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Business > Unit 2: Enterprise > Flashcards

Unit 2: Enterprise Flashcards

1
Q

enterprise

A

enterprise refers to any attempt made by an individual or group of people to start something new

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2
Q

entrepreneur

A

an entrepreneur is a person who spots a gap in the market and comes up with a business idea to fill the gap. an entrepreneur takes personal and financial risks when setting up a business and hopes to earn a profit

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3
Q

reasons for becoming an entrepreneur

A
  1. be your own boss
  2. varied work day
  3. unemployment
  4. more money
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4
Q

social enterprise

A

a social/not for profit enterprise has a social/environmental aim. it is run like a business and profits are used to benefit the cause rather than the owners

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5
Q

characteristics of an entrepreneur

A
  1. decision making
  2. risk taking
  3. determination
  4. self-motivation
  5. self-confidence
  6. creativity
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6
Q

decision making

A

entrepreneurs make quick/clear decisions. weigh up pros and cons and choose best option for business.
takes full responsibility for decisions

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7
Q

risk taking (C)

A

entrepreneurs take financial and personal risk and view failure as a learning experience. ensure they take calculated risk (reasonable chance of success)

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8
Q

determination (C)

A

determined to find solutions to problems. do not give up easily when faced with obstacles or failures

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9
Q

self-motivation

A

intrinsically motivated to succeed. have the personal drive and ambition to achieve goals

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10
Q

self-confidence (C)

A

believe in themselves and their idea. not put off by other peoples opinions

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11
Q

creativity (C)

A

think outside the box and come up with new ideas and new ways of doing things

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12
Q

entrepreneurial skills

A
  1. decision making
  2. proactive
  3. networking
  4. risk management
  5. human relations
  6. realism
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13
Q

proactive (S)

A

take action and make changes before they need to be made rather than waiting for a situation or problems to arise

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14
Q

networking (S)

A

involves meeting new people and exchanging information. people are useful professionally/socially

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15
Q

risk management (S)

A

entrepreneurs exposed to personal, commercial and financial risks. must identify these risks and find ways of reducing their likelihood e.g. fire alarms, insurance

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16
Q

human relations (S)

A

able to build relationships with people and bring out the best in them. use their HR skills to persuade people to help them

17
Q

realism

A

can recognise when things are going wrong and take action to make positive changes

18
Q

intrapreneurship

A

involves entrepreneurial activity by employees within the business by coming up with new ideas or ways to improve and grow the business and generate a profit

19
Q

ways to encourage intrapreneurship

A
  1. training programs
  2. rewards
  3. workplace culture
  4. teamwork
  5. resource provider
20
Q

training programmes (intrapreneurship)

A

employees can receive training on how to come up with and develop new ideas that benefit the business

21
Q

rewards (Intrapreneurship)

A

employees can be offered financial rewards for ideas used by the business to reduce costs or increase profits

22
Q

workplace culture (intrapreneurship)

A

the business creates a workplace culture where employees are encouraged to be intrapreneurial and know that it is ok to make mistakes: develop new ideas without fear of punishment

23
Q

teamwork (intrapreneurship)

A

the business should give employees the opportunity to work in teams: encourages employees to brainstorm and develop better ideas as a group

24
Q

resource provider (intrapreneurship)

A

the business can give employees access to the resources needed to help them come up with new ideas to benefit the business, e.g. raw materials, time, finance

25
Q

rewards of becoming an entrepreneur

A
  1. control
  2. income
  3. challenge
26
Q

risks of becoming an entrepreneur

A
  1. income
  2. decision making
  3. long working hours
27
Q

importance of enterprise (business)

A
  1. encourages intrapreneurship
  2. greater efficiency
  3. spin off businesses
  4. business culture
28
Q

importance of enterprise (community)

A
  1. encourages enterprise
  2. wealth creation
  3. creates employment
  4. community engagement
29
Q

enterprise vs management

A
  1. idea generation
  2. risk taking
  3. running the business
  4. control

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