Enterprise and entrepreneurship Flashcards
1
Q
Enterprise
A
The ability to handle uncertainty and deal effectively with change
2
Q
Entrepreneur
A
Someone who starts and runs a business and has the responsibility for the risks involved e.g. Richard Branson
3
Q
Why do businesses exist
A
Businesses exist to help the economy to generate taxes to improve the quality of life to give jobs to meet the needs of society to make money and to help and provide services to people
4
Q
Qualities of an
A
Self-confidence self-determination self-starter judgement commitment perseverance initiative
5
Q
Why become an entrepreneur
A
To escape and an uninteresting job Pursue an interest or hobby fill a gap in the market to be your own boss work from home second career provide a product or service not-for-profit become a big business one-day satisfying.
6
Q
What do businesses do
A
Meet the needs of stakeholders By input Produce outputs Focus on efficient use of resources Generate a profit/surplus
7
Q
Case study for entrepreneur
A
Steve Jobs founder of highly successful Apple company
