SAS 1-3 Flashcards

1
Q

The process of creating a new enterprise and bearing any risk, with the view of making profit

A

Entrepreneurship

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2
Q

The person who creates a new enterprise and embraces every challenge for its development and operation

A

Entrepreneur

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3
Q

Characteristics of Entrepreneurship

A

-Economic Activity
-Creativity and Innovation
-Profit
-Risk Bearing

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4
Q

as it involves designing, launching and running a new business enterprises in order to earn the profit, by ensuring best possible use of resources.

A

Economic Activity

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5
Q

It involves discovering new ideas and implementing it in business.

A

Creativity and Innovation

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6
Q

The activity of entrepreneurship is undertaken with the sole objective of making the profit. It
is also the reward of the efforts made and risk taken by the entrepreneur.

A

Profit

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7
Q

“Willingness to assume the risk” is the essence of entrepreneurship without which
he/she cannot succeed. It occurs due to the creation and implementation of new ideas

A

Risk Bearing

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8
Q

Skills required in Entrepreneurship

A

-Technical Skills
-Business Management Skills
-Personal Skills

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9
Q

The 4 main elements of entrepreneurship

A

-Innovation
-Organization
-Risk Taking
-Vision

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10
Q

is an organization of one or more people providing goods or services for the benefit of customers and the community.

A

Business (Bolander 2011)

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11
Q

Three statements that broadly define a business?

A

-Mission
-Vision
-Values

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12
Q

describes the reason the company exists.
describes the reason the company exists.

A

Mission

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13
Q

describes the future the company wants to pursue. Long-term

A

Vision

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14
Q

states what the business believes in. how it conducts business and how it treats employees, customers and the community.

A

Values

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15
Q

refers to agriculture-related activities that put farmers, processors, distributors, and consumers within a system that produces, processes, transports, markets, and distributes agricultural products.

A

Agribusiness

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16
Q

defined as a group of people who perform interdependent tasks to work toward accomplishing a common mission or specific objective

A

Team

17
Q

refers to the various activities which bind a team together by bringing the team members closer to achieve the set targets

A

Team Management

18
Q

Success Factors for Teams

A

-Nature of the leadership
-Collaborative nature of the team
-Team members are empowered

19
Q

A system of wages and raises based on achievement in different skill blocks as determined by the individual practice’s need

A

Skills-Based Compensation

20
Q

Written protocols regarding patient care, customer service, and team professionalism

A

Total Quality management

21
Q

An Individual or a group with an interest in a particular business; the individual or group has something at risk

A

Stakeholder