Theme 1.5 Flashcards
1
Q
Entrepreneur
A
Person who spots an opportunity and shows the initiative and willingness to take risks to set up a new business to gain from potential rewards
2
Q
Intrapreneurship
A
Employees within an organisation act in the same way as entrepreneurs
3
Q
Barriers to entrepreneurship
A
Not everyone wants to be an entrepreneur
And lack of access to finance
4
Q
Franchise
A
The franchisor gives permission to the franchisee to trade using franchisors name
5
Q
Social enterprise
A
Business whose motives are not to financial gains but to provide a service
6
Q
Sole trader
A
Individual who earns and one is there any business
Unincorporated
7
Q
Opportunity cost
A
The next best alternative
8
Q
Trade offs
A
All of the foregone alternatives have to be made
