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Entrepreneurs CMB
BUS JC 3RD YR
| Question | Answer |
|---|---|
| What is an entrepreneur? | An entrepreneur is someone who takes personal and financial risks to set up a business in hopes of making a profit and achieving success. |
| Why are entrepreneurs important to the economy? | Entrepreneurs are vital because they create employment and taxation, and provide goods and services |
| What is an intrapreneur? | An intrapreneur is an employee who uses innovation and initiative within an organization to improve processes or create new products. |
| What are some skills of enterprising people? | Delegating tasks, planning good, risk taking |
| What are some characteristics of enterprising people? | Leader, hard working, flexible, responsible |
| What is an enterprise? | An enterprise is an organization or initiative that provides goods or services |
| What are the three types of enterprise? | Financial, Social, Cultural |
| What is a financial enterprise? | This is any enterprise whose main objective is to make a profit. These enterprises produce or supply goods or services to consumers or other businesses. |
| What is a social enterprise? | A social enterprise is an organisation set up to provide an essential service to its local community. it generates income from the service it provides. |
| What is a cultural enterprise? | A cultural enterprise promotes Irish culture and traditions e.g. GAA, Arts Council |
| What is a sole trader? | A sole trader is a business owned by one person who controls operations and bears all risks and profits of the business. You make all the decisions and keep all profits. |
| What does unlimited liability mean? | Unlimited liability means that a sole trader is responsible for all the debts of the business. The sole trader must repay all their debts even if this means selling their business to do so. This also means selling personal possessions |
| What is a partnership? | A partnership is a business owned by 2-20 people who share responsibility. You can raise more money as a group, You have a bigger range of skills but have unlimited liability and you can disagree |
| What is a deed of partnership? | A deed of partnership is a legal document that outlines how partners will operate the business and divide profits. |
| What is a private limited company? | A private limited company is a registered business owned by shareholders (1-149) with limited liability. You can raise a lot more money and get best employees, It is more difficult/expensive to set up than other business types. Profits shared |
| What is limited liability? | Limited liability protects shareholders so they only lose the money they invested if the business fails |
| What is the Companies Registration Office (CRO)? | The CRO is the official body where companies register to become legally recognized before starting to trade. |
| What is a franchise? | A franchise allows someone to run a branch of an established business under its brand name in exchange for fees or a share of profits. |
| Who are the franchiser and franchisee? | The franchiser owns the original business model, a franchisee is the person who gets the rights to use it. There is less risk as the business idea is already well established and successful. The business benefits from group advertising and promotion. |
| What is a co-operative? | A co-operative is an organization owned by members who share a common goal. These people join together to try to achieve something that they could not achieve on their own. There must be at least seven members |
| What is a not-for-profit organisation? | A not-for-profit organisation is set up to meet a charitable or social need in the community. All income earned is used by the organisation to provide or improve its services. volunteerism |
| Who are social entrepreneurs | People who set up social enterprises are often referred to as social entrepreneurs. Their main objective is to make a difference rather than to make a profit. |
| Who are shareholders in a Ltd. | The people who put money (capital) into the new company are called shareholders because they each buy a share of the new business. 1 share = 1 vote |
| How to setup an Ltd. | Appoint board of directors and managing director, receive a ‘certificate of incorporation’ from the CRO, |
Created by:
georgejoseph
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