Entrepreneurs Flashcards
What is profit maximisation?
When a business ensures they have the best possible output and price levels so maximise its returns.
What is an intrapreneur?
Individuals who are tasked with creating new and innovative products within an already established business.
What is an entrepreneur?
A person who sets up a business, taking on financial risk in hopes for profit.
What is profit satisficing?
When a company makes enough profit to satisfy its influencers, enough profit to pay shareholders, enough profit to pay workers a good wage.
What is opportunity cost?
The loss of other alternatives when one alternative is chosen.
What is a trade-off?
When having more of one thing potentially results in having less of another.
List some non financial reasons for starting a business.
- Personal satisfaction.
- Being your own boss.
- Challenge.
- Benefit people/environment.
List some characteristics of an entrepreneur.
- Creativity.
- Leadership.
- Communication.
- Decision-making.
List the skills required to be an entrepreneur.
- Time management.
- Marketing.
- Able to think of new innovative ideas.
List barriers to entrepreneurship.
- Inability to access finance.
- Lack of social capital.
- Discrimination.
List the stages in setting up business.
- Research the market and competition.
- Write a business place.
- Register business.
- Finance your business.
- Build brand.
- Launch business.
