entrepreneurs and leaders 1.5 Flashcards
1
Q
how do entrepreneurs generate business ideas?
A
- observing other products/markets
- brain storming
- innovations e.g. new technology uses
2
Q
how do businesses identify opportunities?
A
- market maps
- analysing the state of economy
3
Q
how to ensure successful expansion?
A
- preparing for shifts in DEMAND
- ensuring that FINANCE is ready and in place
- ensure PEOPLE are in place
4
Q
franchise
A
a business that sells the rights to the use of the name and trading methods to local businesses
5
Q
geographical mapping
A
plotting competitors on the map in your market to see where they all are
6
Q
characteristics of a good entrepreneur?
A
- understanding of the market
- determination
- passion
- risk taking
7
Q
skills of an entrepreneur
A
- financial skills
- persuasive abilities
- problem solving
- networking skills
8
Q
business objectives
A
goals set for the business as a whole
9
Q
4 business functions?
A
marketing - consumer trends + advertisements
human resources - managers and recruitment
finance - maintaining budgets and spending
operations - supply chain activities
