Unit 2 Flashcards
What is an enterprise?
When an individual or group of people takes a risk & decides to start something new.
Example: starting a new hobby - guitar.
What is an entrepreneur?
Someone who spots a gap in the market, takes a risk & comes up with an idea that they can turn into a profitable business.
Example: Roisin Ahearn - Founder of Roisins Sweet Treats.
What are the benefits of becoming an entrepreneur?
Be your own boss, unemployment out of necessity, more money, and enjoy a challenge.
What are the risks of becoming an entrepreneur?
Low income, high stress, and long work hours.
What are the characteristics of an entrepreneur?
Decision making, confidence, risk taker, determination, self motivation, creativity, initiative, and flexibility.
What does decision making mean for an entrepreneur?
An entrepreneur must be able to make quick & clear decisions, weighing up pros & cons.
What does it mean to be a risk taker as an entrepreneur?
Entrepreneurs take financial & personal risks but ensure they take calculated risks.
Example: High chance of success.
What does confidence mean for an entrepreneur?
The ability to believe in oneself.
What does determination mean for an entrepreneur?
Entrepreneurs are highly determined and find solutions to problems without giving up easily.
What does self motivation mean for an entrepreneur?
Entrepreneurs are motivated to succeed with personal drive & ambition.
What does creativity mean for an entrepreneur?
Entrepreneurs must come up with unique ideas to stand out from competitors.
What are the skills of an entrepreneur?
Risk management, human relations, time management, decision making, and proactive.
What is intrapreneurship?
Employees of a business that act like entrepreneurs within a business, coming up with new ideas & solving problems.
What are methods of encouraging intrapreneurship?
Training, rewards, teamwork, and providing resources.
