1.1 Enterprise and Entrepreneurship

Question 1

Definition of enterprise?

Answer 1

• meaning a business or company
  OR
• entrepreneurial activity

Question 2

Definition of entrepreneur?

Answer 2

Someone who creates a business, taking on financial risks with the aim of making a profit from the business

Question 3

Definition of consumer?

Answer 3

Someone who buys and uses goods and services

Question 4

Definition of obsolete?

Answer 4

Out of date or not used anymore

Question 5

The world of enterprise is dynamic and ever-changing. What does this allow and encourage entrepreneurs to do?

Answer 5

This allows entrepreneurs to spot business opportunities and encourages them to develop new business ideas.

Question 6

Why/how do new business ideas usually arise?

Answer 6

Because of changes in society and consumer trends

Question 7

Name 3 ways society can change

Answer 7

1) advances in technology, e.g. fast and reliable internet
2) changes in what consumers want, e.g. increased interest in GF food
3) products and services becoming obsolete, e.g. VHS videotapes

Question 8

What is constantly happening to technology?

How does this impact consumers?

Answer 8

• Technology is constantly developing

* This can have a huge impact on what consumers what and need

Question 9

In 2005 very few people had smartphones, but within 10 years many consumers were using them to access the internet. How did many businesses have to adapt?

Answer 9

Businesses needed to make sure that their websites could be looked at using a smartphone

Question 10

What do businesses have to be/do in order to respond to continuous change? (2 things)

Answer 10

• They have to be flexible

* they must innovate

Question 11

Coming up with new business ____ , new ____ and new _____ can allow entrepreneurs and businesses to remain up to date in a world of rapidly changing ____

Answer 11

• ideas
• products
• processes
• technology

Question 12

Name 3 ways in which changes to technology can provide business opportunities

Answer 12

• making expensive technology affordable
• e-commerce and mobile commerce (m-commerce)
• social media

Question 13

Definition of e-commerce?

Answer 13

Using the internet to carry out business transactions

Question 14

Definition of m-commerce?

Answer 14

Using mobile technologies such as smartphones and tablets to carry out business transactions

Question 15

Definition of social media?

Answer 15

Websites that allow users to interact with other users, by sharing text-based messages, pictures or links to online content