Front

entrepreneur

Back

a person organises, operates, and takes the risk for a new business venture

Front

business plan

Back

a document containing the business objectives and important details about the operations, finance, and owners of the new business.

Front

Capital employed

Back

the total value of capital used in the business

Front

internal growth

Back

when a business expands its existing operations

Front

external growth

Back

when a business takes over or merges with another business. It is often called integration as one business is integrated into another one.

Front

take over

Back

when one business buys out the owners of another business, which becomes a predator business

Front

horizontal integration

Back

when one business merges or takes over another one in the same industry at the same stage of production

Front

vertical integration

Back

when one business merges or take over another one in the same industry but at a different stage of production. [forward / backward]

Front

Characteristics of successful entrepreneurs:

Back

1. 1. hard working

2. 2. risk taker

3. 3. creative

4. 4. optimistics

5. 5. self-confident

6. 6. innovative

7. 7. independent

8. 8. effective communicator

Front

Benefits of being entrepreneurs:

Back

1. 1. Full control of your business

2. 2. income may be high

3. 3. use your own skills/interest