1.5 - Entrepreneurs and Leaders

Question 1

Entrepreneur

Answer 1

Willing and able to create a new business idea and take risks in pursuing success.

Question 2

Intrapreneurship

Answer 2

Promoting entrepreneurial thinking and behaviour within an existing business.

Question 3

4 barriers to entrepreneurship

Answer 3

Entrepreneurial capacity
Fear of failure/lack of confidence
Access to finance
Lack of training

Question 4

Market share

Answer 4

The percentage of total sales in a particular market.

Question 5

Cost efficiency

Answer 5

A company’s ability to produce and deliver its products at the lowest possible cost.

Question 6

Sales maximisation

Answer 6

Focus on generating the maximum revenue possible by selling its products/services.

Question 7

Sole trader

Answer 7

A business that has a single owner.

Question 8

Partnership

Answer 8

Two or more people join together to form a business.

Question 9

Private limited company (ltd)

Answer 9

Ownership is broken down into a specific number of shares.
shares usually to friends and family or venture capitalists.

Question 10

LTD to PLC

Answer 10

Required a significant amount of capital. 50,000
Involves many legal requirements and involves undergoing a stock market flotation.

Question 11

Stock market floatation

Answer 11

Occurs when a business becomes a PLC and seeks to raise capital by selling shares to the public on a stock market exchange.

Question 12

Opportunity cost

Answer 12

The loss of the next best alternative when making a decision.

Question 13

Trade-off

Answer 13

When two things cannot be fully achieved.
Having more one one thing may mean having less of another.