1.1 - Enterprise And Enterpreneurship

Question 1

What is enterprise?

Answer 1

Enterprise is the process of identifying new business opportunities and taking advantage of them, starting a new business.

Question 2

How can new business ideas come about? (3 ways)

Answer 2

• Change in technology
• Change in what customers want
• New ideas, outdated stuff is replaced

Question 3

What is an entrepreneur and what do they need to be able to do? (3)

Answer 3

Someone that takes the risk of enterprise activity

• Organise resources
• Take risks
• Make business decisions

Question 4

What are the risks and rewards of running a business? (3 for each)

Answer 4

Risks:
- Financial loss
- Not a lot of security, no job other job
- Business could fail
Rewards:
- Profit/money
- Big reward from success
- Be their own boss