Unit 1.3 - business enterprise Flashcards
Define entrepreneur.
A person who sets up a business and is willing to take on financial risks in the hope of making a profit.
What is the entrepreneurs role in setting up/running a business? (4)
Initiative
Innovation
Identifying opportunities
Organising resources
Name the characteristics that make a good entrepreneur. (8)
Risk taker
Hardworking
Decision maker
Determined
Creative
Confident
Organised
Good communicator
Why do people set up their own business? (8)
Earn more income than working for someone else/profit
Own boss
Family business
Interest or hobby
Spotted a gap in the market
Need a job
Personal satisfaction
Want to help others
What are risks (3) and rewards (5) of being an entrepreneur?
Business sales are lower than expected
Costs increase unexpectedly
Unforeseen events such as bad weather etc
Earn more profit than working for someone else
Satisfaction of running own business
Having your name on products, shop etc
Positive customer feedback
Building good relationships with customers
What advice and help is available to an entrepreneur? (4)
Welsh government
Advice websites
Commercial banks
Prince’s Trust
