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Enterprise

Chapter 4

TermDefinition
ENTREPRENEUR Person who starts/sets up own business
ENTREPRENEURSHIP Activity of person who starts/sets up a new business
HUMAN RELATIONS Entrepreneur skill of dealing with people
INNOVATION Entrepreneur skill of identifying new ideas
INTRAPRENEUR Employee comes up with new ideas within a business
NETWORKING Connecting with people (meeting)
PROACTIVE "Get up and go" - do things without being asked
PLANNING Only try and sort things once problem arises
RISK MANAGEMENT Identifying and Minimizing risks (insurance)
SWOT Strengths, Weaknesses, Opportunities, Threats
TIME MANAGEMENT Organising job from most urgent to least urgent
FACTORS OF PRODUCTION 1. Land (reward: rent) 2. Labour (reward: wages) 3. Capital (reward: interest) 4. Enterprise (reward: profit)
WHY BECOME AN ENTREPRENEUR? 1. Own Boss/Make all decisions 2. Keep all Profit/flexible hours 3. Make redundant
CHARACTERISTICS OF ENTREPRENEUR 1. Hard Working 2. Flexible/Determined 3. Innovative/Dedicated/Ambitious 4. Decisive
SKILLS OF AN ENTREPRENEUR 1. Time management/Risk management 2. Human Relations 3. Decision making/Innovation
IMPORTANCE OF ENTERPRISE 1. Creates Jobs and Spin off industries 2. Pay taxes so good for government 3. Improves the standard of living 4. Provides work experience/Training 5. Sponsorship (Jerseys for local club)
Created by: EmmaD98
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