Business enterprise Flashcards
1
Q
What is an entrepreneur?
A
A person who sets up a business and is willing to take on financial risks in the hope of making a profit
2
Q
What are the roles and functions of an entrepreneur?
A
- Showing initiative
- Identifying opportunities
- Organising resources
- Having the innovation to stay ahead of the competition
3
Q
What are the characteristics of an entrepreneur?
A
- A risk taker
- A decision maker
- Hardworking
- Determined
4
Q
What are the motives of an entrepreneur?
A
- Financial
- Non-financial
- Social or community
5
Q
Financial motives
A
- To earn an income
- To earn a profit
6
Q
Non-financial motives
A
- To be their own boss
- Provide personal satisfaction
- To continue a family business
- To earn a living from a hobby or interest
7
Q
What are social enterprises?
A
Businesses that operate for the benefit of the community or its workers or as a charity
8
Q
What are the risks of being an entrepreneur?
A
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9
Q
What are the rewards of being an entrepreneur?
A
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