Enterprise Flashcards
Enterprising
To be able to spot a good business opportunity and have the drive and vision to make the business succeed
Characteristics
Risk Taking
Decision Making
Innovation
Determination
Why does the government want enterprise?
Creates employment
Brings money into country
Encourage competition
Rewards
Making profit
Fame
Satisfaction
Independent
Risks
Losing money
Losing time
Personal stress
4 business resources
Land
Labour
Capital
Enterprise
Land contributions and rewards
Landlord
Rent
Labour contributions and reward
Employees
Wages
Capital contribution and reward
Banks
Interest
Enterprise contribution and reward
Entrepreneur
Profit
Land definition
Lake is needed to place business premises
Labour definition
All Human Resources who work in a business
Capital definition
The wealth which is employed in the creation of further wealth
Enterprise definition
The person with the idea and skill to bring the other factors together and organise them
Sole Trader ownership
1
Partnership Ownership
2-20
Private limited company ownership
Shareholders
Public limited company ownership
Shareholders
Franchise ownership
Franchisor
Public Sector
Businesses owned by government
Private Sector
Business privately owned
Unlimited liability examples
Sole trader
Partnership
Limited liability examples
PLC
LTD
Unlimited liability meaning
Entrepreneur and business are the same financial entity
Limited liability meaning
Entrepreneur and business are separate
