Enterprise Flashcards
1
Q
What do entrepreneurs do
A
Take advantage of business opportunities
2
Q
What does enterprise involve
A
identifying new business opportunities and taking advantage of them
risk and failure
if successful the reward is profit
starting up a new business or helping one expand
3
Q
What makes a good business
A
A good idea for a product/service - gap in the market
4
Q
What is a niche market
A
A small part of the market for customers with a particular need
5
Q
What do you need to do
A
Gather resources - money - often their own - bank loan - investment
Make enough profit to pay off loans - if not bankruptcy and all money lost
Take calculated risks - research - plan carefully - weigh up consequences
6
Q
What qualities do you need to be an entrepreneur
A
ability to think ahead initiative drive and determination decisiveness networking skills leadership skills and powers of persuasion a willingness to take calculated risks ability to plan carefulls ability to learn from mistakes
