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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 *******
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
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
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
What are inputs and outputs
Resources (inputs) a business can produce the products (outputs)
They go in the company and then out
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
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
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