the role of entrepreneurship Flashcards
1
Q
entrepreneur
A
a person who owns and runs their own business; they are risk-takers with an initial idea and the willingness and confidence to see it through.
2
Q
enterprise skills:
A
- showing initiative
- willingness to undertake a new venture
- risk-taking
3
Q
invention vs. innovation
A
invention = new product made with research and development
innovation = the improvement of an already existing invention
4
Q
benefits to the economy:
A
- creating products and services to meet people’s needs
- creating jobs
- generating economic activity through consumer spending
- paying tax to the government
- exporting goods abroad
