Chapter 3 - Miguel Acevedo Flashcards
Enterprise, business growth and size
1
Q
Define: entrepreneur.
A
A person who organizes, operates and takes the risk for a business.
2
Q
Define: business plan.
A
A document containing the business objectives, important details about the operations, finance and owners of the business.
3
Q
Outline one reason governments support business starts ups.
A
Examples:
- Reduce Unemployment.
- Increase Competition.
- Increase Output.
- Benefits Society.
- Can grow into a large business.
4
Q
Outline an advantage of business growth.
A
Examples:
- Higher profit for owner.
- Lower average costs.
- More status for owners and managers.
- Larger share of its market.
