Enterprise, Opportunities, Risk, Legal Obligations, and Ethical Considerations

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Enterprise Opportunities

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New chances for businesses to grow and how they deal with possible problems.

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Being Enterprising

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Identifying chances to meet needs or solve problems in new or better ways.

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Flashcards on Enterprise, Opportunities, Risk, Legal Obligations, and Ethical Considerations

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29 Terms

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Enterprise Opportunities

New chances for businesses to grow and how they deal with possible problems.

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Being Enterprising

Identifying chances to meet needs or solve problems in new or better ways.

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Opportunity

A set of circumstances that makes it possible to do something or achieve a goal. In business, a favorable situation that could lead to growth, profit, or success if acted upon effectively.

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Enterprise Opportunities

Can arise from changes in customer preferences, new technology, competitor failures, or changes in laws/policies.

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Risk Taking

Making decisions or taking actions that involve a degree of uncertainty or potential loss, with the aim of achieving a desired outcome or reward.

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Risk in Enterprise

Entrepreneurs must take risks, and not all ideas will succeed. Mistakes are normal and provide learning opportunities. Taking risks is part of innovation and growth in business.

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Enterprise Risks

Examples include poor pricing decisions, being overwhelmed by demand, and negative customer response to new products.

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Financial Risks

Risks related to a business's ability to afford operations and unexpected cost increases.

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Economic Risks

Risks related to changes in customer income or interest rates affecting the business.

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Health and Safety/Environmental Risks

Risks related to laws affecting how the business must operate, including safety and environmental regulations.

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Human Resource Risks

Risks concerning availability of skilled workers.

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Production Risks

Risks related to equipment breakdowns or material shortages.

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Risk Management

Part of the planning stage where entrepreneurs assess potential problems and create strategies to overcome them.

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SWOT Analysis

Identifies internal strengths and weaknesses and external opportunities and threats for an idea or project.

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Risk Worth Taking

A decision about whether potential upsides outweigh the downsides

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Mitigate

Strategy to reduce risk by changing actions.

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Accept

Strategy to be prepared for or set aside money for the negative effects of a risk.

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Transfer

Strategy to let someone else take the risk.

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Eliminate

Strategy to avoid a hazard, potentially giving up a related opportunity.

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Risk-averse

Someone who will attempt to avoid any possibility of risk.

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Risk-keen

Someone who is willing to accept a level of risk.

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Risk-reducer

Someone who will attempt to limit the likelihood and amount of possible risk.

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Legal Obligations

Laws and regulations to provide protection for different stakeholders to stop them being exploited (harmed).

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Employment Contracts

Outline job terms, roles, and responsibilities to prevent or resolve disputes.

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Minimum Wage Laws

Ensure all workers receive a fair base income, preventing exploitation.

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Anti-Discrimination Laws

Protect against unfair treatment based on race, gender, or physical disability, promoting equality.

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Health and Safety Laws

Establish minimum standards for workplace safety.

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Financial Laws

Govern how businesses handle money—loans, investments, and financial reporting; ensure transparency and accountability.

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Ethical Considerations

Moral principles guiding business behavior.