to take a risk setting up a business in hope to receive a greater outcome
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what is the output of a business
the goods or services they produce
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what is the general input of a business
Capital, Enterprise, Land and Labour: CELL
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What are the different sectors of the economy
Primary, Secondary and Tertiary
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what is the Tertiary sector?
the services sector, a large proportion of it is through tourism and travel
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how do you categorise a business as a SME
less than 250 employees and a annual turnover of less than £40 mill
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how many employees are in a small enterprise
10-49
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state 5 characteristics of an entrepeneur
risk taker, optimistic, resilient, motivating and self believing
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what is a shareholder
someone who owns a or multiple financial shares in a company
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what is a stakeholder?
someone that has an interest or is impacted in some way by the operations of a business
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what are good skills to have to be a good entrepreneur?
time management, delegation, negotiation, leader, good communicator and patient
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motives of an entrepeneur:
fix a problem, financial adv., share an experience/improve lives, freedom to make own decisions or a lightbulb moment or to use redundancy money
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what are the factors that makes a social enterprise?
clear social/environmental reasons in gov. docs., re-invest maj of income through trade, be maj. controlled in interest of social mission and be accountable and transparent.
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what are the 5 main basic needs
food, clothing, warmth, water and shelter
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what is a want
not needed for survival, they are what we desire to enhance our life experience.
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Other cards in this set
Card 2
Front
what does to show "enterprise" mean?
Back
to take a risk setting up a business in hope to receive a greater outcome
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