Entertprise Flashcards

1
Q

What is an enterprise?

A

Showing intiative taking a risk to set up invest in and run a business opportunity

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2
Q

What is a SME

A

It is a Small to medium enterprise

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3
Q

What is the classification for a medium enterprise?

A

Under 250 employees
Under 50 Million in turnover

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4
Q

What is the classification for a small enterprise?

A

Under 50 employees
Under 10 Million in turnover

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5
Q

What is an entrepreneur?

A

A person who spots an opportunity and shows initiative and willingness to take risks in order to benefit from the potential reward.

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6
Q

How do they identify business opportunities?

A

Can they satisfy needs and wants?
Is there a gap in the market that can be filled with an SME
Do enterprises offer a solution to the problem?

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7
Q

What are the steps to creating and setting up a business?

A

Generating an idea
Asking if the idea can add value
Conducting market research
Drawing up a business plan
Deciding on legal structure
Raising finance

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8
Q

What are the steps to running and developing a business?

A

Generating a customer base
Designing a marketing mix
Sourcing supplies and managing stock
Keeping financial records
Abiding by legislation
Employing staff

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9
Q

What are some non-financial motives for an entrepreneur?

A

Ethical stance - Provide a good or service that meets ethical beliefs
Social entrepreneurship - Any surplus revenue earned is used to further support the cause
Independence - Being your own boss
Working from home - Work life balance

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9
Q

What are financial motives for an entrepreneur?

A

Profit maximising
Financial Freedom
Profit satisficing - To make enough profit to be satisfied but not be profitable

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10
Q

What are 3 different characteristics of a entrepreneur?

A

Opportunity spotter
Creative
Show initiative
Risk taker
Positive thinker
Hard working
Self motivated
Decision maker
Visionary
Enthusiastic
Determined and persistent

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11
Q

What are the skills required of an entrepreneur?

A

Communication
Literacy
Numeracy
Information technology
Organisation
Problem solving
Team working

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12
Q

What is the importance of entrepreneurs to the primary market?

A

Businesses that extract natural resources that can then be used by others to produce resources e.g. farming, fishing and extracting minerals

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13
Q

What is the importance of entrepreneurs to the secondary market?

A

Businesses that turn raw materials into finished goods or components. Value is added through the manufacturing process

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14
Q

What is the importance of entrepreneurs to the tertiary market?

A

Businesses that provide services to individuals (B2C) or other businesses (B2B) e.g. banking, retail and telecommunications

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15
Q

What is the importance of entrepreneurs and SMEs to businesses?

A

Create competition
Supply goods and services
Offer specialisms and expertise
Buy goods and services

16
Q

What is the importance of entrepreneurs and SMEs to the economy?

A

Provide employment
Pay taxes
Social benefits

17
Q

Who are some stakeholders?

A

Customers
Employees
Shareholders
Government
Community
Suppliers
Financial institutions