business studies: entrepreneurship Flashcards
keywords
entrepreneurship
the process of starting and operating your own business
keywords
entrepreneur
the people who create, launch, organise, and manage a new business and take new business and take the risks of business ownership
name 3 risks of starting your own business
3 out of any of these 4
business failure
financial loss
loss of employment
loss of time
name 4 push factors
unemployment
job security
no formal training
disagreement with current employer
name 4 pull factors
independence
recognition
self actualisation
personal employment and wealth
what five factors go into being an entrepreneur
opportunity
resources
growth
risk
reward/profit
name 3 characteristics of an entrepreneur
motivation
opportunity seeking
creativity/innovation
high risk tolerance
determination
self reliance
flexibility
what are 3 characteristics that generate entrepreneurial venture
innovation
growth potential
sound objectives
what are the 4 types of entrepreneurs
techno-entrepreneur
social-entrepreneur
tourism entrepreneur
enviro-entrepreneur
what are the 3 types of “new” entrepreneurs
emerging entrepreneurs
informal entrepreneurs
youth entrepreneurs
what are the 4 paths to entrepreneurship
starting a new business
buying a established business
franchise
family business
what are the four steps in the entrepreneurial process
identifying an opportunity
assessing resources required
developing the business plan
managing the entrepreneurial venture
what does each letter in swot analysis and if it is internal or external
strengths-internal
weaknesses-internal
opportunities-external
threats-external
how many sections are in a business plan
8
what 5 things go into competitive advantage
price
time
product differenetiation
experience of the customer
customer convenience
