3603963
Description
Flashcards by Ellie Spiers, updated more than 1 year ago
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Created by Ellie Spiers
over 8 years ago
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| Question | Answer |
| What is enterprise? | Enterprise is the ability to achieve a positive result. in addition, using resources effectively. |
| What is entrepreneur? | A person who sets up a business from scratch and uses a variety of skills to achieve the business' goals. An entrepreneur is able to take risks in order to be successful. |
| Skills of an effective entrepreneur Card 1 | 1) Leadership - able to lead others and communicate the business' goals to achieve them. 2) Self-Evaluative - Able to know what is success and not successful. Able to draw up actions to make the business successful. |
| Skills of an effective entrepreneur Card 2 | 3) Knowledgeable - An expert within the business area. 4) Aspirational - Always aim high and sets high expectation of themselves and others. 5) Visionary - Has optimistic view on how the business will develop. |
| Skills of an effective entrepreneur Card 3 | 6) Adaptability - Is able to make changes and cope with unexpected to changes. 7) Decision Making - Is able to make effective decisions in the short and long term. 8) Organised - know the difference between urgent and vital. is able to complete business related activities in timely fashion |
| Skills of an effective entrepreneur Card 4 | 9) Communication - is able to communicate effectively with both staff and customer. 10) Initiative - is able to use their initiative to simplify and overcome problems with ease |
| What is business enterprise? | financial - Lending and investing money to entrepreneurs or starting a businesses Commercial - Selling goods and services to consumers Industrial concerned with creation and products of goods and services. |
| Why do businesses fail? | 1) Leadership is not effective and owner is not investing enough time with their business. 2) Competition is tough as competitors are offering cheaper goods, innovate products and better customer service. 3) Mismanagement of finance - business has over spent or lack of future investment. |
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