Enterprise and Entrepreneurship Overview

Flashcards covering key vocabulary related to enterprise and entrepreneurship concepts.

Enterprise

Involves people using their initiative to come up with ideas to turn into a business.

Entrepreneur

A person who sets up a new business and takes on personal and financial risks to make a profit.

Social Enterprise

A not-for-profit business that uses entrepreneurial methods to improve or support society.

Opportunity recognition

The first part of enterprise, which involves noticing a gap in the market.

Risk tolerance

The willingness to take personal and financial risks in pursuit of business ventures.

Intrapreneur

An employee who uses their initiative and is enterprising within a business.

Creative and Innovative

Characteristics of entrepreneurs who look for new ideas and better ways to do things.

Resilience

The ability to bounce back from setbacks and learn from mistakes.

Leadership

The ability to guide and inspire others within a business context.

Economic Growth

An increase in the production of goods and services that improves the economy.

Local Enterprise Offices (LEOs)

Organizations set up to encourage enterprise and job creation in local communities.

Community Development

Initiatives that bring investment into an area, improving local services and infrastructure.

Decision Making

The process of making choices by weighing all options and selecting the best one.

Employment Opportunities

More enterprises lead to more jobs, providing stability and reducing social welfare reliance.

Pro entrepreneur culture

An environment that encourages entrepreneurial activity and supports local businesses.

Taxation

Increased jobs and business activity result in higher tax revenues for government investment.