1.1- Enterprise and entrepreneurship Flashcards
1
Q
Why do new business ideas come about?
A
- Advances in technology
- Changes in consumer wants
- Products and services becoming obselete
2
Q
How do new business ideas come about?
A
- Create a new, original product or service
- Adapt an existing product or service
3
Q
What are the risks associated with starting up a business?
A
- Business failure
- Financial loss
- Lack of security (no guaranteed income)
4
Q
What are the rewards of setting up a business?
A
- Business success (self motivation)
- Profit
- Independence (motivation by working for yourself)
5
Q
What is the purpose of business activity?
A
- To produce goods or services
- To meet customer needs
- To add value
6
Q
What are the ways of adding value?
A
- Branding
- Convenience
- Quality and design
- Unique selling point
7
Q
What is the role of an entrepreneur?
A
- Organise resources (Finance, staff, equipment)
- Make business decisions
- Take risks
