Chapter 4 Unit 2

Question 1

Enterprise

Answer 1

When an individual or group of people take a rick and decide to start something new

Question 2

Entrepreneur

Answer 2

A person who spits a gap in the market and comes up with an idea that they can turn into a business

Question 3

Why do ppl become entrepreneurs

Answer 3

Being own boss
Varied work day
Unemployment
More money

Question 4

Characteristics of an entrepreneur

DRDSSC.

Answer 4

Decision making 
Rick taking 
Determination 
Self motivation 
Self confidence 
Creativity

Question 5

Skills of an entrepreneur

DBNRHR

Answer 5

Decision making 
Being proactive 
Networking 
Rick management 
Human relations 
Realism

Question 6

Intrapreneurship

Answer 6

The employees of a business act like entrepreneurs within that business
Employees come up with new ideas new ways of solving business problems

Question 7

Methods of encouraging intrapreneurship

Answer 7

TRAINING PROGRAMMES employees receive training in how to develop new ideas benefit business
REWARDS employees given financial reward for new idea
WORKPLACE CULTURE good atmosphere even if male mistakes
RESOURCE PROVIDER given resources to come up with new idea

Question 8

Rewards of becoming an entrepreneur

Answer 8

Control ~ of business, decision
Income ~ could make more money
Challenge~ enjoy being challenged working hard

Question 9

Risk of being an entrepreneur

Answer 9

Income~ money earned may need to be reinvested in new stock,bills
Decision making ~ may make mistakes not enough knowledge
Long working hours ~ long working hours on personal life no one else to look after business

Question 10

Importantance of enterprise in business

Answer 10

Encourage intrapreneurship-as new ideas coming from employees
Greater efficiency- be more creativity leading to cost saving
Spin off business- more sales more profit
Business culture- comes up with new ideas without fear of punishment

Question 11

Importantance of enterprise in the community

Answer 11

Wealth creation- locals spend there capital on local shops restaurants
Creates employment
Community engagement- business can get involved in community sponsor local teams