Benefits and risks associated with enterprise and entrepreneurship Flashcards
What are some benefits of entrepreneurship related to products and services?
Entrepreneurship can lead to improvements in product quality, processes, services, and customer experiences.
How can entrepreneurship contribute to business growth?
Successful entrepreneurship often results in business expansion, increased revenue, and market share growth.
What is a potential benefit of entrepreneurship in terms of market development?
Entrepreneurial ventures can identify and create new and niche markets.
What does the term “Unique Selling Points (USPs)” refer to in entrepreneurship?
USPs are unique features or qualities that set a business apart from its competitors.
How can entrepreneurship enhance a business’s recognition and reputation?
Entrepreneurial success can improve a business’s reputation and increase trust among customers and partners.
What is meant by “smarter working” in the context of entrepreneurship?
Entrepreneurship often encourages more efficient and creative work practices.
What is one of the risks associated with entrepreneurship related to operational and commercial aspects?
A risk is failing to meet operational and commercial requirements, including financial and legal obligations.
What challenge might startups and entrepreneurial ventures face in terms of profitability?
Many startups struggle to break even and achieve profitability.
What are some cultural problems that can hinder entrepreneurial efforts?
Cultural problems include resistance to change, unsupportive systems and processes, and insufficient support from leadership.
