Entrepreneurship Flashcard

Front

What is one key characteristic of a successful entrepreneur?

Back

Determination

Front

Why do successful entrepreneurs often succeed?

Back

They adapt to change.

Front

Which of these is NOT a method of measuring business size?
Number of employees, Market share, Capital employed

Back

Number of computers

Front

What is one limitation of measuring business size using revenue?

Back

It ignores the workforce size.

Front

What is internal growth?

Back

Growth through the business's own operations

Front

Which of these is an example of external growth? Buying another company (acquisition), Increasing product production internally, Opening new branches independently

Back

Buying another company (acquisition)

Front

Name one benefit of external growth.

Back

Lower costs and faster expansion

Front

What is one cause of business failure?

Back

Lack of management skills

Front

What is a liquidity problem?

Back

When a business runs out of cash

Front

What happens if a business over-expands too quickly?

Back

Resources are overwhelmed, leading to closure