3603967
Description
Flashcards by Cody Tatley, updated more than 1 year ago
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Created by Cody Tatley
about 9 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 the business' goals. An entrepreneur is able to take risks in order to be successful. |
| The skills of an 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. Customer service. ◦Competitors offering cheaper goods, innovative products and better services. |
| Business Sectors | ◦Primary ◦Secondary ◦Tertiary |
| Diversify business activity | •Business Aims: ◦Making a profit ◦Providing goods and service to a local or wider community ◦Surviving as a business or expanding ◦Maximising 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 |
| Public | ◾Government Departments ◾Health Trusts ◾Local Authorities ◾Public Corporation |
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