EMS Exam Notes
Budget
Defifnition
a plan of how to spend money for future purposes.
Entrepreneurship
Definition
It is someone that sells goods and services to provide the needs and wants of custoomers to make a profit.
Personality Traits
-Creative
-Smart
-Self-starters
-Idependant
-Trustworthy
-Risk takers
-Passionate
Skills
-Confident
-Stress handlers
-Communicative skills
-Handle time
-Motivators
Organiser
-Plan
-Prioritise
-Concerntrate
-Break up big jobs
-Have a system
the Aim of an Entrepreneur
PROFIT!!!
Calculation
Cost Price+Mark Up=
Selling Price.
Cost Price
What you paid for the product.
Mark Up
The amount added to the cost price to make a profit.
Selling Price
The amount the customers will pay.
REMEMBER THE FORMULA
Masloe's Hierachy of needs
Definition
it is a pyramid af your most basic needs to your complex needs. when basic needs are satisfied you can satisfy complex needs.
Self-actualisation
the need of self-development, creativity
Esteem
the need of confidence, achievment, respect
Social
the need of love, belonging, family, friendship
Safety and Security
safety of body, health, property, family
Physical
the need of food, water, oxygen, warmth