Chapter 1 Setting Up An Enterprise Flashcards
Innovative
Creating new ideas and products to suit different tastes and preferences of consumers.
Uniqueness
The goods and services should be unique to attract more customers
Business idea
Attractive
A good business idea should attract a large number of customers.
Growth potential
Entrepreneurs need to observe the market trends, adapt to consumers tastes and preferences in order for the business to grow over time.
Business idea
After generating several business ideas, the Shop selling part entrepreneur selects the best one.
Types of enterprise
An entrepreneur can decide to start a business Sole trading bus alone or with a group of partners
Business name
A business name should be appealing and attractive and it should usually represent the activity that the business undertakes. Therefore, an appropriate name should be chosen.Therefore, an appropriate name should be chosen.
Business location
The business should have a physical address. Factors like nearness to customers,infrastructure, safety and security affect thedecision of where to locate a business.
Registration of enterprises
Legal formalities should be completed to register the business.
Sources of fund
Entrepreneurs have different sources of funds like their own savings, borrowings from relatives and friends or loan from banks that can be used to set up an enterprise.
Organising resources
Since resources are scarce, entrepreneurs need to organise and manage their resources carefully.
Launching the product
Entrepreneurs must choose the right place, the right time and the right consumers to launch the product.
Business plan
A detailed document that provides information on the activities that the business is undertaking.
