entrepeneurialship Flashcards
what is profit maximisation
making the highest profit possible
what is profit satisficing
entrepreneur aims to make profit to allow business to run as well as an additional aim
what kind of second aims can be part of profit satisficing
reward employees with higher wages
invest in environmental project
serve community e.g community cafe
give examples of non financial motvies
be independent
being the boss
potentially earn higher income
what is an ethical stance
to trade in a more ethical way
why will businesses often choose to take an ethical stance
to gain a good reputation
what are financial advantages of working from home
no commute
no expensive premises to pay for, lower fixed costs
what are non financial advantages of working from home
flexible hours
better work life balance
what are disadvantages of working from home
no socialisation with other workers hard to switch off more hours then regular work need to be self disciplined too easy to be distracted
why are social enterprises formed
to give back to the community
what is central to a social enterprise
social purposes
what are social enterprises
businesses trading for social and environmental purposes
