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Q Business > 1.1.1- enterprise and entrepreneurship > Flashcards

1.1.1- enterprise and entrepreneurship Flashcards

1
Q

What is an enterprise?

A

A business or a company

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2
Q

Who is an entrepreneur?

A

Someone who creates a business

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3
Q

What’s a business enterprise?

A

The activity of providing goods and services involving financial and commercial aspects

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4
Q

Consumer

A

Someone who buys/uses goods and services

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5
Q

Obsolete

A

Out of date

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6
Q

Planned obsolete

A

The business have made a product to last a short amount of time

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7
Q

What the difference between goods and services?

A

Good’s = they can be touched (tangible)
Services = intangible

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8
Q

Characteristics of an entrepreneur are?

A

-hard working
-smart
-innovative

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9
Q

Skills of an entrepreneur are?

A

-communication
-numeracy
-problem solving

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10
Q

Steps in order to have a business:

A

-generating an idea
-asking how the idea could have added value
-conducting market research
-drawing a business plan
-deciding on legal structure
-raising finances

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11
Q

How do new business ideas come about?

A

-changes in technology
-changes in consumer wants
-product becomes obsolete

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12
Q

Why do new business ideas come about?

A

-original ideas
-advancing an excising product

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13
Q

What can make a product become obsolete?

A

-changes in trends
-changes in technology
-changes in economy

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14
Q

How could a business use inventions?

A

This means the use an existing product and adapt it to make it better this means the business will be unique and avoid competitors

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15
Q

How could a business use innovations?

A

They make a new product that’s not on the market which will lead to the business having a product that no other competitors have.

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16
Q

Why would someone set up a business?

A

Financial motives-profit is the driving force of an entrepreneur setting up a business
Non-financial motives-they think they are capable of earning from the business

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17
Q

What risks does an entrepreneur take?

A

-financial debt
-business failure

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18
Q

What’s meant by adding value?

A

The additional features added to a product or service before offering them to costumers

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19
Q

How can u add value to a product?

A

-convenience
-branding
-quality
-unique selling point

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20
Q

What’s the benefit of adding value to a product?

A

When a good or service is made appealing to costumers, they will usually be more willing to pay more for the product or service which increases the amount of profit a business can make

21
Q

What is market research?

A

The process of evaluating the valiability of a new product or services though conducting research

22
Q

Why is market research important?

A

It allows a company to define its target market and get feedback from consumers about their interest in a product or services

23
Q

What does finding a gap in the market mean?

A

When u have identified something costumers need that isn’t already on the market doesn’t exist

24
Q

Why is finding a gap in the market good?

A

Presents businesses with opportunities to innovate and expand their reach

25
Q

What’s primary research?

A

First handed research

26
Q

Example of primary research:

A

-focus group
-questionnaires
-interview
-survey

27
Q

What are advantages of primary research?

A

-the information is up to date
-no one has access to it
-easy and quick to obtain

28
Q

What are disadvantages of primary research?

A

-expensive
-time consuming
-biased data

29
Q

What’s secondary research?

A

Using research that already exists

30
Q

Example of secondary research:

A

-magazine
-report
-articles
-books

31
Q

What are disadvantages of secondary research?

A

-less exploratory (not as unique)
-may be obsolete

32
Q

What are advantages of secondary research?

A

-low cost
-easy to access
-increase breadth of knowledge
-less time consuming

33
Q

What’s quantitive research?

A

Focuses on numeric data and unchanging data

34
Q

Example of quantitive research:

A

-survey research
-descriptive research
-experimental research

35
Q

Advantages of quantitive research:

A

-fast
-focused
-scientific
-relatable

36
Q

Disadvantages of quantitive research?

A

-less detailed pictures
-not good at capturing feelings of the costumer

37
Q

What’s qualitative research?

A

Peoples opinions and motivations

38
Q

Example of qualitative research:

A

Product managers use this to find out more about what customers want and need

39
Q

Advantages and disadvantages of qualitative research:

A

-a deeper understanding on consumer needs
-feelings and opinions
Disadvantage:
-time consuming
-cant be shown on a graph

40
Q

What is an entrepreneur personally liable for?

A

The debts of the failed business

41
Q

Why is it important for some start up businesses to select private limited companies?

A

If they don’t they take the risk that if the business fails the entrepreneur will lose all their investment and will be stuck in debt to the bank

42
Q

What causes there to be a risk of business failures?

A

-poor management
-poor market research
-start up costs are too high
-unexpected changes

43
Q

How can a new business reduce the risk of business failure?

A

-finance with care- when an entrepreneurs own savings shares and retained profits are safer that Holland as the sources of finance don’t need to be paid back
-keep costs down
-advertising

44
Q

List three costumer needs:

A

-convenience
-offers the quality expected
-right product/service

45
Q

What’s meant by sampling in a market?

A

When market researches aim for 95 percent confidence in the results meaning that the data is correct 19 times out of 20

46
Q

What’s a sample?

A

A group of respondents who are selected to be representatives of a new product

47
Q

Advantages of samples:

A

-saves money
-lack of bias
-efficient
-not time consuming

48
Q

Disadvantages of samples:

A

-if the sampling frame is large random sampling may be to impractical
-bias
-not large enough to get the whole populations data

Q Business (7 decks)

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