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EMS Grade 7 Graham > Entrepreneurship > Flashcards

Entrepreneurship Flashcards

1
Q

Define entrepreneur

A

a person who owns and runs their own business, assumes all the risks and rewards for the business venture

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2
Q

Define calculated risk

A

Making a decision even though you know there is a risk involved

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3
Q

Why do people entrepreneurs?

A

They want to work for themselves and make their own decisions
They are unemployed and need to provide for their families

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4
Q

Define a “listed” company

A

A company that sells its shares on the Johannesburg Stock Exchange

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5
Q

What is a retailer?

A

A shop where goods are sold to the public

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6
Q

What are the characteristics of a successful entrepreneur?

A

Vision of what they want to achieve
Confidence in their ability to succeed
Like to have control and be in charge
Willpower and perseverance
Very good at planning and organising
Exceptional leadership and management skills
Flexible and able to adapt quickly to change
High levels of energy and commitment
Risk takers
Have the ability to identify new business opportunities

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7
Q

What is equipment?

A

Assets e.g. machines that are used in the operation of a business

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8
Q

What are raw materials?

A

Things that are used to make other goods

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9
Q

What are inputs?

A

The specifications and materials in the production process

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10
Q

What actions does an entrepreneur perform?

A

Buying
Producing
Selling
Making a profit

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11
Q

Describe the buying action

A 
decide what raw materials are needed
find a reliable supplier
buy or rent equipment
buy raw materials
negotiate price with supplier
inputs into production process
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12
Q

Describe the producing action

A

make product
take raw materials and turn them into something useful
decide on production process
aka manufacturing
some businesses don’t manufacture - just produce services

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13
Q

Describe the selling action

A

persuade customers to buy product or service
includes advertising and marketing
explaining how a product works
explaining benefits of product
making sure customers are satisfied so they come back for more!

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14
Q

Describe the action of making a profit

A 
need to make a profit to survive
keep records of money made and spent
known as financial records
maximise income
minimise expenses
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15
Q

What is a needs analysis?

A

Research to find out what the needs of the people or community are

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16
Q

What are resources?

A

The things we need to produce goods or services

17
Q

What is the first step in starting a new business?

A

Find a good or service that consumers want

18
Q

What is a SWOT analysis?

A

An analysis of a business’s strengths, weaknesses, opportunities and threats to decide whether the business can succeed.

19
Q

What are strengths?

A

Positive characteristics of business. Things you are good at

20
Q

What are weaknesses?

A

Things you are not so good at. We try to control and overcome weaknesses

21
Q

What are opportunities?

A

Chances to improve the position you are in.

22
Q

What are threats?

A

Things that can have a negative effect on you or your business. Threats are outside your control

23
Q

What is marketing?

A

Developing ways to increase sales of product or service

24
Q

What are the four Ps of marketing?

A

Product, Price, Place, Promotion

25
Q

What is advertising?

A

A tool used to promote your business

26
Q

What is a target market?

A

Potential customers who would buy your product or service

27
Q

What are media?

A

Places to advertise or spread news about your product

28
Q

What are the three main categories of media?

A

Print, broadcasting and Internet

29
Q

What are the advantages and disadvantages of print media?

A

cheap, easy to reach large number of people

black and white, still pictures, limited space

30
Q

What are the advantages and disadvantages of broadcasting media?

A

large number of people can be reached

very expensive

31
Q

What are the advantages and disadvantages of Internet media?

A

new places that people are exploring

limited market because not everyone has access

32
Q

What are the criteria for a good advertisement?

A

Attention - attract attention of target market
Interest - keep interest of target market
Desire - create desire for product
Action - lead customer to buy product

EMS Grade 7 Graham (9 decks)

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