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Business > Entrepreneurship [2] *G10 > Flashcards

Entrepreneurship [2] *G10 Flashcards

1
Q

Entrepreneur definition

A

A person who spots an opportunity and takes advantage of it to establish a business

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2
Q

Name some push factors [4]

A

Unemployed
Job security
Can’t find a job
Disagreement with current employer

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3
Q

Name some pull factors [4]

A

Independence
Recognition
Self actualisation
Personal employment and wealth

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4
Q

Name the characteristics of an entrepreneur [7]

A

Opportunity seeking
Creativity and innovation
Risk tolerance
Determination and preserversence
Self reliance
Flexibility
Motivation

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5
Q

Opportunity seeking as a characteristic

A

Seeking opportunities
Finding better ways to satisfy customers while making profit

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6
Q

Creativity and innovation characteristic

A

Identifying an new and effective way of delivering products/services

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7
Q

Two ways of delivering a product (creativity and innovation)

A

*making customers aware of a new product they don’t know about yet
*offering a product that satisfies existing needs

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8
Q

Risk tolerance characteristic

A

Be willing to take risks (personal,financial) to make a business successful

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9
Q

How to minimise risks

A

Ensure research has been done before starting a business

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10
Q

Determination and perseverance characteristic

A

Making sacrifices and being determined on goals to overcome challenges
-takes a lot of time energy and resources to make a business successful

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11
Q

Self reliance characteristic

A

-making own decisions
-not depending on others

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12
Q

Flexibility characteristic

A

Adapting to change
Good management tasks are required to adapt to change
(Communication, coordination, delegation,motivation, decision making )

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13
Q

Motivation characteristic

A

-internal drive that pushes one to succeed
-taking responsibility for actions

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14
Q

Entrepreneurial venture characteristics

A

Innovation, growth potential, sound objectives

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15
Q

Innovation - entrepreneuroural venture

A

Looking for new, better and creative ways of satisfying customers

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16
Q

Growth potential - entrepreneuroural venture

A

Entrepreneur looks for ways to grow by innovating and offering products to a broader target market

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17
Q

Sound objectives - entrepreneuroural venture

A

Formulates clear objectives and works towards them
E.g entering new markets, developing existing markets

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18
Q

Types of entrepreneurs

A

Techno
Social
Tourism
Environment

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19
Q

Explain techno entrepreneur

A

-looking for ways to develop technology
-using tech to grow their grow their business

20
Q

Explain social entrepreneur

A

-start ventures to solve issues in society
-usually ngos

21
Q

Explain tourism entrepreneur

A

-identify gaps in tourism industry and offers goods/services to attract tourists

22
Q

Explain environment entrepreneur

A

-contribute to a sustainable environment
-create ventures to solve environmental problems

23
Q

Types of new entrepreneurs

A

Emerging
Informal
Youth

24
Q

Explain emerging entrepreneurs

A

Entrepreneurs previously disadvantaged

25
Q

Explain informal entrepreneurs

A

-operate in informal sector
-list the characteristics if needed dawg you know it mos

26
Q

Explain youth entrepreneur

A

-Private Public Partnerships training youth through entrepreneurial programs and provide necessary resources and support

27
Q

Name the options for path to entrepreneurship

A

Starting a new business
Buying an already established business
Franchise
Family business

28
Q

Name some elements when starting a new business

A

-decide form of ownership
-more costly than buying established
-risky

29
Q

Elements when buying an already established business

A

-asses if skills match
-already customer loyalty
-already has supplier connections
-ensure not buying a failing business

30
Q

Name aspects to assess when buying an already established business (5 at least)

A

-reason for sale
-customer base
-financial position
-industry operated in
-profitability
-form of ownership
-contracts entered
-rental agreements
-SARS requirements
-

31
Q

Elements when buying a franchise

A

-brand already successful
-buying right to name, logo success
-loyal customer base

32
Q

Buying a family business

A

-high success rate
-growing up = already knowing baie info ig

33
Q

Name the parts of the entrepreneuroural process

A

-identifying an opportunity
-assessing resources required
-developing business plan
-management of entrepreneuroural venture

34
Q

Identifying an opportunity
EP

A

Is it feasible
Is it viable
Do SWOT analysis
Do research about target market

35
Q

Assessing resources needed
EP

A

-assess availability of resources
-financial, raw, machinery, labour, team

36
Q

Development business plan
EP

A

-ensures all risks are identified, calculated and managed
-essential to obtain funding

37
Q

Management of entrepreneuroural venture
EP

A

-planning, organising, leading and controlling different business activities

38
Q

Name the stages of growing an entrepreneurourial venture

A

Incubation
Start up
Breakthrough
Maturity
Decline/rejuvenation

39
Q

Factors to give competitive advantage (5)

A

Price
Time
Product differentiation
Customer convenience
Experience of customer

40
Q

Stage 1

A

Incubation
-identifying opportunity
-pre birth

41
Q

Stage 2

A

Start up
-production and trading commences

42
Q

Stage 3

A

Breakthrough
-rate of business increases
-close eye on factors of production

43
Q

Problems that can occur in the breakthrough stage

A

-cash flow
-Labour and skills
-delivery/distribution
-production complications and time

44
Q

Stage 4

A

Maturity
-business established itself
-loyal customer base
-return on investment

45
Q

Stage 5

A

Decline/rejuvenation
-business must decide to close or rejuvenate

46
Q

What to do to rejuvenate

A

-competitive advantage
-what it takes:
*creativity
*innovation
*patience
*strategic thinking
*capital

47
Q

Niche meaning

A

Focused approach to something

Business (26 decks)

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