Unit 2 definitions

Question 1

intrapreneurship

Answer 1

This is where employees in a business act in an enterprising way for the good of the business.
They may come up with ideas for new products or they may find innovative
ways for the business to cut down on costs.

Question 2

employee empowerment

Answer 2

employees are given the responsibility of making important decisions without having to consult with their manager.
this gives employees a greater scope for being innovative and creative

Question 3

enterprise

Answer 3

a person or group being innovative/creative/using their initiative,
while taking on a risk (personal/financial risk) in order to achieve a goal or
make a profit.

Question 4

entrepreneur characteristics

Answer 4

realistic risk takers
creative
decisive 
resilient
self confident

Question 5

entrepreneur skills

Answer 5

planning and setting goals
innovation
decision making
human relations
reality perception

Question 6

debt capital

Answer 6

a loan from a bank or other financial institution taken out by an entrepreneur to fund a business

Question 7

equity capital

Answer 7

finance invested into the business by shareholders

Question 8

manager

Answer 8

an employee in a senior position who is responsible for managing resources and meeting the objectives of the business

Question 9

pyramid scheme

Answer 9

a person pays money to join a scheme which promises a return on the investment if they recruit more people
money is made on the recruitment of more sellers rather than a product

Question 10

methods of promoting intrapreneurship

Answer 10

rewards
freedom to fail
teamwork
create a culture of enterprise, formal structure

Question 11

advantages of intrapreneurship

Answer 11

competitive adv. - adapt to changing market
motivation - job satisfaction and productivity
increased sales
lower costs