1.1 - Enterprise and Entrepreneurship

Question 1

What is business enterprise?

Answer 1

the process of identifying new business opportunities, and then taking advantage of them.
It can involve starting up a new business or helping an existing one to expand with new ideas.

Question 2

What ways can you add value to a product?

Answer 2

• Branding
• Design
• Unique Selling Point
• Quality
• Convenience

Question 3

Why do new business ideas come about?

Answer 3

• Changes in technology
• Changes in consumer wants
• Products and services becoming obsolete

or will either be a completely original idea

Question 4

What is an entrepreneur?

Answer 4

someone who takes on the risks of enterprise activity

Question 5

What are the risks and rewards in running a business?

Answer 5

Risks

• Requires lots of capital
• Entrepreneurs have a lack of job security
• Entrepreneurs risks the money, time and effort they put in trying to make the business work

Rewards

• Seeing their business idea become a success
• If the business makes a lot of profit. The entrepreneur could become very rich
• Independence to chooses what they do day-to-day. Choose what direction they want the business to go in