1.5 Entrepreneurs and leaders Flashcards
Roles of an entrepreneur
Innovating within a business (intrapreneur)
Anticipate risk and uncertainty
Financial objectives of entrepreneurs
Profit maximisation
Profit satisfying
Non-financial objectives of entrepreneurs
Independence and control
Social objectives
Skills of an entrepreneur
Creativity
Resilience
Risk taking
What are the difference between Aims, Objectives, and Strategies?
Aims - Long term goals
Objectives - medium long term
Strategies - Short term
What kind of Aims to businesses usually have
Profit Maximisation and
Survival
What OTHER aims do businesses have?
Customer satisfaction and
Social objectives
What is the difference between limited and unlimited liability?
Limited - Personal assets are protected
Unlimited - Personal assets are vulnerable
What is an unincorporated business?
Unlimited liability businesses,
Like Sole traders and and partnerships
What is an incorporated business?
Limited liability business
What is a private limited company? (LTD)
A registered company under private ownership
What is a public limited company (PLC)?
A registered company that has been floated on the stock market.
Downsides of being a public limited company (PLC)
Publish financial information
Lose some control of organisation
Benefit of franchisee’s?
Benefit from brand and benefit from expertise available
Objectives of social enterprises?
A business that exists for social or ethical purpose
