A person who has a business idea and is willing t take a risk in order to make it work.
A factor of production which is contributed by the owners and is wealth which is invested in order to create further wealth.
Factors of production
four resources of land, labour, capital and enterprise which must be present before production can take place.
A system in which a business idea is hired out to other businesses.
A person who buys a franchise.
A person or company who sells a franchise.
Private sector business
Any business owned by private people.
Anyone who has an interest in a business.
A person who contributes capital to a partnership business but does not work in it or take part in its organisation.
A business which has the interest of the community.
A person who owns and runs his/her own business.
a form of public sector ownership which are run by the government.
Characteristics of an entrepreneur
risk taker, show initiative , creative thinker, good leader, persuasive.
Government encourages enterprise because
it reduces unemployment and provides fresh opportunities.
Rewards for contributing the the factors of production are
rent, wages, interest and profit.