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7 Cards in this Set
- Front
- Back
- 3rd side (hint)
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What is an entrepreneur |
A risk taker who starts up their own business - not the same as self employed |
This is a definition - shouldn’t need a hint ******* |
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What are the characteristics of an entrepreneur |
- Energy and enthusiasm - Self Belief and confidence - Persistence and drive - Ability to work under pressure, both alone and with others - Creativity and imagination - Ability to be comfortable with risk - Leadership skills (motivation and communication) |
There are quite a lot, but you don’t need to remember all of them why |
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Why is good that entrepreneurs are successful |
More likely that stakeholders will reach their objectives e.g employees will have more secure jobs and the chance of better pay and conditions |
Stakeholders |
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Why is the government very keen to encourage enterprise and entrepreneurship |
A successful business may start to export goods to other countries and so help the UK’s trade balance. The government will receive more tax revenue from sources such as income tax, corporation tax, national insurance and VAT |
Trade and Taxes |
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What are inputs and outputs |
Resources (inputs) a business can produce the products (outputs) |
They go in the company and then out |
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What are the factors of production |
Land - natural resources Labour - all Human Resources Capital - buildings, machinery and tools (not money) Enterprise - the entrepreneur who organised the other three factors |
There four |
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What are the factors of production (definition) |
The inputs that are used in the production of goods and services. They are land, labour, capital and enterprise |
The actual definition this time please |
