1.13 The role of business enterprise Flashcards
1
Q
The role of entrepreneurship
A
*An entrepreneur: organises resources, makes
business decisions, takes risks
2
Q
The role of business enterprise and the purpose of
business activity:
A
*To produce goods or services
*To meet customer needs
*To add value: convenience, branding, quality,
design, unique selling points
3
Q
Land
A
somewhere to produce the goods e.g. a farm
4
Q
labour
A
people to work in the business e.g. farm
workers
5
Q
capital
A
money to get the business started
6
Q
enterprise
A
This is the drive or motivation from the
owners to start a business
7
Q
An entrepreneur – organises
resources
A
Enterprise is about
taking risks, being
creative and innovative
and using your initiative
8
Q
Risk taking
A
Setting up a
business is risky, money has
to be paid out in advance to
buy materials, equipment
and wages
