Introduction To Business Flashcards
1
Q
Enterprise
A
A business
2
Q
Entrepreneur
A
A risk taker who sets up own business
3
Q
4 self employed characteristics
A
- hardworking
- competent
- reliable
- diligent
4
Q
7 entrepreneur characteristics
A
- self belief & confidence
- persistence and ‘drive’
- ability to work under pressure, both alone and with others
- creativity & imagination
- energy & enthusiasm
- leadership skills (motivation & communication)
- ability to be comfortable with risk
5
Q
Factors of production
A
the inputs that are used in the production of goods or services. (land, labour, capital, enterprise)
6
Q
Value added
A
what a business achieves by ensuring that the price of the finished good or service is in excess of the cost of the inputs
7
Q
Contraints on a business
A
a restraining factor on a business
or
something that limits how a business operates
8
Q
4 contraints on a business
A
- environment
- legislation
- competition
- economy
9
Q
4 departments in a business
A
- accounting & finance
- operations management & production
- marketing & support services
- human resource management
