Business Resources

Who is an entrepreneur

• Someone who starts a new business

• someone who designs buildings

• Someone who manufactures things

• Someone who has new ideas

The advantage of a person becoming an entrepreneur is:

• more money'll always be earned than working for an employer
• there is more independence than when working for an employer 
• Less risk of business failure 
• no oppotunity cost involved in becoming anentepeneur

An important characteristic of a successful entrepreneur is that:

• they are always rich
• they are risk takers
• they are usually shy
• they want to avoid hard work

What is meant by enterprise?

• A person who spots an opportunity to provide goods or services to customers in order to make a profit
• The process/activities by which new businesses are formed in order to offer products and services in a market.

What must a company do to ensure any new idea is successful?

• Check it satisfies a customer need = market research
• Carry out a successful launch of the product/service

Define the term 'risk'

• A person who spots an opportunity to provide goods or services to customers in order to make a profit
• The process/activities by which new businesses are formed in order to offer products and services in a market
• This is the possibility that the business will have a lower than expected profit or a loss
• Check it satisfies a customer need = market research

The reward for enterprise is?

• Profit
• Hard work
• Risk
• Self-discipline

Define what is meant by the term 'reward'.

• This is the possibility that the business will have a lower than expected profit or a loss
• This is the benefit of having a business which may be keeping the profit, working for yourself or being able to take holidays when you want

Land includes...

• The "gifts of nature" or natural resources not created by human effort.

• the tools, equipment, and factories used in production of goods and services

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market.

Capital refers to...

• The "gifts of nature" or natural resources not created by human effort.

• people with all their efforts and abilities

• the tools, equipment, and factories used in production of goods and services

• individuals who start a new business or bring a product to market.