Barriers to Entrepreneurship (Edexcel A-Level Business): Flashcards
📚Flashcards
Practise the cards
10 cards from this deck
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Practise the cards
10 cards from this deck
Three things entrepreneurship creates
Three things entrepreneurship creates
Income, employment, wealth
Most significant barrier to entrepreneurship
Most significant barrier to entrepreneurship
Lack of finance
New UK business failure rate in year 1 (2012)
New UK business failure rate in year 1 (2012)
20%
New UK businesses not surviving beyond 3 years
New UK businesses not surviving beyond 3 years
50%
Definition of entrepreneur
Definition of entrepreneur
Individual who sets up & runs business, taking financial risks
Definition of risk aversion
Definition of risk aversion
Unwillingness to undertake activities with uncertain outcomes
Five key entrepreneurial capacity skills
Five key entrepreneurial capacity skills
Innovation, determination, resilience, financial mgmt, interpersonal
Five employer responsibilities/costs
Five employer responsibilities/costs
Wages, sick pay, National Insurance, health & safety, training
Definition of red tape
Definition of red tape
Bureaucratic regulations & legislation businesses must comply with
Eight main barriers to entrepreneurship
Eight main barriers to entrepreneurship
Finance, capacity, employer, red tape, ideas, fear, risk, corrupt env