1.1 Flashcards
1
Q
1.1 - Business purpose?
A
- Provide people with a good or service
- Meet customer needs
- Add value to an existing product.
2
Q
1.1 - Reasons new business ideas come about
A
- Advances in technology
- Changes in consumer want
- Products or services becoming obsolete.
3
Q
1.1 - Role of an entrepreneur
A
- Organise resources
- Take risks
- Make business decisions
4
Q
1.1 -Rewards
A
- Profit
- Business success
- Independence
5
Q
1.1 - Risks
A
- Financial loss
- Lack of security
- Business failure
