Entrepreneur Flashcards
Define entrepreneurship.
The act of managing a business.
Define entrepreneur.
A person who undertakes the risks involved in establishing and running a business in the hope of making a profit.
What are the functions of an entrepreneur?
- conceptualizing
- plan
- access funds
- organize the business
- operating the business
- evaluate the performance of the business
Define conceptualizing.
All the ideas related to the type of business you are going to open.
Define plan.
Creating a well structured plan setting your goals and objectives and the steps required to achieve them.
Define access funds.
Getting your money from either your savings, from others as a loan or as an investment.
Define organize the business.
Setting up the business. Hiring staff, getting products and services.
Define operating the business.
Running the business and looking for ways to improve.
Define evaluate the performance of the business.
Examine how well the business is doing and making changes when necessary.
What is the acronym for the functions of an entrepreneur?
CPAOOE.
What are the roles of an entrepreneur in decision making?
- conceptualizing
- planning
- accessing funds
- organizing
- operate
- evaluating
- risk baring
Conceptualizing.
What products you’ll be making?
The prices of the products.
Find out what customers like.
Planning.
What needs to be done to achieve my goals?
What are my short/long term plans?
Accessing Funds.
Where will you be getting the money?
How much money you will be getting/need.
Organizing.
Organizing the four factors of production:
- land
- labor
- capital
- enterprise
Operate.
Interacting with customers.
Maintaining quality goods.
Will I give feedback?
Evaluating.
Do surveys.
How well are we doing?
What could we do better?
Risk Baring.
Planning for unseen events such as new competitors so the risk should become more manageable.
What is the acronym for the roles of an entrepreneur in decision making?
CPAOOER
What are the roles of an entrepreneur in Economic development?
- creating jobs
- collaborating
- provide goods and services
- contributing to nation building
What is creating jobs?
Offer up jobs and employment for the people of the country.
What is collaborating?
This is when businesses work together, to get more for the country.
What is provide goods and services?
Make it easier for the people of a country to get quality goods.
What is contributing to nation building?
Ways businesses give back to society. Sponsorships, donations, charities.
What are the steps in establishing a business?
- conceptualizing
- research
- identify resources
- creating a business plan
- acquire funds
- operation of business
What is the acronym for steps in establishing a business?
CRICAO.
