3603964
Description
Flashcards by Millie Fisher, updated more than 1 year ago
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Created by Millie Fisher
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 an entrepreneur? | A person who sets up a business from scratch and uses a variety of skills to achieve business' goals. An entrepreneur is able to take risks in order to be successful. |
| Skills of an effective entrepreneur | Leadership Self-Evaluative Knowledgeable Aspiration Visionary Adaptability Decision Making Organisation Communication Initiative |
| What is business enterprise? | Financial - money to start a business Commercial - having customers (a market) to sell your product/service. Industrial - businesses concerned with production and creation. |
| Why do businesses fail? | Leadership is not effective. Competitors offering cheaper goods, innovative products and better customer service. |
| Business sectors | Primary Secondary Tertiary |
| Business aims | Making a profit Providing goods and service to a local or wider community Surviving as a business or expanding Maximizing sales or improving the quality of a product Providing high competitive sales |
| Business Aim cycle | Aim - The long term goals the business wants to achieve. Objectives - The steps in order to achieve aims. Targets - Used to check the progress on the achievement of objectives and aims. |
| Business Ownership (Private) | Sole Trader Partnership Private Limited Company Public Limited Company Franchise Workers Cooperative |
| Business Ownership (Public) | Government Departments Health Trusts Local Authorities Public Corporation |
| Why do businesses fail? | 1)Leadership is not effective and the owner is not investing enough time with their business. 2)Competition is tough as competitors are offering cheaper goods, innovative products and better customer service. 3)Mismanagement of finance - business has over spent. |
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