1.1 enterprise and enterpreneurship Flashcards
1
Q
Purposes of businesses
A
Provide people with goods and services
Meet customer needs
Adding value
2
Q
what are the 5 key areas of adding value
A
convince design quality USP brand
3
Q
why start a business
A
desire
be your own boss
money
4
Q
Why new businesses come about
A
changes in tech
become obsolete
adaptations of products
5
Q
why is adapting products good
A
requires less research
hard to find a new product
6
Q
three things an entrepreneur should have
A
showing leadership
organizing resources
making decions
7
Q
why you need leadership skills
A
personality and character help employees to believe in you
8
Q
why you need organizing resources
A
keep on top of day to day tasks
human resources and physical
9
Q
risks of starting a business
A
Financial loss lack of security business will fail money time effort
10
Q
rewards of starting a business
A
profit and wealth
independence
opportunities to sell
