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Business 5th year
5th year business
| Term | Definition |
|---|---|
| Entrepreneur | person who starts/sets up a new business risk factors of production |
| Entrepreneurship | activity of carrying out/setting up a business |
| Proactive | "Get up and go" do things without being asked |
| Reactive | only try and sort things once a problem arises |
| Networking | connecting with people (meeting) |
| Intrapreneur | employee comes up with new ideas within a business |
| Innovation | entrepreneur skill of identifying new ideas |
| Human relations | Entrepreneur skill of dealing with people |
| Planning | setting goals/targets to be acheived |
| Risk management | identifying and minimizing risks(insurance) |
| SWOT | Strengths Weaknesses Opportunities Threats |
| Time management | Organizing jobs from most to least important |
| Factors of production | Land-rent Labour-wages Capital-interest Enterprise-profit |
| Why become an entrepreneur ? | Own boss/make all decisions Keep all profit/flexible hours Made redundant so set up themselves |
| Characteristics of an Entrepreneur | Hardworking/ruthless flexible/determined innovative/ambitious decisive dedicated |
| Skills of an entrepreneur | time management/risk management human relations decision making/innovation |
| Importance of enterprise | creates jobs and spin off industries pay taxes (so good for government) Improves the standard of living provides work experience/training sponsorship (jerseys for local club) |