1.1 The Role Of Enterprise And Entrepreneurship

Question 1

Why might someone start their own business?

Answer 1

•To pursue own personal interests- for example if you love playing guitar you could start up a guitar shop this combining your passion with your
•To earn an income- if you’ve lost your job starting up a business would be your new way of generating
income
•To become your own boss- You’ll be able to make descions on your own hours, pay, duties and working conditions and wont have to be told what to do

Question 2

Give some examples of possible needs a business could fulfil:

Answer 2

•shelter
•food
•clothing
•medicine

Question 3

Give some examples of possible wants a business could fulfil:

Answer 3

•Cars
•Phones
• Fake tans
• TVs

Question 4

What are the characteristics of a successful entrepreneur?

Answer 4

•Creative
•Risk Taking
•Confident
•Determined

Question 5

What are the potential risks of starting a business?

Answer 5

•you might lose investments if you don’t start earning profit
•working long hours to establish your business may be stressful and impact health
•working long hours could strain personal relationships with friends and family

Question 6

What are the potential rewards from starting up a business?

Answer 6

•Could possible earn a higher wage than previous jobs
•personal satisfaction of seeing your business succeed
•you could change customer habits e.g. your product could make people healthier
•being your own boss