Setting up a Business Flashcards
Give three reasons someone might want to set up their own business?
They want to be their own boss.
They have an idea for a new product or service.
They have a hobby which cold be the basis for a business.
Where do people get an idea for a business from?
Spotting a gap in the market.
Developing a hobby.
Setting out to solve a particular problem.
What is an entrepreneur?
Someone who has an idea and turns it into a business
What does an entrepreneur do?
They bring together the resources needed to run their business. These are called Factors of Production.
What must an entrepreneur be able to do?
Take risks
Show initiative
Undertake new ventures
Give three skills an entrepreneur must have?
Good at making decisions, Problem solving and Good at planning.
Give three qualities an entrepreneur must have?
Confidence, Determination and Creative.
