Enterprise Flashcards
1
Q
Entrepreneur
A
An individual with an idea, the skills, required knowledge and determination to start up a business. they must be willing to take risks
2
Q
Advantages of being an entrepreneur
A
- To become their own boss.
- To keep more of the profits.
- To work their own choice of hours.
- To create jobs for others.
3
Q
Opportunity cost
A
The value if the next best alternative forgone(given up) when making a choice
4
Q
Why do the government support it
A
the government will support entrepreneurs starting up new businesses because it creates a more competitive market
5
Q
How does the government support it
A
- Lower business taxes
- Reduced regulatory burden (paperwork)
- Free access to business advice (Business Link)
- Legislation to encourage competition.
- Encouraging start-ups in economically
deprived areas of the UK.
