1.1 Enterprise and Entrepreneurship Flashcards
1
Q
How do new business ideas come about?
A
- Original ideas
- Adapting existing products/services/ideas
2
Q
Why do new business ideas come about?
A
- Changes in technology
- Changers in what consumers want
- Products/Services becoming obsolete
3
Q
What is the impact of risk and reward on business activity?
A
- Risk: business failure, financial loss, lack of security
- Reward: business success, profit, independence
4
Q
What is the role of business enterprise and the purpose of business activity?
A
- to produce goods or services
- to meet customer needs
- to add value: convenience, branding, quality, design, unique selling points
5
Q
What is the role of entrepreneurship?
A
an entrepreneur: organises resources, makes business decisions, takes risks
