Enterprise Flashcards
What is enterprise?
process of forming new business to provide a product or service
What are SMEs?
small to medium enterprises that form majority of private sector, expensive to set up and often have cash flow issues
What is an entrepreneur?
someone who begins and runs their own business
Entrepreneur motives
profit, own boss, pursuing hobbies, ethical stance, flexibility, independence
Role of the entrepreneur
identify opportunity to modify or create a good or service where there is a gap in the market
What is the primary sector?
involves the extraction of raw material from land, sea or air
What is the secondary sector?
involves manufacturing of raw material to a finished good for consumer
What is the tertiary sector?
involves provision of services
Who are stakeholders?
anyone impacted by the decisions of a business e.g customers, employees, government
