Key Definitions
Physical and tangible goods sold to the general public, produced for consumers.
What is Consumer Goods?
Land, Labor, Capital, Enterprise
What is Resources or Factors of Production
Most new enterprises are small and compete against larger rivals who may try to squeeze them out of business.
What is Competition?
The person who takes the financial risk of starting a new venture.
What is an Entrepreneur?
Economic, Environmental and Social
What is Three aims of social enterprise or Triple Bottom Line.
Someone who benefits the economy by starting a new venture.
What is Entrepreneur?
When forced to choose which wants to satisfy now and which wants to sacrifice.
What is Opportunity Cost
Economic or technological changes can be a serious problem for new small businesses as they often do not have the resources to deal with them.
What is Changes in the Environment?
Many successful new business offer something different.
What is Innovative?
Setting up new business is employing themselves and other people too.
What is Employment Creation?
Physical goods used by industry to aid in the production of goods and services.
What is Capital Goods?
Any organization that uses resources to meet the needs of consumers by providing a product(good) or service that the consumers demand.
What is a Business.
Inject money in the business at start up, construct cash flow forecasts, establish good relationships with the banks, credit control
What is Ways to avoid lack of working capital.
Entrepreneur will have to lead by example and must have a personality that encourages people in the business to follow
What is Leadership skills?
Provide jobs or support for local, often disadvantaged communites
What is Social objective?
A business with mainly social objectives that reinvests most of its profits into benefiting society rather than maximizing returns to owners.
What is Social Enterprise?
Added value has many benefits- but this is the key one.
What is higher profits?
If a business does not have enough of this, it won't be able to financially support its day to day operations.
What is Working Capital?
This is considered to be one of the major problems for entrepreneurs.
What is capital or finance?
Good understanding of customer needs,
Why businesses succeed.
The difference between the cost of purchasing raw materials and the price the finished good is sold for.
What is Added Value?
Lack of funds, directions, and structure.
Why businesses fail
This is one way to minimize fixed cost.
What is determining a location?
A willingness to work hard, keen ambition to succeed, energy and focus are all essential.
What is Commitment and Self-Motivation
The best class at HHS
What is AICE BUSINESS