Enterprise Flashcards
1
Q
entrepreneur:
A
a person who sets a business, taking on personal financial risk in order to make a profit
2
Q
What does a successful entrepreneur need to have an understanding of? (2)
A
risk taking
industry and the market
3
Q
What does a successful entrepreneur need to have? (5)
A
contacts experience people skills - personable business knowledge belief in their product
4
Q
What does a successful entrepreneur need to be? (6)
A
persuasive organised forward thinking confident innovative- ideas! approachable
5
Q
What does a successful entrepreneur need to have undertaken?
A
market research
6
Q
opportunity cost:
A
next best alternative forgone
7
Q
enterprise:
A
almost any business or organisation can be called an enterprise but the term usually refers to the process by which new businesses are formed and new products and services created and brought to the market. (led by an entrepreneur)
