can be bought be anyone
9
Q
Opportunity Cost
A
Benefit lost from the next best alternative to the one that has been chosen
10
Q
Trade-off
A
Compromise between two decisions
