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- Multiple ChoicePlease save your changes before editing any questions.
Who is an entrepreneur?
Grants a license to another
person or business
Entrepreneur is a person who organizes, operates and takes the risk for a new business venture.
The owner of a business
These are closely held businesses usually by family, friends and relatives.
- Multiple ChoicePlease save your changes before editing any questions.
A disadvantage of being an entrepreneur?
Opportunity cost
May become famous and successful if the business grows.
Profit and income may be higher than the salary received from an employee.
You make money doing something you love.
- Fill in the BlankPlease save your changes before editing any questions.
A FAMOUS ENTREPRENEUR we have learned?
- Multiple ChoicePlease save your changes before editing any questions.
A Characteristic of entrepreneurs?
Friendly
Lazy
Weak communicator
Optimistic
- Multiple ChoicePlease save your changes before editing any questions.
What is a business plan?
Business plan should clearly layout the long term milestones that are most important to
the success of your business.
Business plan answers investor questions such as: is there a need for product/service? ;
What are the financial projections? ; What is the company’s existing strategy?
It is a written document that describes in detail how and a business (usually a start-up) defines
its objectives and how it is to go about achieving its goals.
Creating business plan forces you to analyse the competition. It can be direct or indirect
and it is critical to understand the company’s competitive advantage.
- Multiple ChoicePlease save your changes before editing any questions.
What is included in a business plan?
Name of workers
Finance plan
Expense
Income
- Multiple ChoicePlease save your changes before editing any questions.
A method of measuring business size?
Value of sales
Names of workers
Research
Business idea and help
- Multiple ChoicePlease save your changes before editing any questions.
Main methods of business expansion?
Internal growth & External growth
Horizontal integration & Vertical integration
Backward vertical integration & Forward vertical integration
Conglomerate
- Multiple ChoicePlease save your changes before editing any questions.
Why some businesses remain small?
Public Limited Companies
Type of industry the business operates in
Private Limited Companies
Incorporated businesses are companies that have separate legal status from their owner.
- Multiple ChoicePlease save your changes before editing any questions.
WHY SOME BUSINESSES FAIL?
Poor management
Good workers
Good owners
The market size
- Multiple ChoicePlease save your changes before editing any questions.
What is a need?
A good or service essential for living (Eg-
Food,water,shelter,clothing,education,transortaion)
A good or service which people would like to have but wich is
not essential for living.(Eg-Pizza,furniture,computer,shirt)
The best use of limited, or scarce, resources.
- Multiple ChoicePlease save your changes before editing any questions.
Another name for factors of production?
opportunity cost
unlimited resources
limited resources
land
- Multiple ChoicePlease save your changes before editing any questions.
Division of Labour can be defined as.........
This means every individual
performs a specific task only so that he can give in the best output.
When people and businesses concentrate on what they are best at.
The separation of a work process into a number of tasks, with each task performed by a separate person or
group of persons.
- Multiple ChoicePlease save your changes before editing any questions.
Specialization can be defined as..............
When people and businesses concentrate on what they are best at.
Because of the fact that choice involves opportunity cost, the factors of production have to be used in the
most efficient way.
The separation of a work process into a number of tasks, with each task performed by a separate person or
group of persons.
- Multiple ChoicePlease save your changes before editing any questions.
What is this?
Labour
Capital
Enterprise
Land
- Multiple ChoicePlease save your changes before editing any questions.
What is this?
Labour
Capital
Enterprise
Land
- Multiple ChoicePlease save your changes before editing any questions.
What is this?
Labour
Capital
Enterprise
Land
- Multiple ChoicePlease save your changes before editing any questions.
What is this?
Labour
Capital
Enterprise
Land
- Multiple ChoicePlease save your changes before editing any questions.
What is this?
Land
Capital
Specialization
Enterprise
- Multiple ChoicePlease save your changes before editing any questions.
What is this?
Needs
Opportunity cost
Limited resources
Economic problem