unit 2 key terms - enterprise

Question 1

how to encourage intrepreneurship

Answer 1

empowerment
culture- its ok to make mistakes
financial rewards for effort and creativity
provide resources
encouraging teamwork

Question 2

what is intrapreneurship?

Answer 2

when an employee engages in entrepreneurial activities within a business. they are not a risk taker

Question 3

what are reasons to become an entrepreneur?

Answer 3

freedom to do new things
earn more income
be their own boss
see a gap in the market
no choice - limited career path

Question 4

what is enterprise ?

Answer 4

when an individual or group take on risk and decide to engage in entrepreneurial activities in order to start a new business

Question 5

what is an entrepreneur ?

Answer 5

a person who sets up a business and takes on financial and personal risk to achieve the main aim of making a profit

Question 6

characteristics- risk taker

Answer 6

an entrepreneur takes personal and financial risk in order to set up a new business with no guarantee of success

Question 7

characteristics - innovative/ creative

Answer 7

the entrepreneur must be creative and develop new ideas or new ways of doing things. they think outside of the box to develop new products

Question 8

characteristics - future focused

Answer 8

the entrepreneur is always thinking to the future and looking for possible gaps in the market

Question 9

characteristics- resilient

Answer 9

entrepreneurs aren’t put off by failure. entrepreneurs have a strong sense of self belief and conviction about their own business ideas

Question 10

characteristics - decision making

Answer 10

an entrepreneur has to be bale to make decisions for the benefit of the business, often in situations under pressure