An entrepreneur is someone who starts and runs their own business, whist taking on the risks in hope for profit.
1 of 22
Why do businesses exist?
To generate money, to provide employment, to develop equipment and new technology and to distribute goods.
2 of 22
Enterprise
The ability to handle uncertainty and deal effectively with change. Also its another name for a business or company.
3 of 22
List some characteristics of an entrepreneur.
Self-determined, Good judgement, Perseverance, Initiative and Risk taking.
4 of 22
Reasons why people become an entrepreneur?
To escape an uninteresting job, to fill a gap in the market and to be their own boss.
5 of 22
Intraprenuer
Someone who works within a large company/organisation but show the personal characteristic of an entrepreneur.
6 of 22
What do businesses do?
Produce outputs (good and services), buy inputs (raw materials, machinery) and meet the needs of stakeholders.
7 of 22
Stakeholder
Any person who has a interest in the success of a business.
8 of 22
What are the hierarchy of objectives?
Mission statement, aims/goals, strategic objectives and tactical objectives.
9 of 22
What is a mission statement?
Gives a general idea of what the business is about and its purpose. Both customers and employees can see it.
10 of 22
What are the main aims/goals of a business?
Survival, Breaking-even, Generate profit and capture a greater market sharee
11 of 22
Whats the difference between tactical and strategic objectives?
Tactical objective are the day-to-day short-term, whereas strategic objectives are how a business plans to achieve its aims or goals in a long-term approach.
12 of 22
Meaning of SMART objectives?
Objectives must be specific, measurable, agreed, realistic and time-bound.
13 of 22
Common Business Objectives
Profit maximisation, Sales Maximisation, Survival, Cost efficiency and Customer satisfaction.
14 of 22
What are the 5 main departments of a business?
Finance, HRM, Marketing, Production/operation managements and Customer service.
15 of 22
What is meant by the Public Sector?
Organisations and businesses owned by the government. e.g. NHS
16 of 22
What is meant by the Private Sector?
Businesses owned and run by private individuals, often profit is their main focus.
17 of 22
What is Nationalisation?
Nationalisation is government taking ownership and control of a business from the private sector, by buying up all its shares.
18 of 22
What is Privatisation?
Privatisation is selling state (government) owned industries to the private sector.
19 of 22
What is meant by Limited Liability?
A type of investment in which a investor cannot lose more than invested.
20 of 22
What is meant by Unlimited Liability?
A type of investment where an investor can lose an unlimited amount of money, including personal possessions.
21 of 22
Opportunity Cost
The price of the best next alternative which has to be forfeited when a decision is made.
22 of 22
Other cards in this set
Card 2
Front
To generate money, to provide employment, to develop equipment and new technology and to distribute goods.
Back
Why do businesses exist?
Card 3
Front
The ability to handle uncertainty and deal effectively with change. Also its another name for a business or company.
Back
Card 4
Front
Self-determined, Good judgement, Perseverance, Initiative and Risk taking.
Back
Card 5
Front
To escape an uninteresting job, to fill a gap in the market and to be their own boss.
Comments
No comments have yet been made