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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) |