Entrepreneurship Concepts Quiz

Choose a study mode

Play Quiz

Study Flashcards

Spaced Repetition

Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What does SME stand for?

Small and Medium-sized Enterprise

What are the two main criteria for a business to be classified as an SME?

Number of employees and annual turnover.

What is the definition of "enterprise" in the context of business?

The action taken by individuals to start a business.

What is a key risk associated with starting a new business?

The possibility of customers rejecting the product. Signup and view all the answers

What are the two main categories of motives for entrepreneurs?

Financial and Non-financial motives. Signup and view all the answers

Give an example of a financial motive for starting a business.

To increase revenue and profit. Signup and view all the answers

What is one of the key characteristics of a successful entrepreneur?

Being a risk taker. Signup and view all the answers

Flashcards

What is an SME?

A business with fewer than 250 employees and an annual turnover of less than 50 million euros.

What is an Enterprise?

The act of starting a new business, involving risk-taking, initiative, and exploring new ventures.

Who is an Entrepreneur?

A person who starts a new business, taking on financial risks for potential profits.

What are financial motives of entrepreneurs?

These motives drive entrepreneurs to start businesses, including financial goals like increasing revenue and profit, providing for family, and improving their standard of living.

Signup and view all the flashcards

What are non-financial motives of entrepreneurs?

These motives are not directly related to money, but are important for personal fulfillment, including being your own boss, creating something to be proud of, and helping others.

Signup and view all the flashcards