Entrepreneurship Flashcards
What is an entrepreneurship?
Someone who takes the risk of establishing a business with the hope of making profit
Reasons for establishing a business?
Financial Independence
More control of working life
Additional Income
To be your own boss
Roles and functions of an entrepreneurs
Accessing Finance
Conceptualizing
Organizing
Operating the Business
Planning
Evaluating
Risk Bearing
What is Business Ethics?
Morals, Values, Principals, in which you operate your business in a fair and honest manner.
What is primary research?
Primary Research is originally collected data sourced from conducting interviews, surveys, questionnaires and observations
Advantages and Disadvantages of Primary Research
Very Reliable and up to date
However can be time consuming
What is Secondary Research
Secondary Research uses data that has already been collected by someone else originally.
Can be sourced from books, articles the internet etc.
Secondary Research Advantages and Disadvantages
Easily Accessible and Inexpensive
However it’s not reliable
The resources needed to operate a business is called…..
Tha Factors of production
What are the four factors of Production?
Land.Labour.Capital.Enterprise
What is a business plan?
A business plan is a formal written document that contains the goals and plans of a business
What does a business plan do ?
It attracts business investors and helps secure a loan
What is accessing Finance ?
The entrepreneur must find the funds to start and operate the business.
Operating a business
everything a firm does day-to-day to keep the business running and making money.
What is money laundering?
Using a viable business to launder money through. Eg Casinos and Car washes
