chapter 4 - enterprise

• entrepreneur - a person who spots a gap in the market and comes up with an idea that they can turn into a business in order to fill the gap
• an entrepreneur takes financial and personal risks when setting up a business - hoping to profit from their business idea
• why people become entrepreneurs - being your own boss, varied work days, unemployment and more money
• social enterprise - has a social or environmental aim
• characteristics of an entrepreneur - risk-taking, determination, self-motivation, self-confidence, creativity
• skills of an entrepreneur - decision-making, being proactive, networking, risk management, human relations, realism
• intrapreneur - an employee in the business acts like an entrepreneur within the business - comes up with new ideas, new ways of solving problems or a new production process which increases business profit
• rewards - control, income and challenge
• risk - income, decision-making and long working hours
• management - involve getting people to work together for a common goal using the skills leading, motivating and communicating