The role of entrepreneurship (Edexcel GCSE Business): Flashcards
📚Flashcards
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13 cards from this deck
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Practise the cards
13 cards from this deck
Entrepreneur definition
Entrepreneur definition
Someone who operates & manages their own company and is willing to take risks
Stage 1: Entrepreneurial process
Stage 1: Entrepreneurial process
Identify opportunity or develop creative solution
Stage 6: Entrepreneurial process
Stage 6: Entrepreneurial process
Create sustainable and profitable company
% new businesses failing in first 4 years
% new businesses failing in first 4 years
Approximately 40%
Type of risks entrepreneurs take
Type of risks entrepreneurs take
Calculated risks
Initiative trait in entrepreneurs
Initiative trait in entrepreneurs
Proactively identify opportunities and act on them
Invention meaning
Invention meaning
R&D creating entirely new products or processes
Innovation meaning
Innovation meaning
Transforms inventions into marketable goods & services
How entrepreneurs meet consumer needs
How entrepreneurs meet consumer needs
Address gaps in the market
Job creation benefit
Job creation benefit
Reduces unemployment rates
Tax revenue from entrepreneurship
Tax revenue from entrepreneurship
Corporation tax, income tax, National Insurance
Export benefit to economy
Export benefit to economy
Brings foreign currency into UK economy
Economic activity generation
Economic activity generation
Consumer spending circulates through the economy