Role of an Entrepreneur
This person takes the risk of setting up a business
Who is an entrepreneur?
The desire to run a business for independence.
What is Being your own boss / independence?
A short-term goal of maximising income.
what is Profit maximization?
This term means the cost of the next best alternative forgone when making a decision.
What is Opportunity cost?
Generating ideas and organising resources
What are two key roles of an entrepreneur?
This type of motive is being motivated by a desire to make money.
What is Financial motive / profit motive?
For which businesses is survival a long-term goal especially important?
What are New start-ups?
This is the process of weighing up potential outcomes to make a decision.
What is Decision-making?
This is a reward for taking the risk of entrepreneurship?
What is Profit?
The willingness to take chances and accept uncertainty.
What is Risk-taking?
A larger proportion of sales in the market
What does increasing market share mean?
These are the financial resources available for decision-making?
What is Capital?
The process of bringing together land, labour, and capital.
What is Enterprise?
This word is defined by having these qualities: persistence and determination.
What is Resilience?
Balancing profit with considering the impact on society and the environment.
What is Corporate social responsibility (CSR)
The method that businesses use to evaluate choices by comparing costs and benefits.
What is Cost-benefit analysis?
This must be managed by an entrepreneur when outcomes are uncertain?
What is Risk?
These are motives driven by things such as social causes.
What are Non-financial motives?
In which two areas does a business expand when it focuses on growth?
What are Sales and market share?
The term meaning that opting for one choice involves compromising another.
What is a Trade-off?