Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Tuwan's Pob > Entrepreneurship > Flashcards

Entrepreneurship Flashcards

Principles of business chapter 6

1
Q

What is an entrepreneur?

A

An entrepreneur is a person who undertakes the risks involved in establishing and running a business in hopes of making a profit.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is entrepreneurship

A

The act or process of managing a business Enterprise is referred to as entrepreneurship

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is required by entrepreneurs to put their ideas into practice

A

Conceptualizing all the ideas related to the type of product or service the business will offer as well as the factors affecting profitability

planning what is required to expand the idea into practice for example, developmental design of the product or service, assessing marketing potential, choice of premise, machinery and Libra required, plus assessing the degree of profit possible.

Accessing funds needed to establish and develop their business

Organizing the setup of the business deciding the best location, identifying suitable premises, employing suitable workers and deploying them effectively, and defining policy decisions in a manner that all level of personal can understand.

Operating the business successfully through the start-up stages and looking for ways to improve the products or services that the business markets, and making any changes necessary to the interest of the growth and development of the businesses, as well as always seeking out new business

Evaluating the performance of the business once it has been established

Bearing risks, which relates to the willingness to operate while recognizing that there are elements of uncertainties involved in business.

Making a profit or loss, which relates to whether or not the entrepreneur has risks piece of

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is required by entrepreneurs to put their ideas into practice

A

Conceptualizing all the ideas related to the type of product or service the business will offer as well as the factors affecting profitability

planning what is required to expand the idea into practice for example, developmental design of the product or service, assessing marketing potential, choice of premise, machinery and Libra required, plus assessing the degree of profit possible.

Accessing funds needed to establish and develop their business

Organizing the setup of the business deciding the best location, identifying suitable premises, employing suitable workers and deploying them effectively, and defining policy decisions in a manner that all level of personal can understand.

Operating the business successfully through the start-up stages and looking for ways to improve the products or services that the business markets, and making any changes necessary to the interest of the growth and development of the businesses, as well as always seeking out new business

Evaluating the performance of the business once it has been established

Bearing risks, which relates to the willingness to operate while recognizing that there are elements of uncertainties involved in business.

Making a profit or loss, which relates to whether or not the entrepreneur has risks piece of

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Characteristics of an entrepreneur

A 
Creativity 
 Innovation 
 Flexibility 
 Goal oriented 
 Persistent 
Persevering 
 Risk Takers
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Leadership qualities of an entrepreneur?

A

A successful entrepreneur required leadership qualities that Inspire others to work hard and support their Drive to achieve the desired success.

 Communication skills 
 Vision 
 Supportive
 Self-belief 
 Share success 
Involved 
 Encouraging 
 Honest 
 Perseverant
 Invested in learning
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What are some questions that entrepreneurs must ask?

A 
What type of business?
 Where will the capital come from 
 What product or service 
 Who is the target audience 
where should the business be located
 does the entrepreneurship have the skills
Which promotion methods will work best 
 What back-up support is needed in case of bankruptcy
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Conceptualizing

A

The entrepreneur must have an idea, a skill or service that others want that can achieve a profit. The entrepreneur is required to make the decision if their Research indicates that the idea is marketable for profit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Planning

A

In order to achieve its objectives a business needs a plan. Sound planning greatly improves of firms survival prospects.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Feasibility study

A

Provide an investigation, backed by data, to demonstrate that what is Planned is really possible. Such planning needs to take into account both short and long-term factors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Short-term planning

A

Generally refers to any development likely to come into effect within the next 3 years. Short-term planning is generally easier than long-term planning because fewer changes are likely to occur.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Long-term planning

A

Long-term planning incorporates developments that are expected within a. Of time up to 10 years ahead. Long-term planning is mostly about the firm’s plan to do rather than what it is currently doing.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Capital requirements

A

This is how much money is required to start up the business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Capital requirements

A

Capital refers to the well, in the form of money or other assets, used to start and operate a business.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

To avoid start-up crisis what should a business plan include?

A

A clear statement of what the entrepreneur needs to start the business.
An estimate of the cost involved in obtaining these items.
An estimate of the extra funds needed in the first 6 months at least four original cost

The business plan should demonstrate that the estimates are realistic and also where the money will come from.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

The factors of production

A

The factors post production are various elements needed to produce goods or services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Name the four factors of production?

