Entrepreneurs and Leaders

Entrepreneurs

individuals who, typically, set up and run a business and take the risks associated with this.

Intrapreneurs

Employees who use entrepreneurial skills, without having to risk their own money, to find and develop initiatives that will have financial benefits for their employer

profit maximization

An attempt to make as much profit as possible in a given time period

Profit satisficing

Making enough profit to satisfy the needs of the business owner(s)

Aims

What a business tries to achieve in the long term

Objectives

The goals or targets set by a business to help achieve its long-term purpose

Sales maximisation

An attempt to sell as much as possible in a given time period (or an attempt to generate as much sales revenue as possible in a given time period)

Choices

In business, deciding between alternative uses of resources

opportunity cost

when choosing between different alternatives, the opportunity cost is the benefit lost from the next best alternative to the one that has been chosen

Trade-offs

In business, where a decision maker faces a compromise between two different examples; for example, between paying dividends to shareholders and re-investing profits in the business