What is enterprise? (AQA GCSE Business): Flashcards
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15 cards from this deck
First meaning of 'enterprise'
First meaning of 'enterprise'
Another word for a business
Second meaning of 'enterprise'
Second meaning of 'enterprise'
Risk-taking actions in starting/managing a business
Definition of entrepreneur
Definition of entrepreneur
Someone who takes calculated risks by starting a business
What does 'calculated risk' mean?
What does 'calculated risk' mean?
Entrepreneurs carefully weigh opportunities and risks before acting, not taking wild risks
Financial objectives for starting businesses
Financial objectives for starting businesses
Making profit, capital gains, investing money wisely
Work-life balance as motivation
Work-life balance as motivation
Flexibility to choose working hours and location
Independence as business motivation
Independence as business motivation
Being their own boss and making own decisions
Innovation in entrepreneurship
Innovation in entrepreneurship
Generating creative ideas, seeing new opportunities
Why organisation skills are vital
Why organisation skills are vital
Businesses are time-consuming; need effective management
Purpose of persuasion skills
Purpose of persuasion skills
Convincing suppliers, employees, customers to support venture
Determination in entrepreneurship
Determination in entrepreneurship
Ability to persist through difficulties and obstacles
Leadership abilities for entrepreneurs
Leadership abilities for entrepreneurs
Guiding business effectively and managing employees
Why businesses must adapt
Why businesses must adapt
Essential for survival and growth in dynamic conditions
Examples of external business changes
Examples of external business changes
New legislation, economic shifts, technological advances
Can entrepreneurs excel at everything?
Can entrepreneurs excel at everything?
No - they recognize weaknesses and build teams with complementary skills