Enterprise Flashcards
Satisfying needs and wants gives opportunities to entrepreneurs by…
…identifying gaps in the market,
creating innovative solutions, and providing products/services that address unmet customer demands,
leading to potential business success.
Business opportunities are identified through…
…market research, trend analysis,
observing consumer behavior, brainstorming,
and recognizing problems that need solutions.
The role of the entrepreneur in creating a business involves…
…generating ideas, developing a business plan,
securing funding, and establishing the business structure.
The role of the entrepreneur in setting up a business includes…
…registering the business,
obtaining necessary licenses,
setting up operations, and building a team.
The role of the entrepreneur in running a business entails…
…managing day-to-day operations,
making strategic decisions, overseeing finances, and leading the team.
The role of the entrepreneur in developing a business focuses on…
…expanding market reach, introducing new products/services,
adapting to market changes, and ensuring sustainable growth.
Financial motives of entrepreneurs include…
…profit maximisation, wealth creation, and financial security.
Non-financial motives of entrepreneurs include…
…personal satisfaction, independence, making a difference, and pursuing a passion.
The characteristics of an entrepreneur are…
…risk-taking, innovative, determined, resilient, and proactive.
The skills of an entrepreneur include…
…leadership, communication,
problem-solving, decision-making, and financial management.
The importance of entrepreneurs and SMEs to the primary sector is…
…innovation in farming, fishing, and mining,
creating jobs in rural areas, and contributing to food security.
The importance of entrepreneurs and SMEs to the secondary sector is…
…manufacturing innovation, local production,
and contributing to supply chains.
The importance of entrepreneurs and SMEs to the tertiary sector is…
…service innovation, customer-focused businesses,
and providing diverse services to communities.
The impact of entrepreneurs and SMEs on businesses includes…
…increased competition, innovation,
job creation, and market dynamism.
The impact of entrepreneurs and SMEs on the economy includes…
…economic growth, increased GDP,
regional development, and job creation.
The various stakeholders who are affected by a business include…
…customers, employees, suppliers, investors,
the local community, and the government.
