DEFINITIONS : 1.5 ENTREPRENEURS AND LEADERS

Question 1

Risk taking

Answer 1

Is the chance of damage or loss occuring as a result of making a decision

Question 2

Showing initiative

Answer 2

Initiative means making the first move and making things happen

Question 3

Wilingness to undertake venture

Answer 3

Having resiliance to keep trying, not letting complacency set in, and continoually looking for that next opportunity

Question 4

Intrapreneurship

Answer 4

The practice of using entrepreneurial skills and approaches to develop new products, services, processes, or business models within an established organization.

Question 5

Limited Liabability

Answer 5

Means the business owners’ liability for debts is restricted to the amount they put into the business

Question 6

Unlimited liability

Answer 6

The business owners is personally responsible for any loss the business makes

Question 7

Franchise

Answer 7

A business model in which a business ( the franchisor ) allows another operator ( the franchisee ) to trade under their name