Starting a Business 0.0 / 5 ? Business StudiesStarting a businessASAQA Created by: LucyCreated on: 23-03-15 18:55 Enterprise The ability to handle uncertainty and deal with effectively with change 1 of 17 Entrepreneur Someone who starts and runs a business and has responsibility for the risks involved 2 of 17 Entrepreneur skills imaginative,creative,passionate about the idea,willing to take responsibility,hard working,innovative 3 of 17 Risk The possibility of an event or condition occurring that will have a negative impact on something perceived as value 4 of 17 What do economists say about entrepreneurs? They are risk takers 5 of 17 If the risk fails, this can lead to... financial loss (own savings into the business lost, ongoing debt from any borrowing) 6 of 17 Reward is the expected turn which is either financial, or other based on the risk take 7 of 17 Reward (profit) is the reward for risk, the excess of sales revenue over cost 8 of 17 Ways in which you can minimize risk market research, limited company (protects personal assets, detailed business plan, keep fixed assets to a minimum, insurance 9 of 17 However always with risk it will never disappear! the owner has no control over political, economic and competitive factors 10 of 17 Why do failures occur? lack of finance, skills shortage, poor infrastructure, 11 of 17 Disadvantages to risk taking hard work, stress,financial pressure, the strain, OPPORTUNITY COST 12 of 17 opportunity cost what we sacrifice when we decide to take one course of action over another 13 of 17 Why become a entrepreneur? PUSH FACTOR there is no other alternative, lack of interest in current job 14 of 17 Why become a entrepreneur? PULL FACTOR wanna be your own boss, hobby, gap in the market, financial reward, something that is yours 15 of 17 Government support A form of infomation and advise, financial assistance, tax concessions given out by the government 16 of 17 Why do the government offer support to entrepreneurs? Encourage job creation,innovation, provide support to the people 17 of 17
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