T1: Entrepreneurs& Enterprise Flashcards
Enterprise
Skills needed to make a new idea work
Risk
The chance or probability that hoped for outcomes will not occur
Uncertainty
A potential, unpredictable, unmeasurable, uncontrollable outcome
Risk averse
When you are not willing to take a risk - CAUTIOUS
Entrepreneur
Innovative risk taker
Reward
Benefits to the entrepreneur of an opportunity for taking a risk
Resilience
How determined an entrepreneur is to succeed and that they don’t give up when things go wrong. “BOUNCEBACKABILITY”
Intrapreneurship
Those who take hands on responsibility for creating innovation of any kind within a business
Opportunity cost
The cost of the next best alternative that has been sacrificed
Trade off
Where having more of one thing leads to having less of another
Characteristics of an entrepreneur:
- self confidence
- risk taker
- resilient
- motivation and determination
- listening- learn from others
- initiative - doing the right thing without being told
Motives:
- money
- work life balance
- to be your own boss
- realising a capability
- excitement
- desire to create something important and make a difference
Barriers to entrepreneurship:
- fear of failure
- fear of getting into debt
- getting finance
- losing security from current job (trade off)
Business objectives:
Clearly defined targets that are set by management or owners
Examples of business objectives:
- survival
- profit maximisation
- market share e.g) growth
- stakeholder wellbeing eg) employee, customer, suppliers
- social & ethical
