The Business Framework

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Define enterprise and the skills a sucessful entrepreneur should have
A word used to describe the skills an personality of a person that makes them sucessful in business, such as being determines, having basic business knowledge, being confident, risk taking, persistance, creative, people skills, communication skills.
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What is an entrepreneur?
A person who takes the risk of starting and running a business. They will have enterprise skills that make them sucessful in business.
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What are the factors of production?
Land, Labour, Capital and enterprise are the four factors of production that are essential to the sucess of a business point.
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What are business objectives?
What the business is trying to achieve - profit, growth, survival or providing a service. Objectives vary from business to business and they will change with time. They must be SMART.
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What is a mission statement?
A mission statement is a brief summary of the main objectives a business or organisation has. A brief representation of the enterprise's purpose for existance. Sometimes catchy, almost like a slogan.
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Other cards in this set

Card 2

Front

A person who takes the risk of starting and running a business. They will have enterprise skills that make them sucessful in business.

Back

What is an entrepreneur?

Card 3

Front

Land, Labour, Capital and enterprise are the four factors of production that are essential to the sucess of a business point.

Back

Preview of the back of card 3

Card 4

Front

What the business is trying to achieve - profit, growth, survival or providing a service. Objectives vary from business to business and they will change with time. They must be SMART.

Back

Preview of the back of card 4

Card 5

Front

A mission statement is a brief summary of the main objectives a business or organisation has. A brief representation of the enterprise's purpose for existance. Sometimes catchy, almost like a slogan.

Back

Preview of the back of card 5

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