enterprise

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enterprenuer
someone who takes the financial risk of starting and managing a new business venture.
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The characteristics of an entrepreneur include
innovative, self motivated, multi skilled, leadership skills, self confidence and risk-taking
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innovative
creates original ideas and an ability to do things differently
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commited and self motivated
having a willingness to work hard, keen ambition to succeed and energy and focus
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multi-skilled
able to take on multiple roles in the firm through their multiple qualities and knowledge
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leadership skills
able to lead by example and has a personality that encourages people in the business to follow them and be motivated by them
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self-confidence
able to ‘bounce back’ and not be discouraged from any failures or setbacks
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risk-taking
must be willing to sacrifice in order to see results e.g. investing own savings in new business
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challenges an entreprenuer faces
Identifying successful business opportunities, sourcing a capital, determing a location, competition and building a customer base
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why do new businesses fail
lack of record keeping, lack of cash, poor mangement skills, hanges in business environment
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impacts of enterprise on the economy
employment creation, economic growth, firms survival and growth, innovation and technological change, exports and personal development
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industrialisation
a growing importance of the secondary sector manufacturing industries in developing countries.
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advantages of industilisation
Expanding and profitable firms will pay more tax to the government, xpanding manufacturing businesses will result in more jobs being created, Increasing output of goods can result in lower imports and higher exports of such products
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disadvantages of industialisation
Much of the growth of manufacturing industry is due to the expansion of multinational companies,Imports of raw materials and components are often much needed, which can increase the country’s import costs, cause housing problmes if people move to cit
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economy
the state of a country or region in terms of the production and consumption of goods and services, and the supply of money
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mixed economy
economic resources are owned and controlled by both private and public sectors
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free market economy
economic resources are owned by the private sector with little state intervention
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command economy
economic resources are owned, planned and controlled by the state
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Other cards in this set

Card 2

Front

innovative, self motivated, multi skilled, leadership skills, self confidence and risk-taking

Back

The characteristics of an entrepreneur include

Card 3

Front

creates original ideas and an ability to do things differently

Back

Preview of the back of card 3

Card 4

Front

having a willingness to work hard, keen ambition to succeed and energy and focus

Back

Preview of the back of card 4

Card 5

Front

able to take on multiple roles in the firm through their multiple qualities and knowledge

Back

Preview of the back of card 5
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