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Chapter 1 - Coggle Diagram
Chapter 1
CHARACTERISTICS OF AN ENTREPRENEUR
resilient
hard working
risk taker
problem solver
organised
willing to learn
determined
confident
motivated
productive
BENEFITS OF BEING SUCCESSFUL
better pay and conditions
more orders for suppliers
employ more people
pay more tax-government
firm grows
may start to export
FACTORS OF PRODUCTION
capital
machinery
enterprise
the idea
labour
staff
land
workspace
FUNCTIONS WITHIN A BUSINESS
human resources(HR)
responsible for the wellbeing of employees
marketing and support services
conduct market research and to attempt to satisfy customers in order to make a profit
accounting and finance
monitors and controls the business's financial resources
operations management and production
designing and controlling the process of production to make it as efficient as possible. transforming resource 'inputs' into finished 'outputs'
added value
selling a product at a price that is higher than the cost of producing it
e.g. cutting wood and selling for burning
enterprise
an organisation, especially a business that earns money
entrepreneur
a person who sets up a business or businesses