1.5.2 entrepreneurs Flashcards
1
Q
what do entrepreneurs do?
A
- organise
- make decisions
- take risks
- innovate and invent
2
Q
how do you set up a business?
A
idea research planning financing location resources the launch!
3
Q
where do business ideas come from?
A
- personal experience
- skills
- spotting a gap in the market
- business experience
4
Q
running a business contains…..?
A
- financial management
- marketing
- production
- administration
- managing people
- purchasing
5
Q
what are intrapreneurs?
A
employees within a business who have the opportunity to develop their ideas and use their creativity to innovate
6
Q
how can entrepreneurs reduce risks?
A
- carrying out detailed research
- producing detailed plans
- analysing external influences
- developing contingency plans
7
Q
what are barriers to success?
A
- lack of entrepreneurial skills
- lack of finance
- legal barriers
- competition
- lack of ideas
- aversion to risks
8
Q
what are the characteristics of an entrepreneur?
A
- self confidence
- self determination
- initiative
- self starter
- commitment
9
Q
what skills do entrepreneurs have?
A
- organisation
- financial management
- negotiating
- managing and communicating with people
10
Q
what are financial motives to become an entrepreneur?
A
- profit maximisation
- profit satisfying
11
Q
what are some non-financial motives to become an entrepreneur?
A
- ethical stance
- social enterprise
- independence
