Is an organisation or business managed by one or more individuals who are able to take the initivtive to make decisions and take calculated risks.
What is enterprise?
The various stages involved in starting and running an enterprise.
What is the enterprise process?
The theoretical facts and information that you gather through your experience or education.
What is knowledge?
Something given in recognition of effort or return for something achieved.
What is a reward?
An organisation that has profit as its main aim.
What is a business enterprise?
Identifying the problem, need or want.
Exploring creative solutuions.
Action planning.
Implementing the plan.
Monitoring progress.
Evaluation of successes and failures.
What are the steps of the enterprise process?
Your ability to do something. This can be something that you were born with or it could be something that you have learnt.
What is a skill?
A time or event that makes it possible to do something.
What is an opportunity?
An organisation that is started up for social cause for the betterment of society.
What is a social enterprise?
Sole trader, limited company, partnership, co-operative, social enterprise, franchise.
What are th types of business organisations?
Leadership, innovation, creativity, self-confidence, perseverance.
What are examples of skills?
The chance of gaining or losing something as a result of an action taken.
What is risk?
A person who starts up a new business or enterprise.
What is an entrepreneur?
A business that is owned and run by just one person though it may employ staff. It is an unincorporated business in which the owner has unlimited liability for all the debts of the business.
What is a sole trader?
The ability to inspire and encourage others.
What is leadership?
It identifies important external factors such as political, economic, social and technological factors.
What is a PEST analysis?
An individual, group or organisation with an interest in the activities of a business.
What is a stakeholder?
A business that is owned by two or more people. This sort of a business organisation is unincorporated and so the partners have unlimited liability.
What is a partnership?
To be able to find solutions to obstacles which are encountered.
What is Problem-solving?
It identifies current internal strenghts and weaknesses and potential external opportunities and threats for an individual idea or project.
What is a SWOT analysis?
Employees, owners, shareholders
What are examples of internal holders?
A form of business organisation that allows a company to buy the right to use an existing company's brand name and products/services.
What is a franchise?
To keep trying to succeed no matter what obstacles are encountered.
What is perseverance?
Risk-averse, risk-keen, risk-reducer.
What are the three attitudes to risk?
Local community, government, suppliers, lenders, competition.
What are examples of external stakeholders?
A type of business organisation that is owned and managed by people who use its services or who work there.
What is a co-operative?
The ability to come up with a completely original idea.
What is team innovation?
Identify de risks.
Analyse the implications of each risk.
Decide wether the risk is worth it.
Plan how to manage the risk.
Monitor and review.
What are the stages of risk management?
Social enterprises may be less competitive in the market due to limited capital.
What is a disadvantage of a social enterprise?
The ability to develop or improve on established ideas or designs.
What is creativity?
The laws and regulations that the governments introduce to provide protection for different stakeholders to stop them being exploited which an enterprise must comply.
What are legal obligations?
Shareholders/owners are only liable to pay or lose the amount they have invested.
What is limited liability?
To develop and maintain good relationships with others.
What is team building?
It involves actions and behaviour that go beyond what is legally required.
What is being ethical?
An incorporated business that is a separate legal entity from its owners.
What is a limited company?
One way in which an enterprising person can identify the skills they do or do not have.
What is an Skills audit?
Mitigate.
Accept.
Transfer.
Eliminate.
What are the strategies to reduce the risk?