1.1 - Enterprise And Entrepreneurship Flashcards
1
Q
Why new business ideas come about
A
Changes in technology
Changes in what consumers want
Products and services become obsolete
2
Q
How new business ideas come about
A
Original ideas
Adaptation of existing ideas
3
Q
Risks of business activity
A
Business failure
Financial loss
Lack of security
4
Q
Rewards of business activity
A
Business success
Profit
Independence
5
Q
Purposes of business activity
A
To produce goods or services
To meet customer needs
To add value
6
Q
Ways of adding value
A
Convenience
Branding
Quality
Design
USP
7
Q
Role of an Entrepreneur
A
Organise resources
Make business decisions
Take risks
