Entrepreneurship

Front 1

planning

Back 1

is the process of deciding where a team, department or whole organisation must be heading and how it intends to get there

Hint 1

process - deciding - team / organisation / whole organisation

Front 2

organising

Back 2

process of defining the relationship between staff and tasks, so that all resources in the organisation are working towards the objectives

Hint 2

process of defining relationship - staff and tasks - resources - working towards

Front 3

leading

Back 3

the process of influencing staff to do what an organisation wants or needs to do

Hint 3

process - influencing staff - do what an organisation - needs or wants

Front 4

controlling

Back 4

to observe and develop channels of communication to provide feedback

Hint 4

observe - develop - channels - communication - provide feedback

Front 5

stages of business cycle

Back 5

1. business idea

2. feasibility

3. business plan

4. implementation

5. evaluation

Front 6

trait approach

Back 6

is used to explain entrepreneurship by looking at the personal traits or characteristics or behaviour that successful entrepreneurs possess or display

Front 7

trait approach

Back 7

is used to explain entrepreneurship by looking at the personal traits or characteristics or behaviour that successful entrepreneurs possess or display

Front 8

contingency approach

Back 8

is another way to examine entrepreneurship by analysing the sort of behaviour required of managers to meet certain circumstances

Front 9

entrepreneur

Back 9

is an individual who, in an uncertain environment, recognise opportunities that most fail to see and create ventures to profit by exploiting these opportunities

Front 10

entrepreneur

Back 10

is an individual who, in an uncertain environment, recognise opportunities that most fail to see and create ventures to profit by exploiting these opportunities

Front 11

functions of management

Back 11

POLC

Front 12

own start-up advantages

Back 12

financial independence, creative freedom, being your own boss

Front 13

own start-up advantages

Back 13

financial independence, creative freedom, being your own boss

Front 14

own start-up disadvantages

Back 14

competitors, cash flow, demanding work

Front 15

own start-up advantages

Back 15

financial independence, creative freedom, being your own boss

Front 16

own start-up disadvantages

Back 16

competitors, cash flow, demanding work

Front 17

buy existing business advantages

Back 17

existing customer base, full extent of capital outlay, potential to be quickest pathway into a business

Front 18

own start-up advantages

Back 18

financial independence, creative freedom, being your own boss

Front 19

own start-up disadvantages

Back 19

competitors, cash flow, demanding work

Front 20

buy existing business advantages

Back 20

existing customer base, full extent of capital outlay, potential to be quickest pathway into a business

Front 21

buy existing business disadvantages

Back 21

underlying problem w the business, greater initial capital, sellers may overstate the value of their business

Front 22

own start-up advantages

Back 22

financial independence, creative freedom, being your own boss

Front 23

own start-up disadvantages

Back 23

competitors, cash flow, demanding work

Front 24

buy existing business advantages

Back 24

existing customer base, full extent of capital outlay, potential to be quickest pathway into a business

Front 25

buy existing business disadvantages

Back 25

underlying problem w the business, greater initial capital, sellers may overstate the value of their business

Front 26

buy a franchise advantages

Back 26

offer the independence of small business ownership supported by the benefits of a big business network, prior business experience is not needed to run a franchise

Front 27

own start-up advantages

Back 27

financial independence, creative freedom, being your own boss

Front 28

own start-up disadvantages

Back 28

competitors, cash flow, demanding work

Front 29

buy existing business advantages

Back 29

existing customer base, full extent of capital outlay, potential to be quickest pathway into a business

Front 30

buy existing business disadvantages

Back 30

underlying problem w the business, greater initial capital, sellers may overstate the value of their business

Front 31

buy a franchise advantages

Back 31

offer the independence of small business ownership supported by the benefits of a big business network, prior business experience is not needed to run a franchise

Front 32

buy a franchise disadvantages

Back 32

entering formal agreement w franchisor, cannot change procedures

Front 33

entrepreneur characteristics

Back 33

passion, determination, self confidence

Front 34

entrepreneur characteristics

Back 34

passion, determination, self confidence

Front 35

entrepreneur business skills

Back 35

resilience, leadership skills, communication

Front 36

motivation to become an entrepreneur

Back 36

family factors, lifestyle, challenge

Front 37

small business

Back 37

business has less than $10 million aggregated turnover, less than 20 employees

Front 38

small business

Back 38

business has less than $10 million aggregated turnover, less than 20 employees

Front 39

franchisee is an entrepreneur

Back 39

a franchise is a business in which a franchisor sells the rights to their logo, name and model to third party retail outlets owned by independent, third party operators called franchisees.