Term
| Name the entrepreneurs responsible for: Virgin, Apple and Microsoft |
|
Definition
Richard Branson
Steve Jobs
Bill Gates |
|
|
Term
| Whats the meaning of the word enterprise? |
|
Definition
| A company or firm who bring goods/services to a market and sells them to customers. |
|
|
Term
| What is the meaning of the term 'entrepreneur'? |
|
Definition
| An entrepreneur is a person who has set up one or more business taking financial risks in the hope of a reward. |
|
|
Term
| Name 5 key characteristics of an entrepreneur |
|
Definition
Resilience
Calculated Risks
Ambition
Innovative/Creative
Hard Work |
|
|
Term
| Name two well-known television programs that encourage enterprise? |
|
Definition
Dragon's Den
The Apprentice |
|
|
Term
| What is a social enterprise? |
|
Definition
| Businesses in which use business skills in order to solve social or environmental problems. |
|
|
Term
| What is a comparative advantage? |
|
Definition
| A comparative advantage is an advantage in which a business product/service has over it's competitors. |
|
|
Term
| Name the main factor which could lead to the failure of a new business |
|
Definition
|
|
Term
| Describe what is meant by an opportunity cost |
|
Definition
| The benefit that is lost when making a particular choice between two competing choices. |
|
|
Term
| What is the definition of 'taking a calculated risk'? |
|
Definition
| A risk that has been given thoughtful consideration and for which the potential costs and potential risks have been weighed and considered. |
|
|
Term
| What percentage of businesses fail within the first 2 years? |
|
Definition
| 95% of business fail within 2 years |
|
|
Term
| What are the main risks involved in a new business? |
|
Definition
Unexpected costs
Wrongly anticipated sales revenue
Failure to secure distribution |
|
|
Term
| What is an 'unexpected cost' and give 3 examples? |
|
Definition
| An unexpected cost is an expense in which a business may incur that could not be planned. Examples of these include: Fire, Failure to Pay, Machinery Malfunction. |
|
|
Term
| Why could sales revenue be smaller than anticipated? |
|
Definition
Poor market research
Rival Company |
|
|
Term
| What is the main aim of a new business? |
|
Definition
| To survive and to break even. |
|
|
Term
| Definition of a business reward |
|
Definition
| Something in which a business men, or entrepreneur, hopes to gain from setting up a business. |
|
|
Term
| What rewards might an entrepreneur gain? |
|
Definition
Self Satisfaction
Being in control
Expansion
Reputation
Profit |
|
|
