Profit maximisation, profit satisficing (making enough profit to keep people happy)
7 of 12
What are non-financial motives?
Ethical stance (social entrepreneurship), independence, home working (more flexible hours, more home/work life balance)
8 of 12
What is risk and reward?
To go ahead with any venture the expected reward much justify the risk involved
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What is opportunity cost?
What is missed out on, by spending time and money on one venture may mean that an entrepreneur misses out on another
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What is a trade off?
Another way of thinking about oppertunity cost, having more of one thing means having less of another
11 of 12
Moving from an entrepreneur to a leader
Entrepreneurs see their business as their baby so are reluctant to delegate to others, adding layers of hierarchy means possibly losing tough with the consumer and the floor staff
12 of 12
Other cards in this set
Card 2
Front
What are enterprise skills?
Back
The skill required by a business person which involves taking risks and creativity
Card 3
Front
What is intrapreneurship?
Back
Card 4
Front
What are barriers to entrepreneurship?
Back
Card 5
Front
What are the skills required to be a successful entrepreneur?
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