Role of business enterprise & entrepreneurship (OCR GCSE Business): Flashcards
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Entrepreneur
Entrepreneur
Person who takes the risk of starting and running a business
What does spotting an opportunity involve?
What does spotting an opportunity involve?
Gap in market, improving products, or cheaper production
What does developing an idea involve?
What does developing an idea involve?
Designing product/service and planning production
What does satisfying customer needs involve?
What does satisfying customer needs involve?
How product/service is produced & marketing techniques
Creativity (entrepreneur characteristic)
Creativity (entrepreneur characteristic)
Problem-solving and thinking of new ideas
Risk-taking (entrepreneur characteristic)
Risk-taking (entrepreneur characteristic)
Prepared to put money at risk for business growth
Confidence (entrepreneur characteristic)
Confidence (entrepreneur characteristic)
Believing in their ability to make things happen
Determination (entrepreneur characteristic)
Determination (entrepreneur characteristic)
Working hard, not giving up when things get difficult
What are risks in entrepreneurship?
What are risks in entrepreneurship?
Uncertainties & downsides - financial and non-financial
What are rewards in entrepreneurship?
What are rewards in entrepreneurship?
Benefits gained - financial and non-financial
Financial risk example for entrepreneur
Financial risk example for entrepreneur
Losing savings/assets to pay debt, worse financial position
Financial reward example for entrepreneur
Financial reward example for entrepreneur
Potential to earn a high income
Non-financial rewards for entrepreneur
Non-financial rewards for entrepreneur
Independence, creative freedom, building something meaningful
Non-financial risks for entrepreneur
Non-financial risks for entrepreneur
Health issues from stress, personal time sacrificed