Role of an Entrepreneur (Edexcel A-Level Business): Flashcards
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Practise the cards
10 cards from this deck
Entrepreneur definition
Entrepreneur definition
Someone who starts & runs their own business
4 key roles of entrepreneurs
4 key roles of entrepreneurs
Innovators, organisers, decision-makers, risk-takers
Opportunity cost
Opportunity cost
Benefits lost from next best alternative when choosing
Rewards of entrepreneurship
Rewards of entrepreneurship
Profit, independence, personal satisfaction, wealth
% of new businesses surviving beyond 5 years
% of new businesses surviving beyond 5 years
Less than half
4 sources of business ideas
4 sources of business ideas
Business exp., personal exp., skills, lifestyle choices
7 stages in setting up a business
7 stages in setting up a business
Idea, research, planning, financing, location, resources, launch
Intrapreneur definition
Intrapreneur definition
Employee using entrepreneurial skills within a company
Key difference: entrepreneur vs intrapreneur
Key difference: entrepreneur vs intrapreneur
Entrepreneur risks own finances; intrapreneur carries no risk
6 key functional activities in running a business
6 key functional activities in running a business
Finance, admin, marketing, purchasing, people, production