enterprise Flashcards
1
Q
what is business enterprise
A
Identifying a business opportunity followed by the creation or development of a new good or service to be introduced to that market to fullfill customer needs.
2
Q
what is an entrepreneur
A
A person identifies a gap in the market and creates a business by taking on the financial risks in the hope of making a profit.
3
Q
what are the financial motives of an entrepreneur
A
- Generate a profit
- Provide employment for self
- Financial security for self and family
4
Q
what characteristics does an entrepreneur need?
A
- Risk taker
- Determination
- Organising resources ➔ Utilising FoP
- Innovation ➔ Idea for a new good or service
5
Q
what are the non-financial motives for an entrepreneur
A
- Be own boss (choice)
- Self satisfaction (time)
- Create employment for others
6
Q
what are the benefits of being an entrepreneur
A
- Be their own boss
- Flexible working hours
- Dissatisfaction with current job
- Potential to earn more money (profit)
7
Q
what are the social/ community motives for an entrepreneur
A
- Creating employment for local community
- Enhancing the quality of life for the local community
- Surplus revenue is used to support a specific cause e.g. local charity
8
Q
negatives of being an entrepreneur
A
- Financial risk involved
- Potentially long hours and stress
- Loss of job security
- Diffuculty having sick days
