1.5.1 1.5.2 Entrepreneurs A Level

A short term objective, probably for small business just starting out, or when a new firm enters the market or at a time of crisis = ???

• Sales maximisation

• Profit maximisation

• Survival

• Diversification

The percentage of total sales (by value) or total output that a business has in a specified market ???

• Added value

• Gross profit margin

• Net cash flow

• Market share

Focused on an output level that achieves the highest level of profit possible?

• Profit maximisation

• Social objectives

• Sales maximisation

• Profit satisficing 

Non financial motive = ??

• Independence

• Sales maximisation

• Survival

• Profit satisficing

What is the role of an entrepreneur?

• Spot gaps in the market and develop new products/services/ideas

• To achieve long term employment

• To find job security

• To avoid risk

Individuals who act like entrepreneurs but work within an organisation = ???

• Untrepreneur

• Intrapreneur

• Entrepreneur

• Antrapreneur

Successful businesses survive by ____

• achieving a high break even point

• lowering gross profit margins

• achieving liquidation

• meeting customer needs.

Role of an entrepreneur: entrepreneurs can show ____ through being proactive and planning ahead.

• timidity

• initiative

• idleness

• lethargy

Role of an entrepreneur: entrepreneurs can show ___ by changing, adapting and developing their products and the way they do things in a business

• obsolescence

• shortsightedness

• negligence

• innovation

Characteristic of an entrepreneur: the willingness to take responsibility, get things done and plan ahead

• Resilience

• Innovation

• Initiative

• Communication