The structure of methods that a society uses to produce and distribute goods and services
The income people receive in return for supplying factors of production
The amount of money a business receives in excess of its expenses
Level of economic prosperity
Any arrangement that allows buyers and sellers to exchange things
An organization that uses resources to produce a product or service, which it then sells
A person or group of people living in a single residence
The arena of exchange in which firms purchase the factors of production from households
A range of economic and political systems based on the belief that wealth should be evenly distributed throughout society
A political system in which the government owns and controls all resources and means of productions and makes all economic decisions
Describing a form of government that limits individual freedoms and requires strict obedience from its citizens
Another name for a centrally planned economy
The doctrine that government generally should not intervene in the marketplace
Property that is owned by individuals or companies, not by the government or the people as a whole
A market-based economic system in which the government is involved to some extent
A period of change in which nation moves from one economic system to another
The incentive that drives individuals and business owners to improve their material well-being
The principle that anyone can compete in the marketplace
The principle that everyone has the same legal rights
The principle that people have the right to control their possessions and use them as they wish
The study of economic behavior and decisions in a nations whole economy
The study of economic behavior and decision-making in small units, such as households or firms
A period of macroeconomic expansion, or growth, followed by one of contraction, or decline
A proposed law submitted directly to the public
Rev. Bernadette Laurence
Senator & Mrs Montague
The private secretary
Capital and resources needed to start a business
A business undertaking involving risk
The legal right granted to an author to sale or distribute a literary, musical, dramatic, or artistic work
An idea that has commercial value
Data that describes a group of people in terms of their age, marital status, family size, ethnic background, gender, education and income
The stage in which the entrepreneur operates the venture and utilizes resources to achieve its goals/objectives
The stage in which the entrepreneur decides on a venture's future growth, development or demise
Sometimes referred to as "mom and pop" businesses
The stage in which the entrepreneur generates ideas, recognizes opportunities, and determines the feasibility of ideas, markets and ventures
The exclusive rights granted to manufacture, use or sell an invention for a certain number of years
The process of starting and operating one's own business
The stage in the entrepreneurial process in which the entrepreneur plans the venture, identifies resources needed and strategies to protect the venture
Any name, symbol, figure, letter, word or mark adopted and used by a manufacturer or merchant
The stage in which the entrepreneur identifies and acquires the financial, human and capital resources needed for the venture startup
According to _______ the entrepreneur always searches for change, responds to it and exploits it as an oppurtunity.
________ believed that culture was the motivator of entrepreneurship
an activity that involves the discovery, evaluation and exploitation of opportunities to introduce new goods and services, ways of organizing, markets, processes and raw materials through organizing efforts that previously has not existed is
an inexperienced individual in terms of business ownership experience
an entrepreneur motivated by a desire to impact/ improve an environmental, socio-economic or educational situation
an entrepreneur who establishes a business and adds other businesses
this fosters the ability to meet customer needs across boundaries
_______ have increased information accessibility to consumers and entrepreneurs alike
Kita has been in business for three decades. She started as a hairdresser and sold that business after securing a profit. Currently she started her own hair line products company.What kind of entrepreneur is she?
This includes fashion, accessories, film and music
Fostering economic growth and development while ensuring the natural assets continue to provide the resources and environmental services on which or well-bring relies
Entrepreneurship within the confines of an organization.
The time frame of the venture is short and the main objective is to show the potential of the business and then sell it.
The basic goal of this venture activity is to survive and meet the venture's financial obligations.
Is characterized by having less than 100 employees.
A situation involving exposure to danger.
Continuing firmly in spite of opposition
Encompasses a multitude of sub cultures or societies.
Not seeking advice from experienced persons or experts.
Lack of skills, poor leadership etc.
Sound knowledge of the business
A document that articulates the vision of the entrepreneur.
A structured and systematic analysis of various aspects of a proposed entrepreneurial venture.
An entrepreneur is born and not made or developed.
Value of all final goods and services produced within the borders of a country
Compulsory payments made by individuals and businesses to the government
Goods and services produced in other countries and purchased by local businesses and individuals
Goods and services produced locally and then sold for consumption outside the borders of the country.
A negative economic growth for at least two successive quarters
A document that details expected revenue and projected expenditure
A business owned wholly or partly by the government and run by private authority, e.g ESKOM
An indirect tax on goods and services consumed in the economy
A sustained and significant increase in the general price level over a period of time; leads to a decline in the buying power of money.
An index that measure consumer inflation
An increase in the production of goods and services
People who want to work, are looking for work, but cannot find work
Document that describes a new business & a strategy to launch that business
The study of a population based on factors such as age, race, sex, income, etc.
An individual who undertakes the creation, organization, and ownership of a business
The process of getting into and operating one's own business
Shares or ownership stakes in a business
The process of gathering voluntary contributions of money or other resources from individuals, businesses, foundations, or governmental agencies
A new method, idea, product, etc.
A brief speech that defines a person, process, product, service, organization, or event and its value
Money that is left after all the expenses of running a business have been deducted from the income
A privately owned company with a small number of employees, usually not aimed at large growth.
A newly established business in which the owner has taken on risk
A summary of how a business owner, manager, or entrepreneur intends to organize an entrepreneurial endeavor and implement activities necessary and sufficient for the venture to succeed.
Typically provided by outside investors for financing of new, growing, or struggling businesses.
Acts as an agent that provides financial services for its clients.
Is a business that provides banking services for profit.
A not-for-profit co-operative financial institution that is owned and controlled by its members, through the election of a volunteer Board of Directors elected from the membership itself.
Usually purchased or, equivalently, a deposit is made in a bank, in hopes of getting a future return or interest from it.
Liability that is limited to a partner or investor’s investment.
Refers to sole proprietorships and general partnerships in which the owner or partners are each liable for business debts.
relatively low start-up costs; greatest freedom from regulation; owner in direct control of decision making; minimal working capital required
Ease of formation; relatively low start-up costs; additional sources of investment capital; possible tax advantages;
Limited liability; specialized management; ownership is transferable; continuous existence
Owned and controlled by members; democratic control (e.g., one member, one vote); limited liability
What should you have or know before starting a venture?
An entrepreneur will identify a problem, see an opportunity, and then come up with an idea to take advantage of the situation.
Coming up with an idea first and then looking for a marketing opportunity