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Chapter 4

Unit 2- Definitions

TermDefinition
Enterprise Any attempt to start or do something new for the benefit of yourself or others.
Intrapreneurs Employees who use their inititiave to come up with ideas which would improve the overall running of the business.
Flexible Having the ability to respond to new and changing circumstances by changing plans if necessary as to not miss an opportunity.
Risk Taker An individual that tends to behave in a way that can potentially cause financial loss or reputation loss, but might also present an opportunity for a rewarding outcome.
Decisive Having the ability to make quick and clear decisions often while under pressure.
Innovative To have the ability to come up with new ideas and new ways of doing things. It also involves being prepared not only to be different but to hold a vision for the future.
Time management/ Prioritising Staying on top of work and doing most important work first. Also involves prioritising and delegating work to focus on the most important jobs.
Identifying opportunities Being future focused and trying to anticipate changes to see what opportunities may arise.
Managing people Being able to to establish trust and build good working relationships with all the stakeholders. This requires: good communication and social skills, and being open to suggestions.
Planning Entrepreneurs need to hold a vision of where the idea or enterprise is going. A vision is the goal an entrepreneur wants to move towards or achieve. They need to plan this by creating steps and short-term goals.
Inner control Having the ability to stay calm and not get stressed when put under pressure.
Created by: paulsutton97
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