They are risk takers, relentness, optimistic, relentness, decisive, persistent and have an inner self belief
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What are the motivations for being an entrepreneur?
Making a profit, working for yourself and working for yourself
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What is an example of this?
Richard Branson- Had to loan his first plane when setting up Virgin Atlantic
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What is an intrapreneur?
They act as an entrepreneur but within the business, they are very creative people and dont give up until thy achieve what they set out to do. They take fewer personal risks
Specific, Measureable, Attainable, Relevant and Time based
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What does profit maximisation mean?
Acheieving a maximum profitwith low operating expenses
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What does profit satisying mean?
Making enough profit to please the company and shareholders
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What is a dynamic market?
A dynamic market is always changing and the changes are often very unexpected
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What is a market?
A market is anywher buyers and sellers communciate to exchange goods or services
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What are the 4 types of market?
Industrial, Consumer, Local and Online
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What is a market map used for?
To see where there is a gap in the mark
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what is the price elasticity formula?
% change in quantity demand/% change in price
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What happens to the demand curve if there is a shift?
If demand decreases the shift is to the left, if demand increases the shift is to the right
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What happens to the supply curve if there is a shift?
If the supply shift is to the left then supply is increasing, if the shift is to the right then supply is to the right
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What is a monopoly?
A situation where the market is dominated by one seller or producer
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What is an oligopoly?
A market dominated by a small number of participantswho collectively have control
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What is a duopoly?
An industry dominated by two large firms
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What is a niche market?
A niche market is aimed at a small target group, they dont sell as many products
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What is a mass market?
A market that is aimed at everyone, they sell a lot more products than in a niche market
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What is market orientation?
The product is made based on what the the target group want
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What is product orientation?
Product orientation is when the comapny produce a product that they are good at making
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What is primary research?
Data collection that you do yourself, for example questionairre and test marketing
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What is secondary research?
Secondary research is data collected from other peoples data collection, for example government statistics, information from other competitors and historical data
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Other cards in this set
Card 2
Front
What problems may they face?
Back
They may not have the neccesary funding
Card 3
Front
Characteristics of an entrepreneur?
Back
Card 4
Front
What are the motivations for being an entrepreneur?
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