1- Enterprise and Business functions

Question 1

Define Enterprise

Answer 1

1. A business

2. The actions of a risk taker who starts up their own business

Question 2

Define Entrepreneur

Answer 2

A person who takes risks and sets up their own business

Question 3

What are the characteristics of an entrepreneur?

Answer 3

1. Persistence
2. Ability to work with others and under pressure
3. Creativity
4. Ability to be comfortable with risk
5. Leadership skills e.g. motivation and communication
6. energy and enthusiasm
7. self- belief and confidence

Question 4

What are the factors of production?

Answer 4

1. Land
2. Labour
3. Capital
4. Enterprise

Question 5

What is meant by adding value?

Answer 5

A business can sell the product at a higher price than it cost to produce it.

Question 6

What is a constraint?

Answer 6

A restraining factor on a business; something that limits how a business operates

Question 7

What are the functions of a business?

Answer 7

1. Accounting and finance
2. Operations management and production
3. Marketing and support services
4. Human resource management