1.5 Entrepreneurs And Leaders Flashcards
1
Q
What are the 3 stages that entrepreneurs go through when starting a business??
A
- Creating & setting up a business
- Running and developing a business
- Bringing innovation
2
Q
What are the 3 sources of business ideas??
A
- Business experience
- Personal experience
- Observations
3
Q
What are 3 barriers to entrepreneurship??
A
- Support and finance
- Lack of confidence
- Lack of knowledge
4
Q
What are 3 ways of overcoming risk??
A
- Take calculated risks
- Keep generating new ideas
- Spread risk by diversifying
5
Q
What are 3 uncertainties of owning a business??
A
- Health scares
- Political factors
- Changes in legislation
6
Q
What are 4 entrepreneurial characteristics??
A
- Initiative
- Hard-working
- Risk-taker
- Creative
7
Q
What are 3 entrepreneurial skills??
A
- Communication
- Numeracy
- Organisation
8
Q
What are the 2 financial motives of owning a business??
A
- Profit maximisation
- Profit satisficing
9
Q
What’s profit satisficing??
A
Making enough profit but not pushing to maximise it
Have enough to have an enjoyable lifestyle (called lifestyle business)
10
Q
What are 4 non-financial motives??
A
- Independence (freedom to pursue own ideas and not have a boss)
- Flexibility
- Challenge
- Ethics (setting up a business to tackle ethical issues)
11
Q
What’s a social enterprise??
A
Trade in goods or services for a social purpose
12
Q
What’s the triple bottom line??
A
- Profit
- People
- Planet
