1.5 Entrepreneurs and Leaders Flashcards
Product Satisficing
Making a satisfactory product
Opportunity Costs
Cost of missing out on an opportunity
Trade-off
Accepting less of one to achieve more of another
Overtrading
Business expands at a rate that cannot be financially sustainable
Entrepreneur
Individual who sets up and runs a new business and takes on the risk associated with it
Intrapreneur
Employee who finds and develops inititatives with financial benefit for the business
LTD
Private limited company
Private limited company
Shareholders are all internal to the buisness
Private Limited Company Liability
Limited Liability
Limited Liability
Individuals not held responisible for companies debts
PLC
Public limited company
Public Limited Company
Sell sahres to public on stock exchange
Public Limited Company Liability
Limited liability
Sole Trader
Owned, financed, and controlled by one but can employ more
Sole Trader Liability
Unlimited Liability
Unlimited Liability
Debts paid personally
Partnership
Two people operate for common goal of making profit
Partnership Liability
Unlimited Liabiliyu
Online Business
Use the internet to trade
Social Enterprise
Social/ environmental goals - rely on donations + volunteers
Lifestyle Business
Business allows owner to live a particular lifestyle e.g. B&B or PT
Franchise
Franchisor sells idea to franchisee to use and franchisee gives back a % on sales
Franchisor
Owns the company
Franchisee
Runs an outlet of the company
