somebody who has a talent for spotting an opportunity and the skill to organise the factors of production to make it into a profitable business venture
1 of 23
Factors of production
the resources of land, labour, capital and enterprise used to produce goods and services
2 of 23
Intrapreneurship
involves people within a business creating or discovering new business opportunities which leads to the creation of new parts of the business or even new businesses
3 of 23
Entrepreneurial skills
the qualities a person must possess to set up a successful small business
4 of 23
Entrepreneurial motives
reasons that people have for starting up their own business, these can be financial or non financial motives
5 of 23
Profit maximisation
aiming to make as much profit as possible, perusing this objective regardless of other considerations
6 of 23
Leader
someone who motivates others, has focused targets for the business and is knowledgeable on how to get the business to them
7 of 23
Public sector
owned by Government
8 of 23
Private sector
owned individually
9 of 23
Unincorporated
owner is the business - no legal difference, owners have limited liability
10 of 23
Incorporated
legal difference between business and owners, limited liability
11 of 23
Unlimited liability
liable to all finances
12 of 23
Limited liability
only lose what put in
13 of 23
Sole traders
a person who is the executive owner of a business, entitled to keep all profits after tax has been paid but liable for all loses
14 of 23
Partnerships
owned between 2 - 20 people
15 of 23
Private limited company (LTD)
often a small business, ie an independent retailer in a market town, shares do not trade on stock exchange
16 of 23
Public limited company (PLC)
usually a large, well-known business, could be a manufacturer or a chain of retailers with branches in most city centers, shares trade on stock exchange
17 of 23
Franchise
right or license granted by a company to an individual or group to market its product or service in a specific territory
18 of 23
Social enterprise
businesses set up to change the world
19 of 23
Lifestyle business
set up and run by founders primarily with the aim of sustaining a particular level of income or to provide a foundation from which to enjoy a particular lifestyle
20 of 23
Online business
any business on internet that sells products or services or advertising online
21 of 23
Trade-off
arises when having more of one thing potentially results in having less of another
22 of 23
Opportunity cost
benefits forgone of the next best alternative, measures the cost of a choice made in terms of the next best alternative foregone or sacrificed
23 of 23
Other cards in this set
Card 2
Front
the resources of land, labour, capital and enterprise used to produce goods and services
Back
Factors of production
Card 3
Front
involves people within a business creating or discovering new business opportunities which leads to the creation of new parts of the business or even new businesses
Back
Card 4
Front
the qualities a person must possess to set up a successful small business
Back
Card 5
Front
reasons that people have for starting up their own business, these can be financial or non financial motives
Comments
No comments have yet been made