The Role Of An Entrepeneur Flashcards
Entrepreneur
Someone who looks for a gap in the market and takes the initiative to take risks and benefit from the potential rewards
Characteristics of an entrepreneur
Hardworking
Innovative
Passionate
Determined
Who introduced creative destruction?
Joseph Schumpether
Creative destruction
A process of industrial mutation that revolutionises the economic structure, incessantly destroying the old one
The way in which quality is improving innovations leads to market growth
Motive
A reason for doing something
Primary motive of a new business
Survival
Motives of a business
Fulfill a dream
Social responsibility
Make profit
Profit formula
Sales revenue- total costs
Profit satisficing
Maintaining a work life balance
Making enough money to be satisfied
Entrepreneurs responsibility in the first few years of a business opening
Managing resources
Maintaining financial records
Dealing with customers
Added value
Ensuring that the value of output is higher then the sum of the value of all the inputs
Ways to add value
USP
Enhance customer experience
Marketing