A

Land
Labor
Capital
Enterprise

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

operating a business

A 
Increasing sales 
 Reducing cost 
 Getting paid
 Maintaining records
 Looking ahead
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Evaluating

A

A measure of the success of the business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Risk-bearing

A

Enterprise’s bear Financial Risk in Hope of making a profit

21
Q

entrepreneur and economic development

A

Entrepreneurs collaborate, create new businesses, create jobs and contribute to National Building

22
Q

Providing employmentOpportunities

A

New businesses employ people to fill the jobs that have created, and as the business grows more workers are needed. These employees pay taxes to government and spend their wages, mostly locally.

23
Q

Reasons for establishing a business

A

Financial Independence
Self-fulfillment and self-actualization
Increased income
increase control of work life

24
Q

Steps in establishing a business

A 
Conceptualizing 
 Research 
Identification of resources
 Creation of a business plan 
 Acquisition of funds 
 Operation of the business
25
Executive summary
This is an outline or overview of the business. It aims to give potential investors and oversight of the company's purpose and goals An executive summary includes. The name of the business Its location What products or services are to be sold The purpose of the plan
26
Operational plan
This describes the businesses physical location, legal structure
27
The business opportunity
A description of the product or service the business has to offer and the target market
28
The marketing plan
This describes specific objectives that demonstrate that the entrepreneur has a clear idea of how they will get their product into the market, potential customers, how they are going to be reached, what competition exists and so on.
29
Financial forecast
This is projecting numbers Ava forecast for the next 5 years. The forecast should include A cash flow statement and first 12 months cash flow pattern including working capital, salaries and seals A profit-and-loss forecast on projected sales A sales forecast, the money expected to be made from the sales of the goods or services
30
Primary data
This is collected by the entrepreneur, for example by going out and talking directly to potential customers and suppliers
31
Secondary data
This is information that is collected by someone for some other purpose but usually for the entrepreneur, for example government reports such as population census or publish reports of other Traders or trade associations
32
External source of Finance
A bank loan A Bank overdraft Selling share capital
33
Short-term plans
Those are plants on the taken on a daily or weekly basis
34
Medium term plans
Those affected for one or two years and include implementing procedures that increase the effectiveness of the business
35
Long-term plans
Are those that established the course of the business over a three to five-year.
36
Government regulatory practices
A certificate of registration is issued which must be appropriated displayed in the priest of the business and all business must be value added or consumption tax registered.
37
Governmental environmental policies
Factories and even larger retail units are encouraged to locate outside of City centers Builders are encouraged to use materials that are more environmentally friendly Encouragement on Advertising is directed too watery do you think power use that influences Greenhouse emission All commercial and Industrial activities create waste materials, encouragement is given to use recyclable materials Some advertising encourages customers to buy dangerous and unhealthy products consumers protection efforts raise awareness Pollution from factories and transport in motion can be reduced by fines and Taxation Raising public awareness of Environmental issues is not only a government concern but also highlighted by pressure groups
38
Geographical factors
Availability of suitable land, how much it cost and its position in relation to facilities such as transport, waste disposal and closeness to customers unsuitable labor
39
Raw materials and supplies
Proximity to raw materials and essential supplies or ease of access to transport facilities that will simplify access
40
Infrastructure
Systems of available such as transport networks, sewage, waste, water, power supplies and Technical Systems such as it and Communications
41
Transport
Sitting convenience fee near to good transport facilities and the two minerals and the cost of these facilities influence location
42
Linkage Industries
Some Flume as well located near other businesses on which they depend
43
Power
An essential resource for both businesses on the employees reliable power is required for the operation of equipment, Light and Healthy working conditions
44
Labor Supply
Availability of suitable labor with the right skills
45
Telecommunications
These have become increasingly complex and businesses are dependent on reliable interactive it systems
46
Market pull
Sometimes businesses will be drawn to eat particular area as this may be where the potential customers can be found
47
Water
I requisite resorts for all businesses on most businesses cannot operate without reliable supplies
48
Government regulations
Grant from Central or local government and influence business locations
49
Collateral
The term collateral refers to things put up as security for repayment of a loan. Is a collateral acts as security for the lender should the borrower failed to repay the loan

Tuwan's Pob (6 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions