Entrepeneurs And Leaders

Question 1

What is an entrepreneur?

Answer 1

A risk taking individual who creates and runs a business

Question 2

What are four characteristics of an entrepreneur?

Answer 2

Creativity

Hard working

Self confidence

Resilience

Well judged risk taking

Question 3

What are the four motives of becoming an entrepreneur?

Answer 3

High salaries

Dividen payments

Personal satisfaction of running your own business

Flexible working conditions

Question 4

Why do business set objectives?

Answer 4

So the business has a desired outcome and goal by the end of a certain amount of time. I.e profit maximisation.

Question 5

What are six possible objectives of a business?

Answer 5

Sales maximisation

Market share

Cost efficiency

Employee welfare

Customer satisfaction

Social objectives

Question 6

What is a incooperated business?

Answer 6

A business with its own legal status, so can own property, sign contract, and take legal action.

Question 7

What is an unincooperted business?

Answer 7

Has no seperate legal identity, law sees owner and business as same entity.

Question 8

What is unlimited liability?

Answer 8

Where the owner of the business is solely responsible for the that need to be paid, and if not paid have to sell personal assets

Question 9

What is limited liability

Answer 9

Where the owner of a business is not solely responsible for the debts of a business.