Booklet 1: Enterprise & Entrepreneurship

Question 1

What are the Factors of Production?

Answer 1

1. Land
2. labour
3. Capital
4. Enterprise

Question 2

What are the motivations to set up a business/ become an entrepreneur?

Answer 2

(Financial) To make money, to take advantage of opportunities, or for personal satisfaction.
(Non-financial) More control over working life and wanting to be your boss.

Question 3

Name entrepreneurial characteristics?

Answer 3

Vision, Self-motivation, risk-taker, initiative, commitment, passion, hard work and determination.