Enterprise Flashcards
What is an entrepreneur?
Individuals that have an idea that they develop by setting up a new business and encouraging it to grow.
What is enterprise?
The process in which new businesses are formed or new products and services are created.
What are the characteristics of an entrepreneur?
Determination/Persistence
Passion
Relevant skills and expertise
Motivation
Why do new businesses fail?
Lack of finance
Poor infrastructure
Skill shortages
Complexity of regulations(red tape)
What is opportunity cost?
The real cost of taking a particular action or the best alternative to it.
Why become an entrepreneur?
Long term no interest rates
Change in political climate
To fulfil dreams
Why engage in entrepreneurial activities?
Freedom at work
More money
To carry on a family business
To provide employment
What do the government do to support enterprises?
Reduce business taxes
Reduce regulatory burden
Improve support for small/new businesses
Financially support not-for-profit organisations
