Enterprise flash cards

Flashcards about entrepreneurship, intrapreneurship, and business environment topics.

Poor Management Skills

Entrepreneurs often lack skills in leadership, decision-making, cash management, planning, marketing, and communication.

Local Businesses

Operate in small, well-defined parts of a country without aiming for national expansion.

National Businesses

Have branches or operations across a country but do not operate or sell internationally.

International Businesses

Sell products in more than one country through foreign agents or online selling.

Multinational Businesses

Have operations (production or selling) in more than one country with a established base outside their domestic economy.

Multinational Business

A business organization that has its headquarters in one country, but with operating branches, factories, and assembly plants in other countries.

Intrapreneur

A business employee who takes direct responsibility for turning an idea into a profitable new product or business venture.

Qualities of Successful Entrepreneurs

Innovation, commitment, self-motivation, multi-skilled, leadership skills, self-confidence, risk-taking.

Barriers to Entrepreneurship

Lack of a business opportunity, insufficient capital, cost of good locations, competition, lack of a customer base.

Role of Enterprise in Economic Development

Employment creation, economic growth, business survival, innovation, exports, personal development.

Business Risk

The chance that a new business selling clothing will fail, can be reduced by planning, and avoiding errors made by failed businesses.

Business Uncertainty

Events that cannot be foreseen, measured, or calculated which may cause small business to close.

Entrepreneur

An individual who has the idea for a new business, starts it up, and carries most of the risks but benefits from the rewards.

Customer

An individual consumer or organization that purchases goods or services from a business.

Branding

The process of differentiating a product by developing a symbol, name, image, or trademark for it.

Opportunity Cost

The next most desired option that is given up when a choice is made.

Dynamic Business Environment

The business environment is constantly changing, with new competitors, legal changes, economic changes and technological changes.

Reasons for Business Success

Good understanding of customer needs, efficient management of operations, flexible decision-making, appropriate and sufficient sources of finance.

Reasons for Business Failure

Poor record-keeping and lack of cash.

Business Plan

A written document that describes a business, its objectives, its strategies, the market it is in, and its financial forecasts.

Factors of Production

The resources needed by a business to produce goods or services, including land, labour, capital, and enterprise.

Capital Goods

The physical goods used by industry to aid in the production of other goods and services, such as machines and commercial vehicles.

Enterprise

The action of showing initiative to take the risk to set up a business.

Adding Value

Increasing the difference between the cost of bought-in inputs (materials) and the selling price of the finished goods.

Consumer

An individual who purchases goods and services for personal use.

Consumer Goods

The physical and tangible goods sold to consumers that are not intended for resale (durable and non-durable goods).

Consumer Services

The non-tangible products sold to consumers that are not intended for resale.