Business 1.1

Question 1

What should you weigh up when taking a risk

Answer 1

The chances of success or failure
Costs or benefits of success or failure
Implications for the business

Question 2

Qualities of an entrepreneur

Answer 2

Being able to take risks
Knowing what to do with money

Question 3

Qualities of an entreprenuer

Answer 3

Being able to take risks
Being able to organise money

Question 4

Why new products come about

Answer 4

Changes in consumer needs/wants
Products and services becoming obselete
Changes in technology

Question 5

How business products/services come about

Answer 5

New ideas
Adapting existing products

Question 6

When taking a risk you should weigh up:

Answer 6

The chances of success or faulure
The cost or benefit of success or failure
The implications for the business as a whole

Question 7

The role of a business enterprise

Answer 7

To produce goods and services that people want to buy
To meet customer wants and needs

Question 8

Ways to add value

Answer 8

Convienience and speed
Good design
High quality
Brand name
USP

Question 9

Role of an entrepreneur

Answer 9

Take risks
Make business descisions
Organise resources