1.1 Enterprise & Entrepreneurship Flashcards
1
Q
New business ideas may come about as a result of:
A
- Changes in technology
- Changes in what customers want
- Products becoming obsolete
2
Q
The three main risks faced by an entrepreneur are:
A
- Business failure
- Financial loss
- Loss of security
3
Q
Three main rewards that entrepreneurs may enjoy are:
A
- Business success
- Profit
- Independence
4
Q
The main roles of businesses in society are to:
A
- Produce products and services
- Meet customers needs
- Add value
5
Q
The main ways in which businesses try to add value are:
A
- Quality
- Design
- USP’s
- Convenience
- Branding
6
Q
The three key roles an entrepreneur must fulfil are:
A
- Organising resources
- Making business decisions
- Taking risks
