enterprise Flashcards
What is an entrepreneur?
Someone who spots a gap in the market and uses innovation to create a new good/service to make a profit while taking on personal and financial risks of failure.
Why do entrepreneurs aim to earn more income?
They are not limited to a set wage/salary and can keep all profits.
Why do entrepreneurs want to be their own boss?
To have responsibility and control over decisions; they are self-directed.
Why do entrepreneurs pursue a limited career path?
They might be limited in potential for growth in employment.
Why do entrepreneurs aim to spot a gap in the market?
To capitalize on an opportunity they think could work.
What role does the government play in entrepreneurship?
Provides grants and training (via Local Enterprise Offices or LEOs).
Why do entrepreneurs act after being made redundant?
Because their job is no longer needed, no vacancies are available, or they act out of necessity.
Why are entrepreneurs inspired by others?
They are energized or encouraged by others’ success stories.
What does it mean to be an innovative entrepreneur?
The ability to create new ideas or processes.
What are human relations skills in entrepreneurship?
The ability to communicate, energize, network, and negotiate well.
What does it mean for an entrepreneur to be flexible?
They can respond to changing environments and adapt.
What does reality perception mean in entrepreneurship?
Seeing things as they are, not how they wish they were.
What does it mean to be a proactive entrepreneur?
They do not wait; they take initiative.
What does future-focused mean in entrepreneurship?
Anticipating future trends and spotting gaps.
What does it mean to be a decisive entrepreneur?
Acting quickly and confidently under pressure.
What does risk-taking mean for entrepreneurs?
Taking on personal and financial risks.
What does it mean to be determined as an entrepreneur?
Being confident in their ability to persevere and being resilient.
What is a new idea in intrapreneurship?
Creating new products or adding new unique selling points (USPs) to existing ones.
How does intrapreneurship reduce costs?
By streamlining production and reducing waste/costs of production.
How does intrapreneurship increase revenue?
By changing sales channels, times, places, and target markets.
What are new processes in intrapreneurship?
Improving work methods or procedures.
How do you promote intrapreneurship by creating a culture?
Fostering an environment that encourages risks and ideas.
How do you promote intrapreneurship by allocating resources?
Providing funding for R&D and reducing workload to facilitate time.
How do you promote intrapreneurship by incentivizing idea creation?
Offering bonuses or profit-sharing for new ideas.
How do you promote intrapreneurship using teamwork?
Brainstorming, cross-departmental teams, and shared responsibility.
How do you promote intrapreneurship by training staff?
Providing training for managers (to lead change) and employees.
