enterprise and entrepreneurship Flashcards
why do business’ start
person has an idea for a new product
spotted a gap in market
have flexibility
what are financial motives for starting a business
to make money and increase capital
what are non financial motives for starting a business
take advantage of opportunities
create own job
how do people get inspiration for a business idea
brainstorming
thinking ahead
ideas from personal/business experience
what are the factors of production (business resources)
capital enterprise land labour
what are key characteristics by an entrepreneur
calculated risk taker
visionary
passionate
persuasive
why does the government encourage and support enterprise
helps to create jobs increasing employment decreasing payout of benefits
business’ and employees pay tax
enterprise stimulates economic development
how does the government encourage and support enterprise
new apprenticeships systems
entrepreneurship programmes in school
why does business failure occur
lack of finance
poor communication
skills shortage
important element of successful entrepreneurship
ability to evaluate and take risks
carry out research
happy to take risks if rewarded
how does entrepreneurs benefit society
reduces unemployment
people feel more motivated
