Definitions

Entrepreneur: Someone who is willing to assume the responsibility, risk and rewards of starting and operating a business.

Entrepreneurship: The practice of strating new organization, particularly new businesses generally in response to identified opportunities.

Business: As an organization operated with the objective of making a profit from the sale of goods or services.

Enterprise: Concerned with providing products (goods or services) to satisfy customer requirements.

Management: Characterises the process of leading and directing all or part of an organization, often a business through the deployment and manipulation of resources.

Organization: Operates as a foprmal group of people with one or more shared goals.

Employer: A person or firm that employs workers.

Employees: Persons who work for a private or public employer and who recieve compensation in the form of wages/salaries.

Goods and Services: Things that are produced by a country's economy e.g. of goods are food, clothing, shelter, e.g. of services are doctors, teachers, government officials and construction workers.

Private Company: A company with one certificate. It does not permit the general public to buy and sell its shares.

Public Company: A company with shares outstanding owned by the public which is not necessarily listed on an exchanged. Shares can be bought and sold by the general public through a recognised stock exchange.

Partnership: Is a type of business in which partners share with each other the profits or losses of the business undertaking in which they have all invested.

Sole Trader: A person who trades by himself/herself without the use of a company structure or partners and bears alone the full responsibility for the actions of the business.