Chapter 4- Entrepreneurs And Enterprise Flashcards
What is enterprise?
Enterprise refers to any attempt to start or do something new
What is an entrepreneur?
An entrepreneur is the person who has the initiative and takes the risk to start an enterprise
What are not-for-profit enterprises?
Not for profit enterprises (also known as social enterprises or charities) provide services purely for rewards other than making a profit.
Who are intrapreneurs?
Intrapreneurs are employees working within an organisation who use their initiative to act like entrepreneurs. This means coming up with ideas for a new product, ways to reduce costs or some other way in which to improve the business.
What the personal rewards of becoming an entrepreneur?
Independence, personal satisfaction, Income and Creativity and new challenges
What are the potential risks of becoming an entrepreneur?
May lose money, may waste time and stress build up
What are the personal characteristics of entrepreneurs?
Confident, Determined, Innovative, Realistic risk-takers and Decisive yet flexible.
What are the learned skills of entrepreneurs?
Identify opportunities, set goals and plans, effective time management, stress management and getting along with people
