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GCSE Business > 1.1.2 Risk and Reward > Flashcards

1.1.2 Risk and Reward Flashcards

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1
Q

What does calculated risk mean?

A

The porbability of a negative event occuring (e.g. 50% businesses fail in the first year)

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2
Q

What are the potential rewards of an entrepreneur?

A

Financial gain
Independence
Business success
Sense of fulfillment

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2
Q

What are the potenial negative consequences of an entrepreneur?

A

Financial loss
Business failure
Lack of security

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3
Q

What is the advantage of setting up online rather than opening a physical shop?

A

Wider target market
Convenience

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4
Q

What is the disadvantage of setting up online rather than opening a physical shop?

A

Competition online (e.g. Amazon)
Website maintenence
Loss of customer experience

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5
Q

What can an entrepreneur do to reduce risk of failure?

A

Market research
Make a business plan
Be aware of potential riskks and try to mitigate them

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GCSE Business (7 decks)

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