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Business | Theme 1 > 1.5 Entreprneurs and Leaders > Flashcards

1.5 Entreprneurs and Leaders Flashcards

1
Q

what is an entrepreneur

A

a person who sets up in a business taking on financial risk in the hope of profit

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2
Q

what are some of the Entrepreneurial motives and characteristics

A

Motivation

Resilience

risk Tolerance

Bision

Drive

Creativity

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3
Q

what is a intrepreneur

A

Someone from inside the business that also has the skills of an Entrepreneur but gives the business unique ideas

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4
Q

What are the disadvantages of an intrepreneur

A

That the idea could get stolen and then you don‘t get any credit for it
they get paid a fixed rate so if the Intrepreneur got a really good idea then they wouldn’t get paid more

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5
Q

What are the advantages of an intrepreneur

A

that they don’t have the same risks of losing money if they don’t come up with a unique idea
They can use all the businesses resources without having to personally pay for it

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6
Q

What is a motive for an entrepreneur?

A

Something that makes then want to make something or do better at something for example friends and family and money

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7
Q

What are examples of Financial motives?

A

profit maximisation and profit satisficing

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8
Q

What are examples of Non - Financial motives?

A

ethical stance, social entrepreneurship, independence and homeworking

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9
Q

What is a Business Objective?

A

is a target that gives direction to a business. They can be motivating and be used to pressure performance

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10
Q

What are SMART Targets

A

Specific

Measureable

Achievable

Realistic

Time based

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11
Q

How Entrepreneurs create and set up thier business?

A
  • Identify a gap in the market
  • Market Research
  • Write a business plan
  • Located how to finance the business
  • Decide if wants to be sole trader or partnership
  • raise money
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12
Q

What does an Entrepreneur do to Run and Develop their business

A
  • needs to make they are updated with new laws
  • continue with their market research
  • set aims and objectives
  • employ new staff
  • come up with new strategies
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13
Q

How do Entrepreneurs ensure their business is innovative?

A
  • take risks and make new ideas a reality
  • Employ staff like Intrepreneurs who lead innovativity and create personal projects
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14
Q

What are some of the Overcoming Barriers to Entrepreneurship

A
  • Having a lack of money -> can solve this by raising finance through investors or getting a loan from the bank
  • very high start up costs
  • lack of confidence -> can be solved by having a strong belief that their business will be successful and then this will communicate to others
  • lack of training -> can be solved by an Entrepreneur trying to learn as much as they can before they launch the business,
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15
Q

How do Entrepreneurs Anticipate Risk and Uncertainty?

A

Some differ as depends on the situation but most entrepreneurs just take the risk because most of the time it can mean good things for the business

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16
Q

What are some characteristics that an entrepreneurs have?

A
  • Someone with initiative
  • Hard Working
  • Creativity
  • Self confidence
  • a risk taker
  • resilient
17
Q

what are some specific skills that an entrepreneur needs?

A
  • communication skills
  • team working
  • problem solving
  • numeracy skills
  • organisation skills
  • IT skills
18
Q

What are some financial motives for starting a business?

A

Profit Maximisation - making as much profit as possible

Profit Satisficing - means making enough profit but not pushing to maximise it.

19
Q

What are some non financial motives for starting up a business

A
  • Independence
  • flexibility
  • social problem - improve the quality of life
  • motivated by ethical issues
  • working from home
20
Q

What skills does an entrepreneur need to develop into a leader

A

Delegate Responsibility - manage staff in a business and develop trust within individuals

Develop Emotional Intelligence - to identify and manage your own emotions and recognice other emotions and how to respond to them

Become Less Reactive - make decisions quickly, responsible for a large amount of people and their actions + consequences

21
Q

What is a business aim?

A

a aim is a broad target or goal set out to the business over long term

22
Q

What is a business objective?

A

a objective is a specific target or goal that is set out short term or medium term

23
Q

give some examples of business aims and objectives

A
  • survival - mainly for start up business to break even and cover all its costs with revenue
  • Maximising Profit - is a long term aim to achieve a certain amount of profit each month
  • Sales Maximisation
  • Market Share
  • Cost Efficiency
  • Employee Welfare
  • Customer Satisfactio
24
Q

Name some different forms of business

A
  1. Sole Trader
  2. Partnership
25
Q

What is a Sole Trader

A

a individual trading in their own name and they are self employed for example a plumber

Advantages - Have freedom, all the profit goes to them, less conplex, no legal costs for the Trader

Disadvantages - Risk, Time, limited skills, Vulnerable, Unlimited Liability

26
Q

What is a Partnership?

A

most of the time develop from a sole trader and can be minimum of 2 and a maximum of 20

having more owners means that there is more money to be put into the business and also more idea/skills added.

however all partners have to agree on certain decisions within the business and the profits will need to be shared equaly between all the owners

27
Q

What are the types of Limited Company?

A
  • Private Limited (Ltd)
  • Public Limited (PLC)
  • Both types are owned by shareholders
28
Q

What is a franchise?

A

is an agreement which allows an entrepreneur to use the business name, idea, model and reputation of an established business and in return has to pay main business inital fees and then ongoing payments

29
Q

What is an Online Business?

A

are business that tarde through the internet and are relativly cheap and easy to set up because they have limited over heads and fixed costs
and are able to be run from anywhere

30
Q

What is a lifestyle Business?

A

Is a business that focusses on profit statisfing and to maintain a desired lifestyle. The entreprenur is motivated by having flexibility in what they do and having a good balence of work and social life.

31
Q

What is a Social Enterprise?

A

is a business that’s set up with a core aim to use its profits to benifit society
example: THE BIG ISSUE FOUNDATION

32
Q

What is a Opportunity Cost?

A

the benifit that is given up in order to do something else

33
Q

What is a Trade - Off

A

That one thing in the business has to be reduced or given up in order to increase or gain another

34
Q

What is an example of a trade - of

A
  • Design Mix
  • Market Research
  • Business Ownership
  • Promotion
  • Pricing Strategy
35
Q
A

Business | Theme 1 (5 decks)

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